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Fifth Third Bank Mortgage of February 2024

Fifth Third Bank
Apply for Mortgage from Fifth Third Bank verified by our specialists. On 27.02.2024 you have access to 7 car loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.
Offers: 7
Updated:
07.05.2023
13:28
Fifth Third Bank
30 Year VA Refi
Rating by Finanso®
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Rate
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Effective interest rate on the product

from 6.11 %
Fifth Third Bank
30 Year VA Purchase
Rating by Finanso®
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Rate
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Effective interest rate on the product

from 6.22 %
Fifth Third Bank
30 Year FHA Purchase
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Rate
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Effective interest rate on the product

from 7.27 %
Submit One Loan Application Online!
Submit One Loan Application Online!

Use our quick loan matching system with a free credit check!

Fifth Third Bank
30 Year Cash-out Refi
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Rate
i

Effective interest rate on the product

from 6.73 %
Fifth Third Bank
30 Year Conventional Refi
Rating by Finanso®
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Rate
i

Effective interest rate on the product

from 6.48 %
Fifth Third Bank
30 Year Conventional Purchase
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Rate
i

Effective interest rate on the product

from 6.52 %
Fifth Third Bank
Home Equity Line of Credit (HELOC)
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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Rate
i

Effective interest rate on the product

from 6.31 %
Fifth Third Bank Mortgage Calculator
Mortgage Online Application of February 2024
Mortgage amount:
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Specify the loan term for the calculation

50000 $
5000000 $
Term:
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15
30 years
Mortgage Online Application of February 2024Mortgage Online Application of February 2024Mortgage Online Application of February 2024Mortgage Online Application of February 2024Mortgage Online Application of February 2024
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Loan amount
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Loan term
0 months
Monthly payment*
17 139 $
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Reviews
CreditFresh
4.8
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
Review
JG Wentworth
4.6
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
Review
OneMain Financial
4.4
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
Review
My Funding Choices
4.6
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Review
Plain Green Loans
2
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Review
Advance America
4.6
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
Review

The Mortgage Process - Your Mortgage - Fifth Third Bank in The United States

The process might seem complex, but getting a mortgage takes just 5 simple steps, and some help from Fifth Third. Let us walk you through the steps from getting started with an application to closing on your home. Don’t worry, you won’t be doing it alone – we have a staff of mortgage professionals here to help you all along the way.

Types of Mortgage Loans by 53 Bank

Fifth Third Bank (53 Bank) offers a variety of mortgage loan options for homebuyers to choose from based on their financial situation and home buying needs. While specific programs and eligibility requirements may change over time, some common types of mortgage loans offered by Fifth Third Bank include:

  1. Conventional fixed-rate mortgage. This is a standard mortgage with a fixed interest rate for the entire loan term, typically 15, 20, or 30 years. Borrowers can expect consistent monthly payments over the life of the loan.

  2. Adjustable-rate mortgage (ARM. With an ARM, the interest rate is fixed for an initial period (e.g., 3, 5, 7, or 10 years) and then adjusts periodically based on a benchmark interest rate index. This type of mortgage can offer lower initial interest rates, but monthly payments may increase over time.

  3. FHA loan. This government-backed loan is insured by the Federal Housing Administration (FHA) and is designed for borrowers with lower credit scores or who cannot afford a large down payment. It typically requires a down payment of 3.5% of the purchase price.

  4. VA loan. This mortgage option is available to eligible veterans, active-duty service members, and some surviving spouses. VA loans are guaranteed by the U.S. Department of Veterans Affairs and offer competitive interest rates, often without a down payment requirement or private mortgage insurance (PMI).

  5. Jumbo loan. This loan option is designed for borrowers who need to finance a more expensive home, exceeding the conforming loan limits set by Fannie Mae and Freddie Mac. Jumbo loans typically require a larger down payment and have more stringent credit requirements.

  6. Physician Loan. This program is tailored to meet the unique financial needs of medical professionals, such as doctors and dentists. It often allows for a lower down payment, flexible underwriting, and no mortgage insurance requirement.

