Fifth Third Bank: 2025 Home Equity Review

Fifth Third Bank overview

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.

Pros and cons of Fifth Third Bank

How Bankrate scored Fifth Third Bank 

Affordability: 5/5

• APR: Fifth Third Bank advertises APRs on its website that are lower than the national average. However, the actual APR you receive will depend on your state, credit profile, loan amount and loan-to-value (LTV) ratio.
• Fees: 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. 

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. 

Availability: 3.1/5

• Loan products: Fifth Third Bank offers HELOCs and home equity loans, along with the ability to switch your variable-rate HELOC to a fixed-rate home equity loan – a good product mix. 
• Footprint: Fifth Third’s HELOCs and home equity loans are only available in 11 states: Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, North Carolina, Ohio, South Carolina, Tennessee and West Virginia. 
• Loan Minimum:  The $10,000 minimum Fifth Third Bank sets is on the low side, compared to other home equity lenders.  
• Credit score: Fifth Third requires that borrowers have a minimum score of 640.

Fifth Third’s limited reach drags it down to a 3.1 out of 5 for availability. 

Borrower experience: 4.7/5  

• Transparency: On its website, Fifth Third discloses the minimum and maximum floors on its HELOCs, along with how they are indexed.  
• Convenience: Fifth Third allows you to search APRs by state and loan amount, which offers more tailored pricing, but does not provide educational resources like other lenders offer.  
• Customer service: Fifth Third has multiple service options, including the phone, online or one of its local branches.

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.

Fifth Third Bank’s reputation

 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. 

What consumers say about Fifth Third Bank

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 home equity loan products offered

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.

How to qualify for a HELOC or home equity loan with Fifth Third Bank 

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.

How to apply for a home equity loan 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.

• Methodology

  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:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 35%; convenience - 35%; customer service - 20%; fixed-rate options - 10%

  Learn more about our methodology.