Third and Fifth National Bank Mortgage Review: Overview, Facts, Features, Plans, Pros and Cons

Third and Fifth National Bank Mortgage Review: Overview, Facts, Features, Plans, Pros and Cons

The merger of two banks, Third National Bank and Fifth National Bank, resulted in Fifth Third Bank (5/3 Bank). This Cincinnati-based bank, which was founded in 1858, now operates 1,154 branches in the United States and 2,469 worldwide. Fifth Third Bank is ranked 389th on the Fortune 500 and offers a variety of home mortgage choices in ten states.

Fifth Third Bank is a financial institution headquartered in Cincinnati, Overview.

In 1858, Cincinnati's Fifth Third Bank was created. Mortgages, banking, and other personal financing solutions are among the services they provide. The institution's assets were worth more than $142 billion as of 2017. Traditional loan types, such as fixed-rate and adjustable-rate mortgages, as well as nonconforming jumbo loans, are available through Fifth Third. They lend money to home buyers, doctors and dentists, veterans, and other groups.

Mortgage Rates at Fifth Third

Mortgage Options from Fifth Third

Fifth Third Bank offers a variety of home loan alternatives to fit a variety of financial situations and budgets, including:

Loans with a Fixed Interest Rate

Fifth Third recommends these mortgages for buyers who want to stay in their new houses for a long time. They are the most common type of house loan, with fixed monthly payments that do not alter over the course of the loan term, which can be 10, 15, 20, or 30 years.

Loans with Variable Interest Rates

These mortgages start with a fixed term, which means low and predictable monthly payments for a set length of time. Depending on market conditions, monthly rates may climb or fall after the first-period finishes. Homebuyers shouldn't be concerned about these costs becoming too high because most ARMs have a cost cap. Fifth Third Bank recommends these mortgages for homeowners who plan to sell or refinance their houses in the next few years or who anticipate interest rates staying the same or declining.

Loans from the Federal Housing Administration (FHA)

Fifth Third Bank recommends these loans for homeowners who cannot afford to put down 20% on a home and expect to live there for an extended period of time. The principle and interest rates on these mortgages will not alter during the loan's life.

Loans from the Veterans Administration (VA)

This sort of mortgage may be available to you if you are a U.S. veteran, military spouse, or active service member. These loans are available from Fifth Third to purchasers who prefer minimal down payments, fixed or adjustable rate payments, and don't want to pay for private mortgage insurance.

IRRRL Loans from the VA

These loans are offered to veterans who want to refinance an existing VA loan or lower their interest rate.

Loans for doctors and dentists

Residents, fellows, new physicians, and existing physicians and dentists can apply for these mortgages through Fifth Third. Both provide fixed or adjustable rates with no need for private mortgage insurance. The bank can lend up to $750,000 with no money down, up to $1 million for residents, fellows, and new doctors, and up to $1.5 million for established doctors and dentists. Refinancing alternatives are also available to residents, fellows, and new physicians.

Home building loans

Homebuilders can get construction loans from this bank if they wish to build a new home. These mortgages might be conforming or jumbo, with fixed or adjustable interest rates.

Jumbo Loans

These nonconforming loans are offered to buyers who require a loan amount greater than Fannie Mae and Freddie Mac's restrictions. According to Ellie Mae, the mortgage and refinancing maximum is now set at $453,100. Fifth Third Bank provides fixed and adjustable interest rates on loans up to $3 million.

Loans through Home Possible®

Home Possible® loans, which are exclusive to Fifth Third, provide consumers with reduced down payments and more flexible financing alternatives. Fixed monthly payments, lower mortgage insurance fees, and the ability to refinance are all features of these loans. According to Fifth Third, individuals whose salaries are at or below the area's median household income or who are buying property in underserved areas should consider these loans.

Customer Service at Fifth Third Bank

On its website, Fifth Third Bank provides a wealth of information to help borrowers navigate the mortgage application process. It not only has clear descriptions of its loan products, but it also has comprehensive FAQ sections, advice for borrowers with all sorts of house buying experiences, mortgage calculators, and a dictionary of terms that can answer even the most complicated mortgage questions. Furthermore, the organization estimates interest rates and APRs so that borrowers can better comprehend the financial ramifications of their decision.

Application for a Third Mortgage

This bank provides a simple online form for prospective borrowers to start their mortgage applications. They will be asked to give the following information in order to qualify:
  • Place of residence
  • The kind of property
  • Price of purchase
  • The estimated down payment
  • Loan amount desired
  • Date when you expect to buy
  • Personal information, such as your email address and phone number
Within 90 minutes of submitting your application, a loan consultant from Fifth Third will contact you during regular business hours. You can arrange an appointment online, contact a home loan professional near you, or phone them at 1-866-351-5353 if you'd like to be more proactive. You will be required to produce specific papers when applying for a mortgage. When chatting with a loan professional, make sure you have the following information on hand to make the process go more smoothly: A passport, driver's license, Social Security number, birth certificate, or tax identification number are examples of personal identity.
  • Pay stubs, Social Security income records, and other financial information
  • Homeowners insurance proof
  • credit rating
  • Forms W-2 from the previous two years
Fifth Third has been involved in a number of scandals. A data breach at TJX Companies in January 2007 resulted in the compromise of 45.7 million credit card details. A completely new issue developed in August of 2014, when the corporation was accused of handicap discrimination. The Equal Credit Opportunity Commission fined fifth Third $1.5 million for requiring mortgage applicants to obtain a letter from a physician confirming their Social Security Disability Insurance benefits, which was illegal under the Equal Credit Opportunity Act.

Lender Grades (Fifth-Third)

Fifth Third Bank is a publicly traded company that provides a wide range of banking and personal finance services. This organization, which was founded in Cincinnati, Ohio, in 1858, serves ten states in the United States. The National Mortgage Licensing System (NMLS) has different IDs for different loan professionals at Fifth Third Bank. Since January 1, 1928, Fifth Third Bank has been BBB recognized. The Better Business Bureau has given them an A+ rating, based on 896 complaints and 81 customer reviews. November 20, 2018, was the date when the data was gathered.

Qualifications for a Fifth Third Mortgage

You may need to meet the normal countrywide mortgage standards if you want to apply for a home loan with Fifth Third Bank. Unless the applicant qualifies for government-assisted loans like FHA and VA mortgages, mortgage lenders typically prefer that their clients put down 20% on properties. Fifth Third provides more flexible down payment choices in certain situations. Like most mortgage lenders, Fifth Third prefers to work with applicants who have excellent credit scores. Individuals with a credit score in the "excellent" category, on the other hand, should have no trouble getting a loan. If you have a bad or no credit history, you still have options, but the procedure will be more difficult. The following examples are of some of the most common credit score ranges in the United States:
Credit Score Quality Ease of Approval
760+ Excellent Easy
700-759 Good Somewhat Easy
621-699 Fair Moderate
620 and below Poor Somewhat Difficult
No credit score n/a Difficult

Additional Information & Phone Number for Fifth Third is the URL for the homepage. 1-866-351-5353 is the company's phone number. Fifth Third Center, 38 Fountain Square Plaza, Cincinnati, OH 45263, is the company's headquarters address.

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