Fifth Third Bank mortgage review
finder.com’s rating: 3.0 / 5.0
Traditional and specialty lending products are plentiful but availability is limited.
Fifth Third Bank offers a full suite of standard and specialized mortgage products to borrowers in the Midwest. But it’s limited to servicing 10 states, and it doesn’t offer online applications.
|Loan types||Conventional, Jumbo, Home Equity, FHA, VA|
|Available States||Only available in: FL, GA, IL, IN, KY, MI, NC, OH, TN, WV|
- Wide range of products
- Lenient lending
- Limited availability
- Poor online reviews
- No online application
Fifth Third Bank has also amassed 969 BBB customer complaints — a worrisome figure for any provider. Customers complain of delays in the closing process, hidden fees and difficulty accessing customer support.
What types of loans does Fifth Third Bank offer?
Fifth Third Bank offers conventional, jumbo and government-backed loans, including refinancing and construction lending options.
- Conventional. Fifth Third Bank offers both fixed- and adjustable-rate mortgages. To find out available terms and rates, you have to call a Fifth Third Bank mortgage loan specialist.
- FHA. These fixed-rate loans are available for applicants looking to purchase or refinance property in a qualifying rural area. Typically, FHA loans accept credit scores as low as 580 with down payments starting at 3.5%.
- VA. Eligible US military servicemembers and veterans can qualify for a fixed-rate VA loan with flexible terms, low and no down-payment options for both purchase and refinance.
- Jumbo. Both fixed- and adjustable-rate jumbo loans are available starting at $510,400 and topping out at $3 million.
Other loans offered by Fifth Third Bank
In addition to its standard home loan options, Fifth Third Bank also offers the following:
- Home equity. Fifth Third Bank’s home equity loans come with fixed terms and no closing costs.
- HELOC. Borrowers can take advantage of low introductory rates, no closing costs and rate lock options.
- Construction. If you’re planning to build a primary residence, consider Fifth Third Bank’s conforming and jumbo construction loans.
- Physician and dentist. Both 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. 30-year fixed-rate mortgages of up to $250,000 are available with down payments as low as 3%. Borrowers can qualify with an income below 80% of the median household income for their area.
- Home Possible and HomeReady. These Fifth Third Bank 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.
Fifth Third Bank fees
While Fifth Third Bank provides no information about its fees on its website, most lenders charge a loan origination fee of 2% to 5% of the total loan cost.
During the closing process, you can expect to encounter the following costs:
- Credit report
- Document preparation
- Home inspection
- Private mortgage insurance
- State taxes
- Title charges
Fifth Third Bank has no lending requirements published on its website, so you’ll need to speak with one of its loan specialists to confirm your loan eligibility.
Most lenders require a minimum credit score of 620 and down payment of at least 20% to qualify for a conventional loan. Borrowers applying for government-backed FHA and VA loans can qualify with scores as low as 500. FHA loans offer down payments as low as 3.5%, while VA loans have 0% down payment options.
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 staples, including:
- Social Security number
- Driver’s license, state ID or US passport
- Bank statements for the previous two months
- W2s 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
How to get a home loan with Fifth Third Bank
While you can’t get prequalified or submit an application on Fifth Third Bank’s website, you can fill out a short questionnaire to be connected with a Fifth Third Bank loan specialist:
- Click Get Started.
- Tell Fifth Third Bank more about the loan and property you’re interested in, including the property purchase price, down payment amount, location, property type and the size of the loan you’d like to apply for.
- Enter your full name, phone number and email address.
- Click Submit.
During business hours, a Fifth Third Bank loan specialist will review your information and contact you within 90 minutes. You can also call Fifth Third Bank at 866-351-5353, Monday through Thursday, 8 a.m. to 8 p.m., Fridays, 8 a.m. to 6 p.m., and Saturdays, 9 a.m. to 3 p.m., EST.
Pros and cons of Fifth Third Bank
- Wide range of products. From standard loan options to specialty government-backed programs, Fifth Third Bank has an impressive repertoire of lending options.
- 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.
- Limited availability. Fifth Third Bank mortgages are only available in Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Tennessee and West Virginia.
- Poor online reviews. Fifth Third Bank customers don’t speak highly of its products or customer service, giving it a 1 out of 5 star rating on the Better Business Bureau.
- 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 Ohio and traces its origins back to 1858. Today, it employs over 20,000 people across 1,200 banking centers in 10 states. It ranks 384th on the 2019 Fortune 500 List and is among the top 50 banks by total assets in the US.
Frequently asked questions
Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.
With the selection of specialty loan options that Fifth Third Bank offers, it’s best for borrowers with low-to-moderate income. But you won’t be eligible to apply unless you live within its 10-state branch network, and you can’t apply online.