Pros and Cons

When considering a mortgage from Fifth Third Bank, it's essential to weigh the pros and cons to determine if it's the right fit for your financial needs and home buying goals. Here are some general pros and cons of obtaining a mortgage from Fifth Third Bank:

Pros

  1. Variety of loan options: Fifth Third Bank offers a wide range of mortgage products, including conventional fixed-rate and adjustable-rate mortgages, FHA loans, VA loans, jumbo loans, and specialized programs for medical professionals.

  2. Down payment assistance: The bank provides down payment assistance programs and community mortgage options for eligible borrowers, which can help reduce upfront costs and make homeownership more accessible.

  3. Online and in-person services: Fifth Third Bank allows borrowers to apply for a mortgage online or in-person, offering a convenient and flexible application process. Additionally, the bank provides helpful online resources, such as mortgage calculators and educational materials.

  4. Physical presence: With branches in multiple states, Fifth Third Bank provides face-to-face services for borrowers who prefer personal interactions with their loan officers.

Cons

  1. Limited geographic availability: Fifth Third Bank's branch locations are concentrated in the Midwest and Southeast regions of the United States, which may not be suitable for borrowers in other areas.

  2. Potentially higher rates and fees: Depending on your specific situation, you might find that Fifth Third Bank's mortgage rates and fees are higher compared to other lenders. It's crucial to compare rates and fees from multiple lenders to ensure you're getting the best deal.

  3. Not available for non-U.S. citizens: Fifth Third Bank mortgage products are typically only available to U.S. citizens, permanent residents, and non-permanent resident aliens with a valid Social Security Number. This may limit options for non-resident borrowers.

How to Apply for Mortgage?

Applying for a mortgage with Fifth Third Bank involves several steps. Here's a general outline of the process:

  1. Research your options. Before starting the application process, familiarize yourself with the various mortgage products offered by Fifth Third Bank. Consider your financial situation, credit score, and down payment capacity to identify the most suitable mortgage option.

  2. Gather necessary documentation. Prepare essential documents, such as proof of income, employment history, bank statements, tax returns, and any other relevant financial information.

  3. Contact a loan officer. Reach out to a Fifth Third Bank mortgage loan officer to discuss your options, ask questions, and receive guidance on the application process. You can find a loan officer through the bank's website or by visiting a local branch.

  4. Pre-qualification. The prequalification process helps you determine how much you can afford to borrow. Provide basic financial information to your loan officer, who will then assess your creditworthiness and provide an estimate of the loan amount you may be eligible for.

  5. Complete the application. Fill out the mortgage application form, either online or in-person, and submit the required documentation. Your loan officer will guide you through this step.

  6. Loan processing. After submitting your application, the bank will review your documents, verify your information, and order a home appraisal to determine the property's value.

  7. Underwriting. The underwriter evaluates your creditworthiness, income, assets, and the property's value to determine if you meet the loan requirements. They may request additional documentation or clarification during this step.

  8. Conditional approval. If the underwriter approves your application, you'll receive conditional approval, subject to fulfilling any remaining requirements or conditions.

  9. Final approval and closing. Once all conditions are met, the bank will provide final approval for your mortgage. You'll then attend the closing, sign necessary documents, and finalize your mortgage.

Remember that the specific steps and requirements may vary depending on the mortgage product and your individual circumstances. Consult with a Fifth Third Bank loan officer for personalized guidance throughout the process.

Requirements

Requirements, terms, and conditions, including down payment prerequisites, differ for each loan product. Closing costs typically range from 2% to 5% of the property's purchase price. However, if you qualify for Fifth Third Bank's down payment assistance or community mortgage programs, you may receive assistance with your closing costs.

Fifth Third Bank provides fixed-rate mortgages with 15-, 20-, and 30-year terms, as well as an array of adjustable-rate mortgages (ARMs).

For some loan programs, such as Home Possible, HomeReady, and the Fifth Third Community Mortgage Loan, borrowers are required to complete homebuyer education courses.

