Fifth Third Bank Mortgage Review 2024

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What Types of Mortgage Loans Does Fifth Third Bank Offer?

Fifth Third provides many types of mortgages, including:

Conventional.
Adjustable-rate mortgages.
FHA.
VA.
Home equity loans.
Home equity lines of credit.
Jumbo.

The lender also has a down payment assistance program for homebuyers who meet income and property location requirements.

How Do Fifth Third Bank Home Loans Work?

Anyone interested in applying for a Fifth Third home loan must speak with a mortgage specialist. This can be done by completing an online request form with your contact information, the loan purpose (purchase or refinance), the state where the property is located and the desired loan amount. You can also do this by phone or by visiting a Fifth Third Bank branch.

Processing times vary by loan type, but the bank says the mortgage loan originator should be able to provide an estimated time frame.

What Are Fifth Third Bank’s Home Loan Terms, Fees and Conditions?

Terms, fees and conditions – including down payment requirements – vary by loan product. You can expect closing costs to run between 2% and 5% of the home’s purchase price. But if you qualify for the lender’s programs for down payment assistance or community mortgages, you may be able to get help with your closing costs.

Fifth Third Bank offers 15-, 20- and 30-year fixed rate mortgages, and a range of ARMs.

Homebuyer education courses are required for some loan programs, including Home Possible, HomeReady and the Fifth Third Community Mortgage Loan.

What Discounts Does Fifth Third Bank Offer?

Homeowners who have their mortgage and a credit card through Fifth Third Bank can redeem credit card rewards points for payment toward eligible loans.

How Can You Qualify for a Fifth Third Bank Home Loan?

Qualifications such as minimum and maximum loan amounts, down payment amounts, and income requirements vary by product and program.

Some loans are designed for a specific group of people – for example, Fifth Third offers home loans that target established physicians and dentists as well as a program for fellows, residents and new physicians.

The lender doesn’t reveal its maximum debt-to-income ratio, but a financial education article on its website says “banks often require that applicants have no more than a 43%” DTI.

What Credit Score Do You Need for a Fifth Third Bank Home Loan?

Required minimum credit scores vary by loan product, and Fifth Third Bank does not disclose the necessary minimum credit score for all available products.

The bank does provide some credit score information about select products:

Adjustable-rate mortgages require very good to excellent credit, or a credit score of 740 or higher.
A construction loan requires good credit, a range that FICO puts at between 670 and 739.
A jumbo loan requires a credit score of 680 or higher.
An FHA loan allows for a lower credit score than a traditional mortgage.

For a Home Possible loan, backed by Freddie Mac, the credit score requirement is at least 660. For a HomeReady loan, backed by Fannie Mae, the credit score requirement is at least 620.

Prospective homeowners can speak with a mortgage specialist to learn specific requirements for the loan product that interests them.

Where Does Fifth Third Bank Operate?

The bank says it operates in Alabama, California, Colorado, Delaware, Florida, Georgia, Iowa, Illinois, Indiana, Kentucky, Michigan, Missouri, North Carolina, New York, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Wisconsin and West Virginia. But not all products are available in all states.

Fifth Third Bank only has full-service branches in 10 states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, Tennessee and West Virginia.

Is Fifth Third Bank Reputable?

Fifth Third has an A+ rating with the Better Business Bureau.

The Consumer Financial Protection Bureau received 246 mortgage-related complaints in 2020 about Fifth Third Bank. The most common complaints involved:

Having trouble during the payment process
Applying for or refinancing a mortgage
Struggling to pay a mortgage

Each complaint but one received a timely response.

How Is Fifth Third Bank’s Customer Service?

Fifth Third customers have multiple options for contacting its customer service. Messaging support is available 24/7 online and with the Fifth Third Bank mobile app. Live agents are available via this chat support Monday through Friday from 6 a.m. to 9 p.m. Eastern time and Saturday and Sunday from 8:30 a.m. to 5 p.m. Eastern time. After hours, customers can request agent chat support, and an agent will follow up.

Fifth Third’s customer service call center can be reached Monday through Friday from 8 a.m. to 6 p.m. Eastern time and Saturday from 10 a.m. to 4 p.m. Eastern time. The call center is closed on Sunday.

Customers can use Fifth Third’s website to schedule an appointment with the bank, and the site provides a list of frequently asked questions with answers.

What Are Some of Fifth Third Bank’s Online Features?

Borrowers can make loan payments through the bank’s website or mobile app, as well as view payment history, escrow account information, interest information and more. .