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About Fifth Third Bank Mortgages
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Fifth Third Bank (NMLS# 403245) is a regional financial services company offering traditional and specialized mortgages. Its products, available in 30 states, include purchase loans, refinance loans, home equity lines of credit and home equity loans. To get started with Fifth Third, you fill out an online contact form, and a loan specialist reaches out to answer questions and go over rates, loan types, pre-qualification and the application process.
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Featured Reviews
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Lori
Okc, OK
It’s very important to me to be able to pay my mortgage in split payments and extra payments to apply to just principal. I also like the fact that you can state [that] you want th...
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Kathy
Fort Mill, South Carolina
I have had mortgages and loans with Fifth Third, along with several other accounts. Service has been great. Have never encountered a negative person. They are always ready to help...
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Rates
Fifth Third Bank doesn’t post information about current mortgage rates on its site. To find out what rates you would pay as a borrower, you need to speak to a Fifth Third loan specialist; you can call or go online to fill out a contact form, schedule a phone call or schedule an in-person appointment at a branch.
Fifth Third Bank offers both fixed- and adjustable-rate mortgages. While many people prefer the predictability of a fixed-rate mortgage, an adjustable-rate mortgage, which comes with a low introductory rate for a period of time, may appeal to homebuyers who want lower monthly payments for now or who plan to sell or refinance before the initial fixed-rate period ends.
From 2019 to 2021, Fifth Third’s average home purchase rate was very close to the national average.
Fifth Third Bank average home purchase rate vs. national average
| Year | Difference from national average |
|---|---|
| 2021 | -0.06% |
| 2020 | +0.12% |
| 2019 | +0.01% |
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.
Application process
To get a mortgage with Fifth Third Bank, you can start by filling out a short form online. It asks for basic information, such as whether you are looking to purchase or refinance, your desired loan amount and the property location. After submitting the form, a loan specialist will get in touch. Alternatively, you can call a loan specialist directly, schedule a call or schedule an in-person visit to a Fifth Third branch.
The loan specialist provides current rates and describes the different types of loans. You can then decide to get pre-qualified or apply for your loan.
Once you are approved for a loan from Fifth Third, you can lock in your interest rate. The processing time for each loan varies based on the type of the loan; the loan originator provides a timeline for you to plan from applying through closing. Fifth Third says that it intends to service most of its loans, but it may sell your loan to a third party.
Fifth Third Bank application features
| Features | Availability |
|---|---|
| Online application | |
| Mobile document upload | |
| Physical branches | 11 states |
| Publishes minimum rate on website | X |
| Rate lock | 60 days |
| Pre-qualification (no hard credit pull) | |
| Certified approval letter |
Loan types
Fifth Third Bank has a wide selection of home loan types for both purchasing a home and refinancing a home loan. These include:
- Fixed- and adjustable-rate conventional loans
- FHA loans
- VA loans
- Jumbo loans
- USDA loans
- Construction loans (for building a home)
- Physician loans (for physicians, dentists, vets and optometrists)
- Community mortgage loans (for lower-income borrowers)
- Home Possible and HomeReady loans (for lower-income borrowers)
Out of more than 56,000 applications, Fifth Third Bank customers have closed on over 39,000 home purchase loans since 2019, according to Home Mortgage Disclosure Act data.
Loan applications for home purchases only by year
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase applications | 17,454 | 18,243 | 20,932 |
| Home purchase loans closed | 193,308 | 133,642 | 144,852 |
| Home purchase applications denied | 11,528 | 12,685 | 15,198 |
| Home purchase preapprovals denied | 957 | 856 | 1,686 |
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.
Refinancing
While rates were lower than ever in 2020 and 2021, refinancing was desirable among homeowners. Many people refinanced to get a loan with a lower rate, lowering the cost of borrowing. As rates increase from these record lows, the popularity of refinance loans is expected to decrease.
Home purchase vs. refinance loans by year
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase loans | 17.82% | 22.97% | 28.16% |
| Refinance loans | 55.47% | 49.78% | 34.27% |
| Cash-out refinance | 13.78% | 9.85% | 7.97% |
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.
HELOC and home equity loans
Fifth Third Bank offers both home equity lines of credit and home equity loans. Its HELOC plan is called Flexline. Flexline is a revolving line of credit with no closing costs and funds available via check, online, in person or at an ATM.
