Third Federal HELOC review
What Third Federal's home equity line of credit offers, who it fits, and what to check, from the lender's own published terms.
Reviewed by Shawn Way, NMLS #1007298★ 4.9 from 111 reviewsUpdated
Disclosure: Shawn Way is a loan officer at West Capital Lending, Inc., which competes with these lenders. HELOCHQ isn't paid by any lender for reviews, and every fact below comes from the lender's own published terms.
Who is the Third Federal HELOC a good fit for?
The Third Federal HELOC fits rate-focused borrowers in the states it serves who don't want an intro rate that resets. As of October 23, 2026, it prices at prime minus 0.51% with no teaser rate (6.490% shown for Franklin County, Ohio, as of October 22, 2026), charges no closing costs and offers a lowest-rate guarantee, per the lender.
On this page
Terms at a glance
| Type | Savings and loan |
|---|---|
| Rate | Variable, prime minus 0.51%; 6.490% shown for Franklin County, Ohio, as of October 22, 2026 |
| Credit score | Not published by Third Federal as of October 23, 2026; ask the lender |
| Max borrowing | Not published by Third Federal as of October 23, 2026; ask the lender |
| Line size | Not published by Third Federal as of October 23, 2026; ask the lender |
| Terms | Up to 10-year draw; 30-year total term |
| Fees | No closing costs; no prepayment penalty |
| Fixed-rate option | Not published by Third Federal as of October 23, 2026; ask the lender |
Source: Third Federal, checked October 23, 2026.
Use a free calculator, or get your HELOC rate from Shawn.
Who it fits
- Rate-focused borrowers in states Third Federal serves
- Borrowers who don't want an intro rate that resets
What to check
- Limited state footprint; check your county
- Loan-to-value and credit rules aren't published on the page
Our take
Third Federal's pricing is unusual: a margin below prime with no teaser rate, so the starting rate is the ongoing rate. Combined with no closing costs and a published lowest-rate guarantee, it's a straightforward offer for rate-focused borrowers. The main limitation is footprint: Third Federal lends in a limited set of states and counties, and its published page doesn't spell out loan-to-value or credit requirements, so you'll need to ask. For borrowers where it's available, it's worth a quote as a benchmark against other offers.
Questions to ask Third Federal
- Is Third Federal available in my county?
- What loan-to-value and credit score do I need for the advertised rate?
- How does the lowest-rate guarantee work, and what documentation is needed?
- Is there a minimum line size?
If it doesn't fit
- Local credit unions with similar no-teaser pricing
- A broker who can compare several lenders in your state
How to compare it
Put any offer side by side on margin over prime, total fees, draw terms and fixed-rate options. Prime is 7.00% as of October 28, 2026. A broker with access to more than 180 lenders can price several of these in one application; check your rate and compare them with a direct quote from Third Federal.
Head to head
Shawn Way is a loan officer at West Capital Lending, Inc., which may compete with the lenders reviewed here and may also arrange loans through some of them as a mortgage broker. Facts come from each lender's own website on the date shown and can change; confirm current terms with the lender.
Sources
Official sources behind this guide.
- What is the difference between a home equity loan and a HELOC? · Consumer Financial Protection Bureau
- What you should know about home equity lines of credit (booklet, PDF) · Consumer Financial Protection Bureau
- Bank Prime Loan Rate (DPRIME) · Federal Reserve Bank of St. Louis, FRED
- Regulation Z §1026.40: Requirements for home equity plans · Consumer Financial Protection Bureau