
Aven
4.6 Bankrate ScoreLearn more about Aven
Fifth Third Bank earns a strong rating for its suite of home equity products and the lack of closing costs. However, its limited national reach (only 11 states) can prevent Fifth Third from being an option for many homebuyers.
Fifth Third Bank’s story dates back to 1858, when it was known as the Bank of the Ohio Valley. Since then, it has grown to one of the top 20 bank holding companies in the U.S. and operates four main businesses, including consumer lending, branch banking, commercial banking and investment advisors.
Fifth Third Bank scores a 5 out of 5 for affordability due to its competitive rates, the ability to switch your HELOC to a fixed-rate loan and lack of closing costs.
Fifth Third’s limited reach drags it down to a 3.1 out of 5 for availability.
Fifth Third’s borrower experience is enhanced by multiple contact methods and the ability to search APRs by state, giving the bank a 4.7 out of 5 rating.
You can tap into your home equity — the difference between your home's worth and what you owe on your mortgage — with a home equity loan or a HELOC. With those funds, you can tackle a variety of expenses, like debt consolidation or home renovations.
However, before you dive in, it's important to figure out your loan-to-value ratio (LTV). Lenders use your LTV to determine how much of your equity stake you can actually borrow. (It’s typically 80 percent, although some lenders allow you to access as much as 90 percent.) The amount of equity they’ll let you tap is one consideration when choosing a lender. Be it a retail bank, online lender or credit union, it may offer different home equity loan rates and terms, too. That’s why it’s important to shop around for the best deal.
In 2024, J.D. Power ranked Fifth Third Bank number one in retail banking customer satisfaction in Florida, where the company operates. Fifth Third has also been accredited by the Better Business Bureau (BBB) since 1928. While the lender gets an A+ rating on the BBB, it gets a one-star rating on TrustPilot.
Most customers praise the application procedure and personnel: the words “efficient,” “quick,” “simple and easy” appear over and over. As one put it: “Considering how dreadful any of that paperwork and process can be they made it as smooth as they could.”
Fifth Third Bank offers both HELOCs and home equity loans in amounts ranging from $10,000 to $500,000. For the HELOC, you’ll make interest-only payments for the 10-year draw period, then payments on interest and principal for the following 20-year repayment period.
The variable-rate HELOCs also come with the option of a fixed rate lock, meaning you can lock all or part of your balance if you want to take advantage of a low rate. The cost for each lock is $95, but you can have up to three locks active at the same time.
Fifth Third’s home equity loan comes with term options of 10 years to 30 years. To get the best rate, you must have a loan-to-value (LTV) ratio no higher than 70 percent on a primary, owner-occupied residence in the second lien position.
Fifth Third Bank doesn’t provide many eligibility requirements online, but it does disclose that the home must be your primary residence and your loan-to-value (LTV) ratio must be 70 percent or lower.
You can start the application process for a Fifth Third HELOC or home equity loan online, though you’ll need to complete the application over the phone or in person. You can also apply entirely over the phone at 1-866-351-5353 or at a local branch. Fifth Third representatives are available by phone Monday through Thursday, 8 a.m. to 8 p.m. ET, Friday, 8 a.m. to 6 p.m. ET, and Saturday, 9 a.m. to 3 p.m. ET.
Selected lender
![]()
Fifth Third Bank
Bankrate score
4.3
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
4.0
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
|
Bankrate score
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
|
Bankrate score
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
|
---|---|---|
Loan amount |
||
$10,000 to $500,000 |
||
Min. credit score required |
||
640 |
||
Repayment terms |
||
10-year draw period /20-year repayment period with HELOC; 10-30 years for home equity loan |
||
Funds available in |
||
Undisclosed |
||
Recent customer review |
||
It was a great experience the lender was very knowledgeable and assisted me with every aspect of my mortgage experience Anonymous Reviewer |
|
|
4.0
25 ratings
96% of customers would recommend this lender.
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 450 users nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. Submissions with user ratings that are materially inconsistent with written sentiment have been removed. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.
To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Simple application process?
Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?
Simple application process?
Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?