You can also use the Flexline Mastercard. Line amounts are from $10,000 to $500,000 and have a term of 30 years, with a 10-year draw period. Flexline also allows you to lock in a fixed rate on all or part of your balance for a $95 fee.
Home equity loans are also available with fixed rates and terms, fixed monthly payments and no closing costs.
Requirements
Fifth Third Bank only publishes basic mortgage requirements and recommends speaking with a loan specialist for specific information.
The basic requirements for a Fifth Third Bank mortgage are:
- A credit score of 620 or higher (for a conventional loan)
- Proof of steady employment
- Proof of steady income
- A good debt-to-income ratio
When you speak with a specialist, they can help you determine which loan type is best for you and how much house you can afford based on your needs and financial profile.
National mortgage requirements by type
| Min. credit score | Min. down payment | Compare with other lenders | |
|---|---|---|---|
| Conventional | Typically 620 | Typically 3% | Mortgage lenders |
| FHA | 500 | 3.5% with 580 credit score | FHA lenders |
| VA | Set by lender (often 580) | 0% | VA lenders |
| USDA | Set by lender (often 640) | 0% | USDA lenders |
Cost and fees
Fifth Third Bank doesn’t list many details about costs and fees associated with its mortgage loans. At the time of your application, you can lock in your rate until a specified expiration date.
As for closing costs, Fifth Third says average closing costs range from 2% to 5% of the purchase price of the home. These costs are based on factors like the type of loan, the down payment amount, the purchase contract you negotiate with the seller and the state where the property is located. Closing costs fall into three categories:
- Lender charges (e.g., application fee, origination fee, attorney fees, discount points, broker fee)
- Property-related fees (e.g., appraisal fee, inspections)
- Prepaid costs (e.g., prepaid interest, property taxes, homeowners insurance)
FAQ
How does Fifth Third Bank work?
The mortgage process with Fifth Third Bank starts with a call or in-person meeting with a loan specialist. This person goes over your qualifications and loan options. You can then seek pre-qualification or go straight to the application process. You lock in your rate with Fifth Third at the time you apply. Once you close on your loan, Fifth Third may sell it to a different servicer.
Is Fifth Third Bank legit?
Fifth Third Bank is a legitimate bank and mortgage lender. As of mid-2022, the company had 1,080 full-service branches and over $200 billion in assets.
Where is Fifth Third Bank available?
Fifth Third Bank mortgage products are available in 30 states: Alabama, California, Colorado, Connecticut, Delaware, Florida, Georgia, Iowa, Illinois, Indiana, Kentucky, Louisiana, Massachusetts, Michigan, Missouri, Nevada, North Carolina, New York, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and West Virginia. Not all products are available in all states.
Eleven states have full-service branches: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia.
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Page 1 Reviews 0 - 10
MariamMonroe, WA
Customer ServicePunctuality & Speed
Reviewed Jan. 13, 2024
Bank made an error resulting in ACH payment delay, I immediately called 53rd and WaFd Bank to find out what happened. Banking institution claimed the error and wrote a letter to 53rd to ask that the 30-day late they placed on the credit report please be removed. Fifth Third bank does not care about documentation they receive, they do not care about being accurate and customer service is a BAD JOKE.
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RyanWinston Salem, NC
Customer ServiceRates
Reviewed Nov. 30, 2023
Where to start. Not sure if I should start with the awful customer service because literally every time you call you get hung up on so it takes several tries with extremely long wait times. Or should I start with the mortgage rate going up without any warnings, or the fact that the last time I tried to refinance my house the mortgage company ask for an insane amount of work to be done including somehow painting vinyl siding. When I questioned it they ghosted me, would not answer phone calls, would not return phone calls. By far one of the worst companies I've ever done business with
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BHenrico, VA
Customer ServicePunctuality & SpeedStaff
Reviewed Nov. 20, 2023
I pay my monthly mortgage on time and quite often more than the amount that is due. They took it upon themselves to pay a tax bill that was sent to me outside of the monthly payment I send in for my escrowed annual property taxes. As a result, the city refunded my money back to me and said it had been paid. Remember that they are "Here to Help!". When I realized what had happened, I called them and realized I owed them an additional $261 for the prior months' bill to bring my account to being current. I made the payment immediately. "Here to Help" isn't in their vocabulary! They mailed back my prior months' payment of $1450 and reported me as a delinquent account to the credit bureau. They are horrible! Stay away!
