Are you looking for a reliable bank to get a mortgage? The policies vary a lot from bank to bank. Our topic is Fifth Third Bank mortgage, a prevalent name among borrowers.
This guide will focus on the pros and cons of the bank’s mortgage. Besides, we will discuss all the loan products and their benefits for borrowers. So let’s check it carefully to make a good decision!
What Is The Fifth Third Bank Mortgage?
Fifth Third Bank has more than 1,000 branches in 11 states, but its mortgages are accessible in 24 states. Besides, the bank also finances loans from lenders in 48 states, and they can be mortgage brokers or bankers.
Before digging deeply into Fifth Third Bank’s mortgages, let’s have a quick look at their offers:
- Loan products: Refinances, Conventional, Jumbo, VA, HELOC, VA, and FHA.
- Minimum credit score: 620 (for conventional programs)
- Minimum down payment: 3% (for conventional programs)
- Adjustable interest rates: Yes
- Fixed interest rate: Yes
Pros and Cons Of Fifth Third Bank Mortgage
Everything has pros and cons. So before starting your application procedure, consider both sides of Fifth Third Bank mortgage first.
Pros:
- Multiple products: The bank has many home loan options, from the standard to the specialty programs.
- Fixed rate: You can choose a fixed or adjustable interest rate on your no-closing cost. If you select the fixed one, the fee will be $95.
- Lenient lending: Some programs of the bank focus on lower-income customers. They have a low down-payment option and reduce insurance premiums.
Cons:
- Limited availability: The bank is only active in some states.
- No online registration: You have to make a phone call to Fifth Third Bank routing number or visit the bank branch at Fifth Third Bank hours to apply for the mortgage.
Types Of Mortgage Available At Fifth Third Bank
Fifth Third offers many mortgage options to match your financial objectives, whether you want to refinance an existing loan, purchase your first house, or invest in a property. There are three types of mortgages you can consider:
Traditional Loans
If you choose traditional Fifth Third Bank mortgage, take note of these features:
- Fixed-rate mortgage: Your payment won’t change over 10 to 30 years. If you want to apply for the loan, your credit score must be as low as 3% down or 620.
- ARM (Adjustable Rate Mortgage): You can set a rate mortgage for a period and adjust it later. This flexible option includes 5, 7, 10, and 15-year terms.
- Jumbo loan: This package includes both adjustable and fixed rates. It works for loans from $647,201 to $3,000,000.
- FHA loan: This solution will be the best if you are a first-time homebuyer. To apply for it, your credit score must be as low as 3.5% down or 600.
Affordable Lending
Affordable lending offers tons of advantages for borrowers. Please check these three loans and choose the best for you:
- Home Possible and HomeReady loan: This loan is perfect for those with restricted funds to achieve their objective of homeownership. The bank provides flexible sources for your payment.
- Community mortgage loan: There is a down payment program of $3,000 toward your closing costs or down payments. As the bank’s newest mortgage option, individuals have more chances to gain their homeownership.
- Refi Possible and RefiNow: If your debt-to-income ratio is higher than average, you can get this loan with special incentives.
Specialized Loans
Fifth Third Bank offers these loans for specific borrowers. Let’s see which package includes you as its target customer:
- Construction loan: This program helps finance your new construction. Its one-time closing policy is convenient.
- Physician loan: Physicians, veterinarians, dentists, and optometrists can finance up to $75,000. Interestingly, it doesn’t include a down payment.
- Veterans loan: Service people are the valued customers of this program.
- IRRRL (Veterans Interest Rate Reduction Refinance Loan): This program is only available to customers with active VA loans and is a simple payment-savings loan. It has a streamlined procedure and less documentation.
Fifth Third Bank’s Fees, Terms, And Conditions
Depending on the loan products, terms, conditions, and fees differ. Closing costs usually vary from 2% to 5% of a house’s buying price.
However, you might be able to get help with your closing expenses if you are eligible for the lender’s plans for down payment assistance and community mortgages.
In addition to various ARMs, Fifth Third Bank provides a fixed interest rate over the period of 15, 20, and 30 years.
Some financing programs, such as HomeReady, Home Possible, and Community, require the attendance of homebuyer education classes.
How Does Fifth Third Work?
The loan experts at Fifth Third Bank can give you information about the current and reasonable rates. They also help you become pre-qualified and submit your loan request.
Additionally, they may provide more details about the many kinds of residential mortgages and refinancing choices from the bank.
While working with the Fifth Third Bank, please bear in mind these policies:
Mortgage servicing transfer
Mortgage servicing transfer refers to the mortgage servicing transferred from one servicer to another. The loan’s conditions remain the same, and only the recipient and the location of the payment change.
Payment options
Fifth Third Bank gives you many hassle-free methods to pay your mortgage monthly. Here are your options:
- Automatic payments: Fifth Third Bank has an Auto BillPayer program that deducts your money from your checking account automatically every month.
- Online payment: You can sign in to your internet banking account to make your payment easier. Both external and internal depository accounts can work that way.
- Mobile banking: Consider installing the Fifth Third online banking app to conveniently transfer money on your phone.
- Send a check: Make your check payable to the bank and remember to include the loan number.
- In-person: This method is the most straightforward. You can drop by any Fifth Third Bank branch and make your payments.
How To Calculate A Mortgage?
How much mortgage can you afford? You may set a budget for your monthly payment by using a home loan payment calculator.
You may get an approximate monthly mortgage payment by entering details like home price, down payment, duration, and interest rate.
Fifth Third Banks offers both standard and specialty mortgages. To get the ideal mortgage loan for your budget, go over our options and get in touch with a mortgage loan originator for instructions.
How To Apply For A Fifth Third Bank Mortgage?
You must first complete a contact form on Fifth Third Bank’s website to reach a loan representative. On the form, you will insert your basic information, such as:
- Full name
- Phone number
- Email address
- Loan purpose
- Desired loan amount
- Property location
- Property ZIP code
After submitting the form, the bank originator will call you and walk you through the following steps. You can choose to speak directly with the loan officer, look for a mortgage branch in your area, or schedule a phone appointment.
Fifth Third Bank doesn’t clarify the basic requirements you must meet and the supporting documentation you must provide for the loan. You can only get all the necessary information from the loan officer.
Offered Discounts On Fifth Third Bank Mortgage
Homeowners who apply for a Fifth Third Bank mortgage and a credit card with the same company may use their credit card rewards points to pay down specific loans.
Fifth Third Bank Mortgage Requirements For Credit Score
Each loan product has a different requirement for the borrower’s minimum credit score. Fifth Third Bank only provides this information for some of its programs. Here is what the bank claims:
- Adjusted-rate mortgage: 740
- Construction loan: 670 to 739
- Jumbo loan: 680
- FHA: Lower than the traditional mortgage
- Home Possible: 660
- HomeReady: 620
Homebuyers who want to learn more about the requirements for a particular loan package can contact a mortgage consultant.
Fifth Third Bank mortgage is a good choice for borrowers with all financial conditions. The bank offers many products to maximize your benefits in every case.
You can contact Fifth Third Bank’s loan officers to get all the necessary information about which loan product to choose and expect your monthly payment then.
Hopefully, Fifth Third Bank can be a reliable destination for your mortgage plan. If you are still confused, please comment and share with us your situation. We are always ready to give you a hand.
Thank you for stopping by!
