Fifth Third Bank Mortgages

Fifth Third Bank Mortgages

 1.2/5 (6 ratings)
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Written by Taylor Sansano
Edited by Sally Jones

About Fifth Third Bank Mortgages

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Fifth Third Bank (NMLS# 403245) is a regional financial services company offering traditional and specialized mortgages. Its products, available in 30 states, include purchase loans, refinance loans, home equity lines of credit and home equity loans. To get started with Fifth Third, you fill out an online contact form, and a loan specialist reaches out to answer questions and go over rates, loan types, pre-qualification and the application process.

Overall Satisfaction Rating

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Pros

  • Attempts to service most of its loans
  • HELOCs and home equity loans available
  • Offers specialty loans (physician, construction)
  • Branches in select states

Cons

  • Not available in all states
  • No rates published online

Bottom Line

Fifth Third Bank has many types of home loans for purchasing and refinancing, including conventional and government-backed. It’s available in 30 states. To get started, you can call or fill out an online form, and a loan specialist will contact you to go over rates, loan options and the application, and they answer your questions.

Top Fifth Third Bank Mortgages Reviews

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Rated with 4 stars
Verified

It’s very important to me to be able to pay my mortgage in split payments and extra payments to apply to just principal. I also like the fact that you can state [that] you want th...

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Rated with 5 stars
Verified

I have had mortgages and loans with Fifth Third, along with several other accounts. Service has been great. Have never encountered a negative person. They are always ready to help...

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Rates

Fifth Third Bank doesn’t post information about current mortgage rates on its site. To find out what rates you would pay as a borrower, you need to speak to a Fifth Third loan specialist; you can call or go online to fill out a contact form, schedule a phone call or schedule an in-person appointment at a branch.

Fifth Third Bank offers both fixed- and adjustable-rate mortgages. While many people prefer the predictability of a fixed-rate mortgage, an adjustable-rate mortgage, which comes with a low introductory rate for a period of time, may appeal to homebuyers who want lower monthly payments for now or who plan to sell or refinance before the initial fixed-rate period ends.

From 2019 to 2021, Fifth Third’s average home purchase rate was very close to the national average.

Fifth Third Bank average home purchase rate vs. national average

YearDifference from national average
2021-0.06%
2020+0.12%
2019+0.01%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Application process

To get a mortgage with Fifth Third Bank, you can start by filling out a short form online. It asks for basic information, such as whether you are looking to purchase or refinance, your desired loan amount and the property location. After submitting the form, a loan specialist will get in touch. Alternatively, you can call a loan specialist directly, schedule a call or schedule an in-person visit to a Fifth Third branch.

The loan specialist provides current rates and describes the different types of loans. You can then decide to get pre-qualified or apply for your loan.

Once you are approved for a loan from Fifth Third, you can lock in your interest rate. The processing time for each loan varies based on the type of the loan; the loan originator provides a timeline for you to plan from applying through closing. Fifth Third says that it intends to service most of its loans, but it may sell your loan to a third party.

Fifth Third Bank application features

FeaturesAvailability
Online application
Mobile document upload
Physical branches11 states
Publishes minimum rate on websiteX
Rate lock60 days
Pre-qualification (no hard credit pull)
Certified approval letter

Loan types

Fifth Third Bank has a wide selection of home loan types for both purchasing a home and refinancing a home loan. These include:

  • Fixed- and adjustable-rate conventional loans
  • FHA loans
  • VA loans
  • Jumbo loans
  • USDA loans
  • Construction loans (for building a home)
  • Physician loans (for physicians, dentists, vets and optometrists)
  • Community mortgage loans (for lower-income borrowers)
  • Home Possible and HomeReady loans (for lower-income borrowers)

Out of more than 56,000 applications, Fifth Third Bank customers have closed on over 39,000 home purchase loans since 2019, according to Home Mortgage Disclosure Act data.

Loan applications for home purchases only by year

202120202019
Home purchase applications17,45418,24320,932
Home purchase loans closed193,308133,642144,852
Home purchase applications denied11,52812,68515,198
Home purchase preapprovals denied9578561,686
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

While rates were lower than ever in 2020 and 2021, refinancing was desirable among homeowners. Many people refinanced to get a loan with a lower rate, lowering the cost of borrowing. As rates increase from these record lows, the popularity of refinance loans is expected to decrease.

Home purchase vs. refinance loans by year

202120202019
Home purchase loans17.82%22.97%28.16%
Refinance loans55.47%49.78%34.27%
Cash-out refinance13.78%9.85%7.97%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

HELOC and home equity loans

Fifth Third Bank offers both home equity lines of credit and home equity loans. Its HELOC plan is called Flexline. Flexline is a revolving line of credit with no closing costs and funds available via check, online, in person or at an ATM.

You can also use the Flexline Mastercard. Line amounts are from $10,000 to $500,000 and have a term of 30 years, with a 10-year draw period. Flexline also allows you to lock in a fixed rate on all or part of your balance for a $95 fee.

Home equity loans are also available with fixed rates and terms, fixed monthly payments and no closing costs.

Requirements

Fifth Third Bank only publishes basic mortgage requirements and recommends speaking with a loan specialist for specific information.

The basic requirements for a Fifth Third Bank mortgage are:

  • A credit score of 620 or higher (for a conventional loan)
  • Proof of steady employment
  • Proof of steady income
  • A good debt-to-income ratio

When you speak with a specialist, they can help you determine which loan type is best for you and how much house you can afford based on your needs and financial profile.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5003.5% with 580 credit scoreFHA lenders
VASet by lender (often 580)0%VA lenders
USDASet by lender (often 640)0%USDA lenders

Cost and fees

Fifth Third Bank doesn’t list many details about costs and fees associated with its mortgage loans. At the time of your application, you can lock in your rate until a specified expiration date.

