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Fifth Third Bank mortgage review
Traditional and specialty home loan products are plentiful, but state availability is limited and customer reviews mixed.
finder.com’s rating: 3.0 / 5.0
★★★★★
- Choose this lender for first-time homebuyer programs
- Choose another lender if you want an online application process
- A good option for customers who want a fixed-rate HELOC
Conventional: 620
Minimum credit score
3%
Minimum down payment (Conventional)
Only available in: FL, GA, IL, IN, KY, MI, NC, OH, TN, VA, WV
State availability
Details
| Loan products offered | Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance |
|---|---|
| Minimum credit score | Conventional: 620 |
| Minimum down payment (Conventional) | 3% |
| State availability | Only available in: FL, GA, IL, IN, KY, MI, NC, OH, TN, VA, WV |
| NMLS # | 403245 |
Review by
Shannon Terrell
shannon.terrell@finder.comShannon Terrell is an editor for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.
Expert review
If you’re after a first-time homebuyer program, a physician loan or fixed-rate HELOC, Fifth Third Bank may be a good choice. But mortgages are only available in select states, and there’s no online process for applying. However, some borrowers may prefer in-person support.
But if you’re someone looking for an end-to-end digital mortgage or a lender that provides both personalized service and modernized digital application and payment processes, your best bet is to keep looking for the right lender for your needs.
Fifth Third Bank is not currently available on Finder
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Fifth Third Bank requirements
To find out if you’re eligible for a Fifth Third Bank home loan, visit the company’s website. Basic eligibility for a mortgage loan includes:
- Residency in select states
- Two years’ history of employment
- A FICO credit score of 620 or higher
- No history of bankruptcy in the past two years
Documentation
Fifth Third states on its website that the necessary documents vary based on the type of loan you apply for. But be prepared to supply the standard home loan documentation, including:
- Social Security number
- Driver’s license, state ID or US passport
- Bank statements for the previous two months
- W-2s for the previous year
- Tax returns for the previous two years
- Pay stubs for the previous two months
- Profit and loss statements, if self-employed
- List of your assets, including savings, real estate, car titles, retirement accounts and other investment records
- List of your debts, including student loans, credit cards and car loans
Costs and fees
While Fifth Third Bank provides no information about its fees on its website, most lenders charge a loan origination fee from .5 to 1% of the total loan amount. Additionally, you can expect to pay another 2% to 5% of the total loan amount in closing costs, which typically include:
- Appraisal
- Credit report
- Document preparation
- Home inspection
- Private mortgage insurance
- State taxes
- Title charges
- Taxes
How to apply for a mortgage with Fifth Third Bank
While you can’t get prequalified or submit an application through Fifth Third Bank’s website, you can fill out a short form to be connected with a Fifth Third Bank loan specialist.
- Go to the Fifth Third Bank website and select Get Started.
- Enter your contact details and answer a few questions about the type of home loan you want, then hit Submit.
- Wait for a mortgage loan originator to contact you.
During business hours, a Fifth Third Bank loan specialist will review your information and reach you the same day. If you submit your request on weekdays after 7 p.m. ET, Saturday after 2 p.m. or anytime on Sunday, you will be contacted by 10 a.m. the next business day. Or, call the bank directly at 866-601-6543.
What types of mortgages can I get through Fifth Third Bank?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products offered by Fifth Third Bank
Fifth Third Bank also offers these specialized types of mortgages.
- Home equity. Fifth Third Bank’s home equity loans pay out a lump sum and feature fixed interest rates, regular payments and no closing costs.
- HELOC. Fifth Third Bank’s HELOC is a revolving line of credit offering adjustable and/or fixed rates, interest-only payments for 10 years, no closing costs and rate lock options.
- Construction loans. If you’re planning to build a primary residence, Fifth Third Bank offers both conforming and jumbo construction loans.
- Physician and dentist loans. Fixed- and adjustable-rate loans of up to $1.5 million are available with no private mortgage insurance for qualifying interns, residents, fellows and established physicians and dentists.
- Community mortgage. A 30-year fixed-rate mortgage with down payments as low as 3%. Borrowers can qualify with incomes at or below 80% of the median household income for their area.
- Home Possible and HomeReady. These mortgages are designed for low-income borrowers looking to purchase property in an underserved area. Low down-payment options are available alongside reduced mortgage insurance premiums.
- VA (IRRRL) refinance loan. This option allows you to secure a lower fixed interest rate on an existing VA loan and requires no income verification or appraisal.
- Mortgage refinancing. This loan option can help reduce your interest rate, lower your monthly mortgage payment and get rid of private mortgage insurance by replacing your current mortgage with a new one with better terms.
How Fifth Third Bank’s mortgage products compare to other lenders
Compared to other lenders, Fifth Third Bank offers a higher-than-average number of home loan options, including first-time homebuyer programs and specialized loans. And while rates are not listed on the website, some customers online report receiving competitive interest rates and lower-than-expected closing costs.
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Fifth Third Bank reviews and complaints
As of August 2022, Fifth Third Bank has a 4.92 out of 5 rating with Zillow from 236 customers. On the other hand, the bank only has a 1.09 out of 5 rating on the Better Business Bureau (BBB) website from nearly 300 customers. Fifth Third Bank has been accredited with the BBB since 1928 and has an A+ business rating, but there have been 1,503 customer complaints closed in the past three years across different departments.
Positive customer reviews mention attentive and knowledgeable service and timely communication from mortgage officers, making for a smooth home loan application experience. Complaints mention poor customer service over the phone and antiquated manual processes that make it difficult to set up online payments for mortgages.
Pros and cons of Fifth Third Bank
Pros
- Wide range of products. From standard loan options to specialty government-backed programs, Fifth Third Bank has a solid range of home loan options for a variety of situations.
- Fixed-rate HELOC option. At Fifth Third Bank, select either an adjustable rate or a fixed rate on all or part of your no-closing-cost HELOC. To lock in a fixed rate, you must pay a $95 fee.
- Lenient lending. Fifth Third Bank’s Home Possible and HomeReady loans are designed for lower-income borrowers and offer low down-payment options with reduced insurance premiums.
Cons
- Limited availability. Fifth Third Bank mortgages are only available in a handful of states.
- Mixed online reviews. While some customers report positive home loan experiences, thousands of others have registered complaints against the company across different departments, including mortgage servicing.
- No online application. You’ll need to call or meet with a loan specialist in person to start the application process.
What is Fifth Third Bank?
Fifth Third Bank is headquartered in Cincinnati, Ohio, with a history dating back to 1858. Today, it employs over 20,000 people across 1,200 banking centers in multiple states. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and, as of June 2022, had $207 billion in assets. The bank ranks 325th on the 2020 Fortune 500 List and is among the top 20 banks by total assets in the US.