Fifth Third Mortgage Review

Fifth Third Bank (5/3 Bank) formed as a result of the merging of two banks, Third National Bank and Fifth National Bank. Originally founded in 1858, this Cincinnati-based bank has 1,154 branches and 2,469 in the U.S. Fifth Third offers a variety of home mortgage options in 10 states and is ranked 389th on the Fortune 500.

• Overview
• Rates
• Options
• Customer Service
• Application
• Mortgage Qualifications

Fifth Third Bank Overview

Fifth Third Bank was founded in 1858 in Cincinnati. They offer a variety of services, such as mortgages, banking, and other personal financing solutions. As of 2017, the institution has over $142 billion in assets.

Fifth Third offers traditional loan options, such as fixed-rate and adjustable-rate mortgages, as well as nonconforming jumbo loans.

They provide mortgages to buyers looking to finance new construction, physicians and dentists, veterans, and other groups.

Fifth Third Mortgage Rates

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Fifth Third Mortgage Options

Fifth Third Bank has home loan options to satisfy a host of financial situations and budgets:

Fixed-Rate Loans

Fifth Third recommends these mortgages for buyers who want to stay in their new homes for many years. They are considered the most standard type of home loan, with consistent monthly payments that do not change throughout the loan term, which can be of 10, 15, 20 or 30 years.

Adjustable-Rate Loans

These types of home mortgages begin with a fixed term, in which monthly payments are low and consistent for a specified period. Once this initial term ends, monthly rates can rise and fall depending on market trends.

However, homebuyers shouldn’t worry about these costs getting too steep, as most ARMs have a cost limit. Fifth Third Bank recommends these types of mortgages for homebuyers who are considering selling or refinancing their homes in the next few years or those who expect interest rates to stay the same or decline.

Federal Housing Authority (FHA) Loans

Fifth Third Bank suggests these loans for homebuyers who cannot afford to put 20 percent down on a home, particularly those who plan on living there for an extended period. With these types of mortgages, principal and interest rates will not change over the loan’s term.

Veterans Administration (VA) Loans

If you’re a U.S. veteran, a military spouse, or an active duty member, you may be eligible for this type of mortgage. Fifth Third offers these loans to buyers who want, low down payments, fixed- or adjustable-rate payment options, and don’t want to purchase private mortgage insurance.

VA IRRRL Loans

These types of loans are available for veterans looking to refinance an existing VA mortgage or get an interest rate reduction.

Physician and Dentist Loans

Fifth Third offers these mortgages for residents, fellows, and new physicians, as well as established physicians and dentists. Both offer fixed or adjustable rates and don’t require private mortgage insurance.

The bank can finance up to $750,000 with no down payment required, up to $1 million for residents, fellows, and new physicians, or up to $1.5 million for established physicians and dentists. Residents, fellows, and new physicians also have access to refinancing options.

Construction Loans

This bank offers construction loans to homebuyers who want to build a new home. These home loans can be conforming or jumbo and feature fixed or adjustable rates.

Jumbo Loans

These nonconforming loans are available to buyers who need a loan amount that exceeds the limits set by Fannie Mae and Freddie Mac. The mortgage and refinancing limit is currently set at $453,100, according to Ellie Mae. Fifth Third finances loans of up to $3 million and offers both fixed and adjustable rates.

Home Possible® Loans

Specific to Fifth Third, Home Possible® loans offer low down payments to borrowers who need more flexible funding options. They come with fixed monthly payments, reduced mortgage insurance premiums, and the option to refinance.

Fifth Third recommends these loans to individuals whose earnings are at or below the median household income in the area or who are purchasing property in underserved neighborhoods.

Fifth Third Mortgage Customer Service

Fifth Third offers plenty of information on its website to guide borrowers through the home mortgage process.

Not only does it have clear descriptions of their loan offerings, but it also features thorough FAQ sections, advice for borrowers with all types of home buying experience, mortgage calculators, and a glossary of terms that can clarify even the most difficult mortgage questions.

