Mortgage Basics
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Enjoy the process
How do mortgages work? At Fifth Third, we're here to answer that question and any other questions you have about the mortgage loan process. A mortgage is a loan you obtain to purchase a home. You pay back the loan with interest to a lender over the loan’s term. Mortgages are a part of the home buying process which can be very complex. The mortgage education basics below will give you tips and tools that can make your home loan search and selection easier. A Fifth Third Mortgage Loan Specialist will be with you every step of the way. Contact a Mortgage Loan Specialist today to get started.
Types of Mortgage Loans
Fifth Third Bank offers two different types of mortgages: Traditional and Specialized. Traditional mortgages are available at a fixed or adjustable interest rate. We also offer an FHA Loan, which is a government back loan for those who may have a harder time getting a loan based on their finances or financial history. Specialized mortgages are available for people in the medical profession, Veteran’s or Active Military, and those desiring to build. Explore the different types of mortgages Fifth Third offers for more information.
Fifth Third Bank Mortgage Education
Mortgage Education:
Mortgage Glossary
The mortgage and home buying process has its own set of unique word and phrases. Find out what terms like deed in lieu, construction permanent financing and earnest money mean - and how they could affect your understanding of the overall process.
Refinancing a Mortgage
Choosing the right lender to refinance your existing mortgage is just as important as it was when you first purchased your home. At Fifth Third, we have a wide selection of financing options, so chances are you're sure to find the type of mortgage that suits you and your lifestyle.
Mortgage Types
When it comes to getting the right mortgage, there’s a lot to think about, and making the wrong decision could be very costly. When you're ready, our Mortgage Loan Originators can help explain everything you need to know and connect you with the right mortgage for your financial situation.
FAQs
It’s perfectly natural to have questions during your home buying or refinancing process. We’ve compiled a list of the most frequently asked ones for your review. This could save you time and anxiety, and help you focus on finding your dream home.
Purchasing a Home:
First-time Home Buyer
Buying your first home is exciting, but can also be overwhelming. At Fifth Third, we have a lot of tips and tools that can help you relax and enjoy shopping, buying and living in your dream home.
Buying a Home
An important first step to buying a home is to secure a pre-qualification letter from the lender, which can help assure the seller you are able to buy. Find out about the pre-qualification letter and other arrangements you can make to prepare for your first home purchase.
After Closing
Learning about mortgages doesn’t stop when you finish signing the papers. You’ll need to know about topics like escrow, taxes, insurance and more.
Escrow Education
As you review your statement, you may have questions about your Escrow account. We’ve compiled a list of the most frequently asked questions to help guide you through your review.
Mortgage Calculators
Buying a home can be emotional. There are a lot of hard numbers to “crunch” before you can enter into the process comfortably. With these easy-to-use mortgage calculators you can find out the answers financial questions such as:
View estimated savings from refinancing your current mortgage.
Find out what your estimate monthly payment will be.
Calculate the cost of a home you can afford for your budget.
Determine what a down payment will cost you over time.
Discover the size of a loan you may qualify for.
Mortgage Requirements and Benefits
Mortgage requirements vary by mortgage type. Below is a general list of mortgage requirements. For requirements and benefits of a specific mortgage Fifth Third offers, please contact a Mortgage Loan Specialist.
- A good to excellent credit score of 620 or higher (conventional loans)
- A good debt-to-income ratio
- Documents such as bank statements, W2s, a purchase agreement, etc.
- A down payment
- Proof of steady employment
- Proof of income
- Private mortgage insurance
Mortgage Benefits
Benefits are unique to the mortgage loan, similar to mortgage requirements. Here is a summary of some of the benefits your mortgage with Fifth Third could offer:
- Flexible rates
- Little to no down payment
- Flexible terms
- Stable monthly payments
- No Private Mortgage Insurance (PMI) required
- Reduced closing costs
- Extensive financing options
- Refinancing
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