Application details

When applying for a mortgage with Fifth Third Bank, you'll need to provide specific details and documentation to support your application. Here's a list of some common information and documents required during the application process:

Personal Information

  • Full legal name

  • Date of birth

  • Social Security Number

  • Current and previous addresses (usually for the past two years)

  • Contact information (phone number and email)

Employment and Income Information

  • Employment history (typically for the past two years), including employer names, addresses, and contact information

  • Position and dates of employment

  • Gross monthly income (including base salary, overtime, bonuses, and commissions)

  • Proof of income, such as recent pay stubs, W-2 forms, or 1099 forms (if self-employed)

Asset Information

  • Bank account statements (checking, savings, and investment accounts)

  • Details of other assets, such as real estate, vehicles, or retirement accounts

Liabilities and Debt Information

  • Current debts, such as credit card balances, student loans, car loans, and any other outstanding loans

  • Monthly debt payments

  • Alimony or child support payments, if applicable

Credit Information

The bank will typically request a credit report to review your credit history and credit score. In some cases, they may ask for a written explanation for any negative items on your credit report.

Property Information

If you've already identified the property you want to purchase, provide the property's address, purchase price, and a signed purchase agreement between you and the seller

    Please note that the exact documentation and information required may vary depending on your specific situation and the mortgage product you choose. It's essential to consult with a Fifth Third Bank mortgage loan officer to understand the precise requirements for your application.

    FAQ

    How do I pay my mortgage with Fifth Third Bank?

    Fifth Third Bank offers several convenient methods for making mortgage payments. Here are some of the most common options:

    1. Online Banking: Register for Fifth Third Bank's online banking service, which allows you to make mortgage payments directly from your checking or savings account. You can set up one-time or recurring payments and manage your account details.

    2. Mobile Banking: Download the Fifth Third Bank mobile app on your smartphone or tablet to manage your mortgage account and make payments on the go.

    3. Automatic Payments: Set up automatic monthly payments from your Fifth Third Bank checking or savings account, or from an account at another financial institution. This ensures your mortgage payment is made on time each month without any manual intervention.

    4. In-person: Visit a Fifth Third Bank branch to make your mortgage payment in person. You can pay by cash or check.

    5. Mail: Send your mortgage payment via postal mail to the address provided on your mortgage statement. Be sure to include your account number and write your payment amount on the check.

    6. Phone: Call Fifth Third Bank's customer service to make a mortgage payment over the phone. You may need to provide your account number and bank routing number to complete the payment.

    Please note that some payment methods may be subject to fees or processing times. It's essential to verify the specific payment options available to you and any associated fees or processing times by contacting Fifth Third Bank or referring to your mortgage account information. Always ensure your payments are made on time to avoid late fees or negative impacts on your credit score.

    What is the minimum credit score for a mortgage at Fifth Third Bank?

    Minimum credit score requirements differ across loan products, and Fifth Third Bank does not provide a specific minimum credit score for all its offerings.

    However, some information about credit score requirements for certain products is available:

    • For adjustable-rate mortgages, a very good to excellent credit score of 740 or higher is needed.

    • A construction loan requires a good credit score, which FICO defines as between 670 and 739.

    • A jumbo loan necessitates a credit score of 680 or higher.

    • FHA loans permit lower credit scores compared to conventional mortgages.

    • For a Home Possible loan, backed by Freddie Mac, a credit score of at least 660 is required. For a HomeReady loan, backed by Fannie Mae, a minimum credit score of 620 is necessary.

    To learn about the specific requirements for the loan product that interests them, potential homebuyers can consult with a mortgage specialist.

    What is the lowest amount a bank will finance on a mortgage?

    The minimum loan amount for a mortgage at Fifth Third Bank can vary depending on the specific mortgage product and the borrower's unique financial situation. While there is no publicly available information on a specific minimum loan amount for all mortgage products at Fifth Third Bank, it's essential to consult with a mortgage loan officer to discuss your individual needs and determine the minimum loan amount for the mortgage product you're interested in.

    Keep in mind that some loan programs might have specific requirements and restrictions regarding the loan amount. Additionally, factors such as location, property type, and borrower qualifications can also influence the minimum loan amount a lender is willing to finance.