In addition, the company provides interest rate and APR estimations so borrowers can gain a better understanding of the potential financial implications of their decision.

Fifth Third Morgage Application

This bank allows prospective borrowers to begin their mortgage application online using a simple form. For it, they will be required to provide the following information:

• Geographical location
• Type of property
• Purchase price
• Projected down payment
• Desired loan amount
• Expected purchase date

• Contact information, including your email address and phone number

During normal business hours, a loan specialist from Fifth Third will contact you within 90 minutes of your submission. If you’d prefer to take a more proactive route, you can schedule an appointment online, contact a mortgage loan specialist near you, or call them at 1-866-351-5353.

When applying for a mortgage, you will need to provide certain documentation. To facilitate the process, make sure to have the following information available when speaking to a loan specialist:

• Personal ID, such as a passport, license, Social Security number, birth certificate, or tax identification number
• Pay stubs, Social Security income records, or other data related to your earnings
• Proof of homeowners insurance
• Credit score
• W-2 forms from the past two years

Fifth Third has experienced its share of controversies. In January of 2007, a data breach with TJX Companies caused a compromise of 45.7 million credit card numbers. A very different problem arose in August of  2014 when the company faced allegations of discrimination on the basis of disability.

Fifth Third had to pay $1.5 million to mortgage applicants the bank had asked to provide a letter from a physician showing their Social Security Disability Insurance benefits, an act that was in violation of the Equal Credit Opportunity Act.

Fifth Third Lender Grades

Fifth Third Bank is a public entity that offers a variety of banking and personal financing options. Founded in 1858 in Cincinnati, OH, this organization services 10 U.S. states. Different loan specialists working for Fifth Third Bank have separate National Mortgage Licensing System (NMLS) IDs.

Fifth Third Bank has been accredited by the Better Business Bureau since January 1, 1928. They have an A+ rating, with 896 complaints and 81 reviews.

• Date collected: Nov. 20, 2018

Fifth Third Mortgage Qualifications

If you are interested in applying for a home loan with Fifth Third Bank, you may need to meet the standard nationwide mortgage requirements. Typically, mortgage lenders prefer that their borrowers put 20 percent down on homes, unless the borrower qualifies for government-assisted loans like FHA and VA mortgages.

In these instances, Fifth Third offers more flexible down payment options.

Like most mortgage lenders, Fifth Third typically offers the lowest mortgage rates to borrowers with strong credit scores. However, individuals whose credit score is in the “good” range shouldn’t have any trouble securing a loan. If you have bad credit or no credit history, you still have options, but this process will not be as clear-cut.

Here is a breakdown of the typical 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

Fifth Third Phone Number & Additional Details

• Homepage URL: https://www.53.com/content/fifth-third/en.html
• Company Phone: 1-866-351-5353
• Headquarters Address: Fifth Third Center, 38 Fountain Square Plaza, Cincinnati, OH 45263

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E*Trade is Offering a Sweet $100 Cash Bonus on New Accounts

If you’ve considered dabbling in investments but haven’t taken the leap, E*Trade is rolling out a new cash back promo that may entice you to open an account. For the next couple of months, E*Trade is offering an extra $100 for customers who deposit or transfer a minimum of $5,000 into their E*Trade accounts.

While E*Trade regularly rolls out cash-back promotional offers, it often requires a much heftier deposit than $5,000 to qualify. But if you’re interested in taking advantage of this free promo money, you need to get moving, because E*Trade is only offering this deal until Jan. 6, 2020.

This is just one of many offers E*Trade has rolled out recently. Earlier this month, the electronic trading platform stepped up their game and cut their commissions to $0 while removing the account minimum for brokerage accounts. 

And, if you’re ready and willing to invest a little more than $5,000, E*Trade is offering another cash-back promo that you may want to take advantage of. This offer is only valid through the end of 2019, but it could help you rake in up to $2,500. 

