Fifth Third Bank (5/3 Bank) 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 1,154 branches and 2,469 in the U.S. Fifth Third offers a variety of home mortgage options in 10 states and is ranked 389th on 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 2017, the institution has over $142 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:
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 of 10, 15, 20 or 30 years.
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.
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.
These nonconforming loans are available to buyers who need a loan amount that exceeds the limits set by Fannie Mae and Freddie Mac. The mortgage and refinancing limit is currently set at $453,100, according to Ellie 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 their 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 decision.
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:
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 of 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 separate National Mortgage Licensing System (NMLS) IDs.
Fifth Third Bank has been accredited by the Better Business Bureau since January 1, 1928. They have an A+ rating, with 896 complaints and 81 reviews.
- 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 lowest mortgage rates to 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 have bad credit or no 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:
|Credit Score||Quality||Ease of Approval|
|620 and below||Poor||Somewhat Difficult|
|No credit score||n/a||Difficult|
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