As for closing costs, Fifth Third says average closing costs range from 2% to 5% of the purchase price of the home. These costs are based on factors like the type of loan, the down payment amount, the purchase contract you negotiate with the seller and the state where the property is located. Closing costs fall into three categories:

  • Lender charges (e.g., application fee, origination fee, attorney fees, discount points, broker fee)
  • Property-related fees (e.g., appraisal fee, inspections)
  • Prepaid costs (e.g., prepaid interest, property taxes, homeowners insurance)

FAQ

How does Fifth Third Bank work?

The mortgage process with Fifth Third Bank starts with a call or in-person meeting with a loan specialist. This person goes over your qualifications and loan options. You can then seek pre-qualification or go straight to the application process. You lock in your rate with Fifth Third at the time you apply. Once you close on your loan, Fifth Third may sell it to a different servicer.

Is Fifth Third Bank legit?

Fifth Third Bank is a legitimate bank and mortgage lender. As of mid-2022, the company had 1,080 full-service branches and over $200 billion in assets.

Where is Fifth Third Bank available?

Fifth Third Bank mortgage products are available in 30 states: Alabama, California, Colorado, Connecticut, Delaware, Florida, Georgia, Iowa, Illinois, Indiana, Kentucky, Louisiana, Massachusetts, Michigan, Missouri, Nevada, North Carolina, New York, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, Wisconsin and West Virginia. Not all products are available in all states.

Eleven states have full-service branches: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia.

Fifth Third Bank Mortgages Reviews

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How do I know I can trust these reviews about Fifth Third Bank Mortgages?
How do I know I can trust these reviews about Fifth Third Bank Mortgages?
  • 4,115,015 reviews on ConsumerAffairs are verified.
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  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Nov. 7, 2022

I am complete floored at how comical trying to make 1 mortgage payment is. You would after 5 phone calls and multiple hours on-line trying to set up a one-time payment (I have to fill out a form apparently once my “welcome letter” arrives to be able to make a recurring payment). Finally got my new loan number, then apparently there was no phone number attached to my account so I had to take an actual quiz to verify it was me after they’d already asked about 10 questions. Wanted to know my address from college 30 years ago. Barely passed quiz so they could add my number to account. The. They gave me a 17 digit random number so I could select a pin. Anyways… 3 hours later I see my account info and try to make a payment and pop up says no account found. How is this real???

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Rated with 1 star
Verified Reviewer
Original review: Nov. 1, 2022

My mortgage was transferred to Fifth Third Bank and it has been a very difficult experience. I couldn't log in online to set up auto-pay so I called the support number. Was told that because I was new I could not set up my online account or auto-pay tell 30 days with the company. So then I approved two payments on my mortgage so I was covered a little past 30 days. I call the support number off and on for two months and can never reach anyone to talk to. If I do they have an issue and send me to another phone number or simply tell me they can't help and send me a number to call. I have never had to work so hard to get someone to take my money. I did get my account created but now there is no information in my accounts so now I'm trying to call again so I can see my mortgage account online that is not currently there.

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    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 26, 2022

    Worst bank I have ever dealt with! Phone tree that keeps you on hold for 30-60 minutes before telling you the call center is closed and to call back later, representatives that pick up and have no idea why you are calling despite having to repeatedly entire information in the phone tree, unhelpful and borderline rude customers, 6(!) business days to respond to an email. Ultimately, my mortgage loan was sold to them and I so wish I could have it sold again. Now I am trapped. Please! No one knowingly should do business with this company. Right now I am fighting to have them pay a property tax bill from my escrow account which I have paid every month.

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    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 26, 2022

    Same experience as another reviewer: "Mortgage was transferred to this bank. Trying to set up an account online and autopay is a joke. Their service is terrible. Live in hope that my mortgage gets sold on to another company as soon as possible in order to get away from these clowns." I can't believe they don't have the capability for automatic mortgage payments if you're using a bank account not with 5/3rd Bank. They need to update their infrastructure and interface!

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    Rated with 2 stars
    Verified Reviewer
    Original review: Oct. 19, 2022

    Just spent a little too long on the phone with Fifth Third after they locked access to my account. They said it was because my phone number was not verified, yet I have had this account for years. Spoke to woman on phone who was like: it will take two weeks to get you reverified. I was like: What? This is my account. You locked it. I did nothing wrong. She puts me on hold and then magically unlocks my account with a number of codes she sent me. Why does customer service feel like they need to make me pissed off before they decide to help me? Why is that? Why not help me when I first ask? Why do you have to wait for me to get upset before you decide to help me? Why? Why? Why?

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    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 16, 2022

    Charging me a $20 late fee even though they fully acknowledged it was paid on time in full, but there was an issue on THEIR end that the payment went in on the 3rd instead of the 1st but refusing to refund or do anything. Literally having to get my bank to report it as fraud. I know it’s only $20 but if they’re doing it with $20 they’ll do it with $200…horrible customer service. In the process of finding a new lender. Avoid at ALL costs unless you want to get charged for their mess ups.

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    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
    1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Sept. 7, 2022.

    Fifth Third Bank Mortgages Company Information

    Company Name:
    Fifth Third Bank Mortgages
    Website:
    www.53.com