Here’s the deal: If you open a non-retirement brokerage account by Dec. 31, 2019 and fund it with new funds or securities from an outside account within 60 days, you’re eligible for a cash bonus of between $200 and $2,500. There are several tiers of qualifying deposits and cash bonuses, which range from:

• a $200 cash bonus for depositing or transferring between $25,000 and $99,999
• a $300 cash bonus for depositing or transferring between $100,000 and $249,999
• a $600 for depositing or transferring between $250,000 and $499,999
• a $1,200 for depositing or transferring between $500,000 and $999,999
• a $2,500 for depositing or transferring $1 million or more

There are a couple of caveats, though. To receive the cash bonus, you have to fund your account with money or securities from an outside account — so you can’t take advantage of this offer by moving the funds you already have sitting in your E*Trade account. The other caveat is that you have to keep your new account open for at least six months or you’ll lose your cash bonus.  On the upside, E*Trade will make your bonus funds available to you within seven days of funding your account.

For more information on E*Trade’s current promotional offers or to open an account, visit its website.

The post E*Trade is Offering a Sweet $100 Cash Bonus on New Accounts appeared first on The Simple Dollar.

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"Our excitement at our long-awaiting building project started to fade": Lessons learnt from our big build Part Two

"Our excitement at our long-awaiting building project started to fade": Lessons learnt from our big build Part Two Rachel Lacey Fri, 11/15/2019 - 12:00

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Banks fail to agree on how to refund fraud victims

Banks fail to agree on how to refund fraud victims

The UK’s banks and building societies have rejected a 2.9p transaction fee that would have been used to compensate victims

Stephen Little Fri, 11/15/2019 - 10:35

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The UK payments industry has failed to agree on how victims of bank transfer fraud should be refunded, according to the UK’s money transfer system operator.

Pay.UK, which operates the UK’s money transfer system, has concluded there is “no industry consensus” to finance a central fund to reimburse innocent victims of Authorised Push Payment (APP) fraud.

APP fraud is when the customer is tricked into authorising a payment to another account, often by a criminal posing as someone who has been employed by the victim, such as a builder or solicitor.

Last year, £354 million was lost due to APP scams, according to figures from UK Finance.

A new industry voluntary code offering consumers protection APP fraud was introduced on 28 May.

Customers of banks that have signed up to the code will be reimbursed for their losses provided they have taken reasonable care.

Banks that have signed up to the code include Barclays, HSBC, Lloyds Banking Group, Metro Bank, Nationwide, Royal Bank of Scotland, NatWest and Santander.

Seven banks and building societies put forward a proposal to introduce a rule requiring banks to pay into a shared central fund, which would be used to reimburse innocent victims of APP fraud in cases of “no-blame”. This charge would have been 2.9p and transferred on sums of money above £30.

But according to Pay.UK, a number of banks and building societies have rejected this proposal.

Concerns included the impact on investment fraud prevention and whether could be effectively implemented or enforced.

This means that from next year the decision to compensate APP fraud victims will rest with the banks and building societies.

Pay.UK is now calling on industry and regulators to work together to find a solution.

Paul Horlock, chief executive of Pay.UK, says it is “critical that the whole industry plays its part”.

Stephen Jones, chief executive of UK Finance, says: “Ensuring victims of APP scams receive compensation when their money is stolen by criminals is an absolute priority for the payments industry. There is strong agreement across the sector that we must all work together to create a central, long-term, sustainable funding

“The industry will continue to call for new legislation to make the code mandatory and agrees with the Treasury Committee and Which? that issues of liability and reimbursement should best be addressed by new laws rather than just a voluntary code alone.

“We urge any future government to work together with the Payment Systems Regulator to put new laws in place quickly that ensure victims are protected and reimbursed.”

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Deal of the week: Royal Mint releases Christmas gold bar for £65

Deal of the week: Royal Mint releases Christmas gold bar for £65

If you are looking for a gift this Christmas, the Royal Mint has released a new gold bar

Stephen Little Wed, 11/13/2019 - 15:55

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If you are looking to splash out on something different this festive season, the Royal Mint has released its new Christmas gold bar for £65.