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RebeccaParker, CO
Customer ServiceOnline & App
Reviewed Oct. 22, 2023
I bought a new car in January of 2022. This bank has the worst customer service. I live in a state there are no branches so I can’t go in and get help. Their customer service hours are terrible. Nearly ever single month of the almost two years now trying to make the payment has been a multi day process. First, they tried to process the payment through a 5/3 checking account I don’t have, instead of the account I provided them.
Multiple times my online account has been locked out, with no way to get ahold of them for days since I live in a different time zone and hold regular working hours. The first time I was told “it accidentally happened to a lot of customers on Friday." You know, with no way to contact the bank over the weekend. After finally getting the issue resolved, it happened again. But this time they said I put in the wrong password too many times, thought I didn’t because I use a password manager. I had to be the one to suggest someone was trying to use my email address and trying their password. Only then did she help me change my email address on the website.
A couple of months later my bank account information was missing from the app so I cannot make a payment. Again, I have to wait days to speak to someone. They tell me the external payment information was removed from all accounts so I had to re-add it, which cannot be done on the app, only the website. That was last month. I finally added it back but lo and behold it happened again this month. I cannot make a payment over the phone outside of their terrible business hours. It takes me days to be able to unlock my account to pay online. I seriously dread the ordeal I know will come with trying to make a payment. What kind of bank doesn’t want to take payments? The predatory kind who hope you will become delinquent. This bank should be out of business.
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MichelleBountiful, UT
Customer ServicePunctuality & SpeedTransparency
Reviewed Oct. 19, 2023
This company purchased my mortgage from Citywide. It's been nothing but harassment since. I get paid on the 5th of the month and always make my payment when I have verified my deposit has been made from my employer. They start calling on day 2 about the payment being late. Never mind that I have a 15 day grace period. I have explained to them month after month that I pay my payment on the 5th and to not call me to no avail. Now my homeowners insurance is 7 weeks past due and they are telling me my Insurance is not part of my Escrow.
In 25 yrs I have never had my insurance not be paid by my escrow nor would I ever sign a mortgage document where it is not part of my Escrow. To top it off I had to provide them with a copy of my Insurance premium so they can take a look at it in 10 days or so. By then my Insurance will likely be canceled and need to go through underwriting to get reinstated. What a nightmare this company has turned out to be.
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AllenHumble, TX
Customer Service
Reviewed Oct. 11, 2023
I having been using online banking for about 6 months to pay my monthly mortgage. I have had several problems logging in and once again I needed help. I was told I had an error message that the system had timed out. I explained to the operator that the system timed out because I never received a security code in my e-mail that I need to receive before I could log in. That's why it timed out! I also tried to get a text sent to my phone and never received it either. I was told the solution to the problems was logging out and waiting a few hours before trying it again. I was told that would probably solve the problem.
I requested a supervisor and was told it could take one day maybe two days for it to work. I was told that's all they could do to help! This is the worse bank I have ever been associated with! How they stay in business is hard for me to understand. No wonder the reviews are horrible! This is not the way to run a business! The only reason I deal with this bank is they purchased my mortgage from another lending institution!!!
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CandaceGrandview, IN
Loan Process
Reviewed Oct. 10, 2023
Not to bad for getting a mortgage but after that it goes down the drain. Got hurt and tried to do a skip a payment. They forced me into forbearance, lied and said it wouldn't go on my credit, and tried to get me for back payment when I was told it would go to the back of my loan, and caused me to miss a payment while trying to work everything out. Then a storm hit and damaged the house. Because I was in forbearance they wouldn't give us the money and we are still dealing with loss draft. Everything they tell you is lies from the beginning. I do not recommend them for anything.
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NoeleHorseshoe Bay, TX
Customer ServiceStaffLoan Process
Reviewed Oct. 9, 2023
Every time I have an interaction with 5th 3rd it astounds me how horrible they are. Their customer experience is literally one of the worst experiences I have ever had... The systems they have in place are horrific, their poor customer service reps are set up to fail and their technology doesn't allow for cross channel communication. This particular interaction with them was regarding dismissing my PMI. My home value has gone up significantly. Their process is to have me send an email request to a generic inbox where nobody confirms receipt of the email. I just called in 6 weeks later after sending multiple emails and the kid on the phone told me they 'sent me a letter' rejecting my request.
