Fifth Third Bank Mortgage Rates and Review

Fifth Third Bank is based out fo Cincinnati, Ohio but operates in several states ranging from the Midwest to the southeast. You can find bank branches in Ohio, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Missouri, North Carolina, Pennsylvania, Tennessee, and West Virginia. Within these states Fifth Third operates 16 affiliates with over 1,309 full service locations. If you are in the market for any type of home loan Fifth Third can, more than likely, provide you with the exact type of loan you’ll need. They provide consumers with fixed rate mortgages, adjustable rate mortgages, jumbo loans, FHA loans, VA loans, construction and/or lot loans as well as interest only loans.

Current Mortgage Rates offered through Fifth Third Bank:

- Fixed 30 year conforming loan with 0.875 points and APRs as low as 4.399%.

- Fixed 30 year conforming (10 year interest only) loan with 0.625 points and APRs as low as 5.259%.

- Fixed 20 year conforming loan with 0.25 points and APRs as low as 4.303%.

- Fixed 15 year conforming loan with 0.75 points and APRs as low as 3.874%.

- Fixed 10 year conforming loan with 0.75 points and APRs as low as 3.874%.

- 3/1 ARM (10 year interest only) loan with 0.25 points and APRs as low as 3.32%.

- 10/1 ARM (10 year interest only) loan with 0.75 points and APRs as low as 4.105%.

- Please note that the interest rates listed above are time sensitive in nature. Please refer to the date of this article for accuracy. The above rates assume a 20% down payment on a $140,00 loan and are subject to change based on credit history. For updated mortgage rates and to review their terms and conditions you can visit their mortgage center here.

If you are in the market for savings products, check out Fifth Third Bank’s CD rates and promotions.

Fifth Third Bank CD Rate “Promos”

Fifth Third Bank, based out of Cincinnati, Ohio, currently has some CD rate promotions going on at a few of their Michigan branches (other branches may be included as well). Don’t get too excited over these “promos” though as it just seems to be wording ploy to entice customers to sign up. The rates are average (at best) and require a $5000 minimum deposit. Many online banks will provide much better rates than these so-called promos and require much less to invest.

-As a side note Fifth Third Bank was recently mentioned as one of the “least trusted banks in the United States.”

About Fifth Third Bank:

Fifth Third is one of the top 20 largest banks in the country. They serve the Midwest and Southeast portions of the United States.

The Company has $120 billion in assets, operates 18 affiliates with 1,307 full-service Banking Centers, including 92 Bank Mart locations open seven days a week inside select grocery stores and 2,341 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina.

Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisers and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2008, has $179 billion in assets under care, of which it managed $25 billion for individuals, corporations and not-for-profit organizations.

The bank received $3.4 billion from the U.S. Treasury as part of its Troubled Asset Relief Program in 2008.

In 2008, the company reported a net loss of $2.2 billion due to loan problems and lower market values.

Current CD Rate Promotions offered through Fifth Third Bank:

- 8 month CD “promo” rate yielding 0.50% APY with a minimum deposit of $5,000 required.

- 13 month CD “promo” rate yielding 0.90% APY with a minimum deposit of $5,000 required.

- 24 month CD “promo” rate yielding 1.25% APY with a minimum deposit of $5,000 required.

- 36 month CD “promo” rate yielding 1.75% APY with a minimum deposit of $5,000 required.

- 60 month CD “promo” rate yielding 2.75% APY with a minimum deposit of $5,000 required.

To put the above offers in perspective, the national average for 6 month CD rates sits at roughly 0.80% APY, the national average for 1 year CD rates sits at roughly 1.18% APY and the national average for 3 year CD rates sits at roughly 1.98% APY.

Top 5 Least Trusted Banks in the United States

An interesting poll was conducted by The New York Times and reiterated on Yahoo’s Finance section yesterday regarding the level of trust consumers place in their current bank. Perhaps not surprisingly, the larger banks fared much worse than the smaller institutions.

The Report: (As seen in Yahoo’s Financial Section)

Forrester’s annual Customer Advocacy rankings, ranks nearly 50 financial services firms in the United States by the percentage of each firm’s customers who agree with the statement: “My financial provider does what’s best for me, not just its own bottom line.” The results are based on a survey of about 4,500 consumers.

The Results:

As we mentioned above, the largest institutions performed terribly in this study and have apparently been performing poorly in these regards for the last seven years (even before the bank collapse of 2008).

“…large banks have generally been at the bottom of the list since the survey was initiated seven years ago, and many of the banks have alternated between the bottom spots year to year…”

Top 5 Least Trusted Banks in the Country:

1) HSBC – Among HSBC customers, only 16 percent said they agreed with the statement.

2) CitiBank – Among CitiBank customers, 26 percent said they agreed with the statement.

3) Fifth Third – Among Fifth Third customers, 27 percent said they agreed with the statement.

4) TD/Commerce – Among TD/Commerce customers, 28 percent said they agreed with the statement.

5) Capital One – Among Capital One customers, 29 percent said they agreed with the statement.

These results coincidentally came out only a couple of weeks after President Obama’s proposal to send the repaid TARP money to small banks.