It contains 1g of 999.9 fine gold and comes in Christmas-themed packaging. There is free delivery in the UK.

Why should I care?

The price of gold has risen by over 12% to $1,455 this year as investors have sought shelter for their cash from the stormy markets.

Gold also retains its value in times of financial uncertainty, which means it can be a smart investment.

Myron Jobson, personal finance campaigner at Moneywise’s parent company interactive investor, says: “The attraction to gold is simple. While bonds perform badly in a high interest rate environment and the price of equities can fall amid economic woes, gold boasts a long track record of maintaining its value.

“Gold is scarce and more can’t be produced at will. This is why the metal tends to maintain its value over time.”

Other ways of owning gold

You can buy coins and bullion bars, either to hold yourself or to be held by a dealer. You can also invest in shares of gold mining companies or funds and investment trusts that specialise in this sector.

One of the easiest ways and cheapest ways to invest in gold is through an exchange traded commodity (ETC) that tracks the price of gold.

Myron adds:  "We recommend the iShares Physical Gold ETC which aims to track the spot price of gold. With ongoing charges of 0.25%, it is an easy, flexible and cheap way to invest in the asset. 

“Unlike many commodity funds, iShares Physical Gold ETC buys gold bullion instead of gaining exposure to the metal by buying derivatives, financial contracts that are derived from the asset but have no direct value in and of themselves. The gold bars allocated in this ETC for investors are held in a separate account in JP Morgan Chase Bank’s vaults. “

Where can I find out more?

You can find out more on the Royal Mint website. 

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JEFF PRESTRIDGE: Why I've been put off peer-to-peer lending for life

JEFF PRESTRIDGE: Why I've been put off peer-to-peer lending for life

I sometimes see my role as a money journalist through the eyes of a restaurant critic. That is, in order to express an informed opinion, you need first to taste the goods

Jeff Prestridge Tue, 11/12/2019 - 15:24

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It explains why, over the years, I’ve experimented with numerous new personal finance propositions to see whether they are as good as they purport to be. I’ve done this even when I’ve had grave doubts about them. Some have come up trumps, others less so.

It explains why, for example, I have an instant access Cash Isa with Metro Bank, the bank that launched more than nine years ago in London – and has been extending its tentacles northwards ever since. Indeed, I stumbled on its Northampton branch a few weeks ago while visiting the town to see Arthur Miller’s gritty (and relevant) View From the Bridge at the town’s splendid Royal & Derngate arts complex.

Metro branches are also scheduled to open soon in Manchester and Liverpool. A bank opening branches, you may ask? Yes, somewhat unusual, although Metro is cherry-picking where it wants to be.

I didn’t take out my Metro Cash Isa to enjoy the 0.9% interest rate on offer – better rates are available elsewhere – although the tax-free Isa does provide a comforting financial war chest that I can draw upon if an unexpected bill comes my way.   

I opened it primarily to see whether the bank’s emphasis on customer service is as good as it is cracked up to be. All free pens, smiling staff (yes, smiling bank staff), dog bowls (I’m not joking), and bright, welcoming branches.

So far my personal experience has been good. Whichever branch I’ve used – primarily in London –  I’ve always received stellar service, with staff falling over backwards to assist me. I’ve even used its free cash exchange machines, which allow you to bank coins that you’ve accumulated along the way (I keep a money jar on my desk) and deposit the sum in your account.

Of course, it’s not all been plain sailing. Major financial accounting blunders at the bank early this year caused Metro’s share price to slide alarmingly, unnerving some customers. As a result, it has had difficulty in raising new finance to continue its branch expansion plans – finance that was only secured at a high interest rate, which will be a financial drag on the bank going forward.

I imagine that the City regulator will also have its say at some stage on the accounting errors – and Metro heads may roll as a result and fines be issued. Maybe Metro will lose its independence and be bought by a rival. It would be a shame because Metro has brought something positive to the high street and has raised customer service standards in bank branches to a new level.