After 2 years, they said my home value is exactly the same as the day I bought it... I live outside of Austin. That math is impossible. I'm not an idiot. They just automatically rejected it so they can continue to rake me over the coals. I've never hated a bank more. From the first day my loan was sold to them, they have been a complete and utter nightmare!!! Avoid them at all costs.
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EdithFontana, CA
Customer ServicePunctuality & SpeedStaff
Reviewed Sept. 10, 2023
Our mortgage was bought out by Fifth Third Bank 4 years ago. We've always had automatic payment set up. All of a sudden, they're calling EVERY SINGLE DAY, 7 days a week at 8 am because "they have not received the payment." Although the payment has been processed through our bank they keep telling us they have not received it. What changed? No issues for the past 4 years and all of the sudden our payments are late?? Today I literally lost it! Same woman calls on a Sunday morning at 8 am!! My only day to sleep in and she calls to harass us!!! It's unprofessional and unethical! If I could switch companies I would do it in a heartbeat.
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jacobRutherford, NJ
StaffTransparency
Reviewed July 27, 2023
I set auto payment on my mortgage. They charged me for every month then I faced with foreclosure. Event though I paid the amount, they made me pay again to save my house. I had proof of clear funds, I had proof of auto payments but they didn't care. They keep asking if I want to set up a payment. When I asked to talk to the supervisor they said he is unavailable. This bank is joke
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Sources
ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page . Specific sources for this article include:
- Federal Financial Institutions Examination Council, “ HMDA Data Publication .” Accessed Sept. 7, 2022.
Fifth Third Bank Mortgages Company Information
- Company Name:
- Fifth Third Bank Mortgages
- Website:
- www.53.com
As an expert and enthusiast, I don't have direct access to search results or the ability to browse the internet. However, I can provide you with information based on my pre-existing knowledge.
Based on the information you provided, the article discusses Fifth Third Bank Mortgages. Here is a breakdown of the concepts mentioned in the article:
Fifth Third Bank Mortgages Overview:
- Fifth Third Bank is a regional financial services company that offers traditional and specialized mortgages.
- Their mortgage products include purchase loans, refinance loans, home equity lines of credit (HELOCs), and home equity loans.
- Fifth Third Bank operates in 30 states and has branches in select states.
- To get started with Fifth Third Bank, you can fill out an online contact form, and a loan specialist will reach out to answer your questions and guide you through the application process.
Rates:
- Fifth Third Bank does not publish information about current mortgage rates on its website.
- To find out the rates, you need to speak to a Fifth Third loan specialist by calling or filling out a contact form online.
- Fifth Third Bank offers both fixed-rate and adjustable-rate mortgages.
Application Process:
- To apply for a mortgage with Fifth Third Bank, you can start by filling out a short form online or contacting a loan specialist directly.
- The loan specialist will provide you with current rates and describe the different types of loans available.
- Once you are approved for a loan, you can lock in your interest rate.
- The processing time for each loan varies, and the loan originator will provide you with a timeline from application to closing.
- Fifth Third Bank may sell your loan to a third party.
Loan Types:
- Fifth Third Bank offers a wide selection of home loan types, including fixed-rate and adjustable-rate conventional loans, FHA loans, VA loans, jumbo loans, USDA loans, construction loans, physician loans, community mortgage loans, and Home Possible and HomeReady loans.
- According to Home Mortgage Disclosure Act data, Fifth Third Bank customers have closed on over 39,000 home purchase loans since 2019.
HELOC and Home Equity Loans:
- Fifth Third Bank offers home equity lines of credit (HELOCs) and home equity loans.
- Their HELOC plan is called Flexline, which is a revolving line of credit with no closing costs.
- Flexline allows you to access funds via check, online, in person, or at an ATM.
- Fifth Third Bank also offers home equity loans with fixed rates, fixed monthly payments, and no closing costs.
Requirements:
- Fifth Third Bank requires a credit score of 620 or higher for a conventional loan.
- Other basic requirements include proof of steady employment, proof of steady income, and a good debt-to-income ratio.
- It is recommended to speak with a loan specialist for specific information regarding requirements.
Cost and Fees:
- Fifth Third Bank does not provide detailed information about costs and fees associated with its mortgage loans on its website.
- Closing costs typically range from 2% to 5% of the purchase price of the home and depend on factors such as the type of loan, down payment amount, purchase contract, and state where the property is located.
Please note that the information provided above is based on the details you shared from the article. It's always a good idea to verify the information with the official Fifth Third Bank website or contact their customer service for the most up-to-date and accurate information.
