Fifth Third bank has to offer a wide range of mortgage options for first-time homebuyers as well as those looking to refinance or buy a second home or investment property. With a suitable finance option from the bank, you will be able to buy the house of your dream. The 53 bank might have a relevant solution if you are low on credit score or won’t have much resource to pay down at the time of closing.
The Mortgage Options at Fifth Third Bank
Here is an overview of the various mortgage options that the bank has to offer at competitive interest rates.
- Fixed Rate Mortgage: A fixed-rate mortgage is the best option if you have a permanent job and steady income. You won’t have to worry about the changes in market conditions or interest rates. You will continue to pay the same amount each month for a period of either 15 or 30 years.
- Adjustable Rate Mortgage: If your income is low at present or you want to move after a few years, you might want to tap the benefits of an adjustable-rate mortgage. Your payments will remain fixed for the initially few years, say 5, 7 or 10 years. After the fixed-rate period is over, your interest rate will be linked to a variable market index, which can either increase or decrease your monthly payment.
- VA Loan: There can’t be a better thing if you can qualify for a Veteran’s Administration loan. A VA loan necessarily allows you to make a zero percent down payment and avail special rates and terms.
- FHA Loan: An alternative to VA loan is FHA loan, which can allow you to pay down as low as 3.5% and qualify for a loan option with a credit score as little as 580.
- Home Possible Mortgage: A buyer who is not capable of making the usual down payment on a conventional loan can apply for Fifth Third bank’s Home Possible Mortgage, which offers flexible funding options, including a low down payment facility to borrowers with little money.
- MyCommunityMortgage: If you are someone dedicated to the services of your community, such as a teacher or a firefighter, you might find it easy to own a home with Fifth Third bank’s MyCommunityMortgage option.
- USDA Loan: It is a rural development loan that allows you to purchase a home with little or no money down.
- Physician Loan: Whether you are a new or established physician, you can avail this special home finance option from Fifth Third bank. Under this program, the bank can offer you a fixed or adjustable rate mortgage with no requirement of private mortgage insurance (PMI) if you put down less than 20% of the purchase price.
- Construction Loan: You can obtain a construction loan to build a home on land you already own.
- Jumbo Loan: If your requirement is big, a conventional loan may not suffice your need. A Jumbo loan might be the best solution if you want to buy a home worth more than $417,000.