Fifth Third Mortgage Review | Loan Reviews and Options (2024)

Fifth Third Bank (5/3 Bank) was formed as a result of the merging of two banks, Third National Bank and Fifth National Bank.

Originally founded in 1858, this Cincinnati-based bank has more than 1,100 branches and more than 2,400 ATMs throughout its geographic footprint in the U.S. Fifth Third offers a variety of home mortgage options in 10 states and is ranked415thon the Fortune 500.

Fifth Third Bank Overview

Fifth Third Bank was founded in 1858 in Cincinnati. They offer a variety of services, such as mortgages, banking, and other personal financing solutions. As of 2023, the institution has over $207.3 billion in assets.

Fifth Third offers traditional loan options, such as fixed-rate and adjustable-rate mortgages, as well as nonconforming jumbo loans.

They provide mortgages to buyers looking to finance new construction, physicians and dentists, veterans, and other groups.

Fifth Third Mortgage Rates

Fifth Third Mortgage Options

Fifth Third Bank has home loan options to satisfy a host of financial situations and budgets:

Fixed-Rate Loans

Fifth Third recommends these mortgages for buyers who want to stay in their new homes for many years. They are considered the most standard type of home loan, with consistent monthly payments that do not change throughout the loan term, which can be 10, 15, 20, or 30 years.

Adjustable-Rate Loans

These types of home mortgages begin with a fixed term, in which monthly payments are low and consistent for a specified period. Once this initial term ends, monthly rates can rise and fall depending on market trends.

However, homebuyers shouldn’t worry about these costs getting too steep, as most ARMs have a cost limit.

Fifth Third Bank recommends these types of mortgages for homebuyers who are considering selling or refinancing their homes in the next few years or those who expect interest rates to stay the same or decline.

Federal Housing Authority (FHA) Loans

Fifth Third Bank suggests these loans for homebuyers who cannot afford to put 20 percent down on a home, particularly those who plan on living there for an extended period. With these types of mortgages, principal and interest rates will not change over the loan’s term.

Veterans Administration (VA) Loans

If you’re a U.S. veteran, a military spouse, or an active duty member, you may be eligible for this type of mortgage.

Fifth Third offers these loans to buyers who want, low down payments, fixed- or adjustable-rate payment options, and don’t want to purchase private mortgage insurance.

VA IRRRL Loans

These types of loans are available for veterans looking to refinance an existing VA mortgage or get an interest rate reduction.

Physician and Dentist Loans

Fifth Third offers these mortgages for residents, fellows, and new physicians, as well as established physicians and dentists. Both offer fixed or adjustable rates and don’t require private mortgage insurance.

The bank can finance up to $750,000 with no down payment required, up to $1 million for residents, fellows, and new physicians, or up to $1.5 million for established physicians and dentists. Residents, fellows, and new physicians also have access to refinancing options.

Construction Loans

This bank offers construction loans to homebuyers who want to build a new home. These home loans can be conforming or jumbo and feature fixed or adjustable rates.

Jumbo Loans

These nonconforming loans are available to buyers who need a loan amount that exceeds the limits set by Fannie Mae and Freddie Mac.

Themortgage and refinancing limitis currently set at $766,550, according to Fannie Mae. Fifth Third finances loans of up to $3 million and offers both fixed and adjustable rates.

Home Possible® Loans

Specific to Fifth Third, Home Possible® loans offer low down payments to borrowers who need more flexible funding options. They come with fixed monthly payments, reduced mortgage insurance premiums, and the option to refinance.

Fifth Third recommends these loans to individuals whose earnings are at or below the median household income in the area or who are purchasing property in underserved neighborhoods.

Fifth Third Mortgage Customer Service

Fifth Third offers plenty of information on its website to guide borrowers through the home mortgage process.

Not only does it have clear descriptions of its loan offerings, but it also features thorough FAQ sections, advice for borrowers with all types of home-buying experience, mortgage calculators, and a glossary of terms that can clarify even the most difficult mortgage questions.

In addition, the company provides interest rate and APR estimations so borrowers can gain a better understanding of the potential financial implications of their decisions.

