Fifth Third home equity loans are naturally offered by the Fifth Third Bank, which was founded in Cincinnati, Ohio in 1858. Throughout its history Fifth Third has focused on providing superior customer service and has been deeply rooted in honored banking principals. These principals are clearly reflected in products such as Fifth Third’s home equity loans.
What Are Home Equity Loans?
A home equity loan is a loan that uses the equity in your home to provide you with money. Your eligibility for such a loan from the Fifth Third Bank is based upon the available equity in your home and your credit qualifications. The equity is determined by taking the actual value of your home minus the amount you still owe on your mortgage. The equity will vary depending on current home values and how much you have paid on your mortgage.
About Fifth Third Bank Home Equity Loans
Fifth Third Bank offers a range of loans products to customers, including home equity loan options. A Fifth Third home equity loan offers you a stable monthly payment, a fixed term and an easy application process. Typically, though if you own a home then you can likely qualify for a Fifth Third home equity loan. However, if you are behind on your mortgage payment or you are having other credit problems then you may not qualify.
Benefits of Equity Loans from Fifth Third
Fifth Third home equity loans are offered either as a first or as second home equity loan, which is referred to as a competitive rate home equity loan. With this type of loan, Fifth Third allows you to borrow from $10,000 to $500,000 from your home’s equity.
Fifth Third’s equity loans can be used to pay off other debts, make home improvements, finance education or other investments or to make purchases: you usually have the choice to use the money from the loan as you please. Be aware though, that some home equity loans may only be granted for specific purposes, such as a home equity home improvement loan which can only be used for home renovations or repairs.
When you get a home equity loan from Fifth Third Bank you get a fixed monthly payment due to the fixed rate and fixed term. The interest rates are competitive and offer extended terms. Interest you pay on the loan may also be tax deductible.
Fifth Third Bank also offers an option of no payment for up to 120 days for qualified applicants. Additionally, those who already have a Fifth Third checking or savings account can get a 0.25% rate discount when they elect to have their loan payment directly taken from their account through the BillPayer service.
Appliying for a Fifth Third Home Equity Loan
Fifth Third Bank makes getting a home equity loan simple. The bank offers three ways to apply – by phone, online or at a Fifth Thirdbanking location. If you make a successful equity loan application, Fifth Third guarantees you will have access to a quality banking service, which includes help and support to ensure you understand your loan so that you can be certain you are getting the product that best meets your needs.
A Fifth Third home equity loan may be worth further research in order to help you find the money you need to finance your plans.