Aylea Wilkins has been at Bankrate since 2019, editing content in student, personal and home equity loans and auto, home and life insurance before taking on editing content in a variety of other categories. She has nearly a decade of editorial experience with a primary focus on helping people confidently make financial and purchasing decisions by providing clear and unbiased information.
Suzanne De Vita is a senior editor on Bankrate’s Home Lending team, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters.
All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
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At a glance
Bankrate Score
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Loan amount
$10,000-$500,000 for HELOC; $10,000-$250,000 for home equity loan
Min. credit score required
Undisclosed
Repayment terms
20 years for HELOC; 10 years to 30 years for home equity loan
Funds available in
Undisclosed
Benefits
If you prefer a HELOC from Fifth Third over a home equity loan but don’t want the uncertainty of a variable interest rate, you can lock in a fixed rate at any time — just pay a $95 fee to convert some or all of your balance and unlock it at any time for free.
Whether you prefer in-person service or help from a distance, you get your pick of customer support either online, over the phone or at a local branch.
Drawbacks
Unlike many home equity lenders, Fifth Third doesn’t allow you to fill out an application online; you’ll have to call the bank or visit a branch. You might also have to visit a branch before closing.
Fifth Third’s HELOCs and home equity loans are only available to borrowers in Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia. You’ll also need an eligible checking or savings account with the bank to qualify.
Home equity loan products offered
Fifth Third Bank offers both HELOCs and home equity loans. HELOCs are available to borrowers who have an existing checking or savings account with the bank. Lines can range from $10,000 to $500,000. 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.
When you use the debit card tied to your HELOC, you’ll earn one rewards point for every $3 you spend. You’ll also get a rewards bonus of 5,300 points after your first qualifying purchase. Points are worth 1 cent apiece and can be redeemed for cash back.
HELOCs also come with the option of a fixed rate lock, meaning you can lock all or part of your HELOC 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.
Like the HELOC, Fifth Third’s home equity loan is available to customers with an existing checking or savings account. You can borrow between $10,000 to $250,000 with a repayment term 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.
Types of fees charged
Fifth Third doesn’t charge any closing costs for its home equity products. There is, however, an annual fee of $65 for HELOCs after the first year, although eligible Preferred checking customers can get that waived. If you want to switch your HELOC interest rate from variable to fixed, you’ll need to pay a $95 fee. Additionally, if you’re using a condo to secure your home equity loan, you might have to pay a Condominium Questionnaire fee of up to $600.
How to qualify for a home equity loan with Fifth Third Bank
Fifth Third Bank doesn’t disclose any of its eligibility requirements online. Typically for home equity products, you’ll want to have a credit score in the mid-600s or above and a debt-to-income (DTI) ratio of no higher than 43 percent.
Note: You can only apply for a home equity product if you live in one of the 11 states where Fifth Third operates: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia. You must also hold an eligible checking or savings account with the bank.
How to apply with Fifth Third Bank
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.
How Bankrate scored Fifth Third Bank
Affordability
9.6/10
Availability
4.8/10
Borrower experience
6.6/10
To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:
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