Fifth Third Bank Home Equity

Fifth Third Bank’s flagship home equity product is its HELOC, with a competitive annual percentage rate (APR), no closing costs and the ability to lock in your rate (with a fee). You can even get a discount if you sign up for auto payments from your Fifth Third checking account. It also allows you to borrow a high amount, up to $500,000.

However, the details on Fifth Third Bank’s home equity loan product are vague, with no APR or terms disclosed on its website without going through a rate request. As such, if you’d prefer a loan over a HELOC, you may want to review other lenders that are more transparent with fees and rate ranges.

Also, note that Fifth Third Bank only serves 11 states (Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia).

Fifth Third Bank offers multiple ways to take advantage of the equity in your home: a revolving line of credit, a traditional home equity loan and a mortgage refinance loan.

Fifth Third Equity Flexline

A Fifth Third Equity Flexline is a revolving line of credit that lets you leverage 80% to 85% of your home equity. You can draw from this line of equity as needed by using the Fifth Third Equity Flexline Mastercard, withdrawing from an ATM, logging on to your online account or visiting an in-person branch.

With the Flexline, you won’t pay any closing costs, but you’ll receive an APR ranging from 8.50% to 16.40% as of publishing. You can lock in a fixed rate and fixed term for a $95 fee. For the first 10 years of the loan repayment term (the draw period), eligible borrowers can make interest-only payments. Once the draw period is complete, you’ll have 20 years to repay the loan.

Home Equity Loan

The Fifth Third Bank Home Equity Loan is a traditional home equity loan with a one-time loan disbursement. With this loan, you’ll have a fixed rate and term, as well as fixed monthly payments. Plus, Fifth Third Bank will cover the closing costs.

Easy Home Refi

An Easy Home Refi from Fifth Third Bank lets you refinance your existing mortgage into one with potentially a lower interest rate. These loans come with low closing costs and fixed rates.

Fifth Third Bank offers multiple different rates, depending on the home equity product that you choose.

• Equity Flexline: 8.50% to 16.40% as of publishing. This interest might be tax-deductible, but you’ll need to consult a tax advisor to find out if you qualify. You can lock in your interest rate by paying a $95 fee and can unlock your rate at any time.
• Home Equity Loan: Fixed rate, although it’s unclear what the rate range is without going through the application process.

Fifth Third Bank offers a 0.25% discount to borrowers who sign up for automatic payments. However, for homes that are multi-unit buildings or are properties not occupied by the owner, 0.25% gets added to your overall rate for each of these factors.

Fifth Third Bank doesn’t charge closing costs on its HELOC or home equity loan. That said, it does charge a couple of fees, specifically:

• Annual fee: $65, waived for the first year
• Rate lock fee: $95

If your home equity loan is secured by a condominium, you’ll need to have your homeowners association complete a questionnaire. Your association could charge you up to $600 to complete this.

As for the Easy Home Refi, you’ll be responsible for paying some closing costs, but Fifth Third Bank doesn’t disclose any other fees.

To apply for a Fifth Third Bank home equity loan, you can visit an in-person branch, call Fifth Third Bank or fill out an online inquiry form.

You’ll then need to answer questions about your desired loan, current mortgage and more. These questions are the same whether you wish to apply for the basic home equity loan or the Flexline:

• What will your loan be used for?
• What is the property used for?
• What is the property type?
• How much money would you like to borrow?
• In what state is the property located? 

After submitting Fifth Third’s questionnaire, a loan advisor will review your answers and contact you about your options.

Depending on whether your original loan was issued by Fifth Third Bank, you’ll likely need to provide additional information to proceed with your loan application. However, Fifth Third doesn’t disclose more about its application process or how long it takes to get approved.

Fifth Third competes with the best of them when it comes to home equity loans. While more forthright rates for all its products would make it an even stronger competitor, its lack of closing costs and large loan amounts compete with many other financial institutions.

Here’s how Fifth Third’s HELOC stacks up against those from two popular lenders, BMO Harris and Lower.com.

Fifth Third Bank has been in business since its founding in Cincinnati in 1858. Since then, it has grown to serve 11 states with over 1,000 full-service physical branches. Additionally, Fifth Third Bank offers other services, such as mortgages and personal loans. Fifth Third Bank is federally insured by the FDIC and, as such, follows all required laws and regulations.