My personal finance ‘experiment’ with peer-to-peer lender Funding Circle has lasted a while – seven years and more. On the surface it’s gone OK. I invested £200 in a basket of loans made to a variety of small businesses (selected by Funding Circle), and it’s grown in value to £270 as borrowers have repaid a slice of what I lent them – plus interest – every month.

A few of the businesses have collapsed along the way but an annual return of 4% is not to be scoffed at. It certainly looks good against the annual 0.9% interest on offer from Metro, although my Funding Circle money does not enjoy the protection of the Financial Services Compensation Scheme that I get with Metro (savings protected up to £85,000).

Yet there’s a little bit of smoke and mirrors about my investment with Funding Circle. I recently decided to terminate my experiment with the company, only to discover that getting my money back is not straightforward. Far from it. I was given two options.

Option one: I could wait for my borrowers to repay the money I lent them (plus interest) –  a process that could take more than five years to complete and leave me at risk of some of the borrowers going bust in the meantime.

Option two: I could sell my loans, via Funding Circle, to someone else prepared to take them on. Yet if I chose this route, I would get back less than my portfolio value of £270 – an ‘estimated’ £247. Furthermore, I would probably have to wait at least four months for the sale to be completed.

In Funding Circle’s defence, it did tell me it is looking at improving the “functionality of the secondary market” (option two) and that it would be letting all investors know about the “outcome” of its review. Reassuring words, but my experience with Funding Circle has put me off peer-to-peer lending for life. Investment returns on paper are meaningless if they cannot then be converted into ready pounds and pence. As I said, smoke and mirrors.

You win some, you lose some. I will continue to keep tasting the personal finance goods. 

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Dear Penny: I’ve Paid Off My Business Credit Card for 11 Years. What Gives?

Dear B.,

I think your gripe here is more with your card issuer than it is with the credit bureaus.

It sounds as if the information you got from the credit bureau isn’t entirely correct. It’s not that the bureaus refuse to acknowledge the use of business cards. More likely, your credit card company isn’t sending them the information in the first place, and the bureaus can only report information if your creditors provide it to them.

When you have a personal credit card, your activity is reported to the consumer credit bureaus: Equifax, Experian and Transunion. So when you check your credit, you’re receiving a report from one of those three bureaus.

And when you applied for your business credit card, your bank probably checked your personal credit. You also most likely signed a personal guarantee that made you responsible for any debt incurred even if your business goes under. (I’m assuming here that this card is for a business you own rather than a card issued by an employer since you’re the one responsible for payments.)

But once you have a business credit card, things work a little differently. Most credit card issuers don’t report activity on a business card to the consumer credit bureaus. Or they only do so if your account becomes seriously delinquent.

Instead, most issuers report activity on a business card to the commercial credit bureaus. There are a lot of commercial credit bureaus — the largest three are Dun & Bradstreet, Equifax and Experian — and they create business credit reports and scores.

A business credit report contains a lot of the same types of information as a personal credit report. So that means that your business credit reports would probably document your history of responsible credit usage, which is good news if you’d want to obtain more credit or a loan for your business.

Still, I get your frustration. You’ve used your credit card responsibly for 11 years, yet your personal reports contain no evidence of that. But since you and I probably don’t have much sway with big banks or credit bureaus, let’s talk about what you can do.

If you want a credit card that reports payments to the consumer bureaus, you have two options: You could switch to a business credit card that actually does report activity to the consumer bureaus, or you could open a personal credit card.

I think Option B is the clear winner here.

Not only will you build a payment history that shows up on your personal credit reports, but personal credit cards have more protection for borrowers compared to business cards. Plus, it’s generally recommended that you keep your personal and business accounts separate.

Just maintain the same habits you’ve built with your business credit card, i.e., paying off the balance in full each month, when you use personal credit. In time, your consumer reports will have evidence of what a disciplined credit card user you are.

Robin Hartill is a senior editor at The Penny Hoarder and the voice behind Dear Penny. Send your questions about credit cards to AskPenny@thepennyhoarder.com.

This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.

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