Fifth Third Morgage Application

This bank allows prospective borrowers to begin their mortgage application online using a simple form.

For it, they will be required to provide the following information:

• Geographical location

• Type of property

• Purchase price

• Projected down payment

• Desired loan amount

• Expected purchase date

• Contact information, including your email address and phone number

During normal business hours, a loan specialist from Fifth Third will contact you within 90 minutes of your submission.

If you’d prefer to take a more proactive route, you can schedule an appointment online, contact a mortgage loan specialist near you, or call them at 1-866-351-5353.

When applying for a mortgage, you will need to provide certain documentation.

To facilitate the process, make sure to have the following information available when speaking to a loan specialist:

• Personal ID, such as a passport, license, Social Security number, birth certificate, or tax identification number

• Pay stubs, Social Security income records, or other data related to your earnings

• Proof of homeowners insurance

• Credit score

• W-2 forms from the past two years

Fifth Third has experienced its share of controversies. In January of 2007, a data breach with TJX Companies caused a compromise of 45.7 million credit card numbers.

A very different problem arose in August 2014 when the company faced allegations of discrimination on the basis of disability.

Fifth Third had to pay $1.5 million to mortgage applicants the bank had asked to provide a letter from a physician showing their Social Security Disability Insurance benefits, an act that was in violation of the Equal Credit Opportunity Act.

Fifth Third Lender Grades

Fifth Third Bank is a public entity that offers a variety of banking and personal financing options. Founded in 1858 in Cincinnati, OH, this organization services 10 U.S. states.

Different loan specialists working for Fifth Third Bank have separateNational Mortgage Licensing System (NMLS) IDs.

Fifth Third Bank has been accredited by the Better Business Bureau since December 31, 1927. They have an A+ rating, with 586 complaints and 454 reviews for the last 12 months.

• Date collected: Nov. 20, 2018

Fifth Third Mortgage Qualifications

If you are interested in applying for a home loan with Fifth Third Bank, you may need to meet the standard nationwide mortgage requirements.

Typically, mortgage lenders prefer that their borrowers put 20 percent down on homes unless the borrower qualifies for government-assisted loans like FHA and VA mortgages.

In these instances, Fifth Third offers more flexible down payment options.

Like most mortgage lenders, Fifth Third typically offers the lowestmortgage ratesto borrowers with strong credit scores.

However, individuals whose credit score is in the “good” range shouldn’t have any trouble securing a loan. If you havebad creditorno credit history, you still have options, but this process will not be as clear-cut.

Here is a breakdown of the typical credit score ranges in the United States:

Fifth Third Phone Number & Additional Details

• Homepage URL: https://www.53.com/content/fifth-third/en.html

• Company Phone:1-866-351-5353

• Headquarters Address:Fifth Third Center, 38 Fountain Square Plaza, Cincinnati, OH 45263

The Bottom Line

Fifth Third Bank, with its roots tracing back to 1858 in Cincinnati, has cemented its position as a formidable player in the banking industry, holding an impressive asset value of over $207.3 billion as of 2023.

Catering to a wide range of clients, the bank offers a diverse palette of mortgage options ranging from the traditional fixed rate to specialized offerings for physicians and veterans.

With an emphasis on customer education, their website is a trove of information, boasting comprehensive loan descriptions, FAQs, and handy mortgage calculators.

The online mortgage application process is straightforward, and designed to be user-friendly and efficient.

While they have faced challenges in the past, such as the 2007 data breach and the 2014 discrimination allegation, their longstanding BBB accreditation and A+ rating suggest a commitment to customer service.

Potential borrowers, whether with pristine credit scores or those with more modest ratings, can find solutions tailored to their needs.

How We Review Mortgage Lenders:

Good Financial Cents evaluates U.S. mortgage lenders with a focus on loan offerings, customer service, and overall trustworthiness. We strive to provide a balanced and detailed perspective for potential borrowers. We prioritize editorial transparency in all our reviews.

By obtaining data directly from lenders and carefully reviewing loan terms and conditions, we ensure a comprehensive assessment.

Our research, combined with real-world feedback, shapes our evaluation process. Lenders are then rated on various factors, culminating in a star rating from one to five.

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