Do you want to access your money over time, for expenses like ongoing home improvements or college expenses? If so, a home equity line of credit may be right for you. As you pay down your principal, the funds become available for use again and again.
However, if you want to get the entire amount in a lump sum up front for large single investments or expenses, a home equity loan may work well for you. These loans give you the stability of a fixed rate loan with fixed monthly payments over a fixed term.
Anyway, despite your needs and preference, Fifth Third Bank is here to help you with these two types of home equity products: Fifth Third Equity Flexline and Home Equity Loan. You can use either of them to:
? Pay off high-interest debt
? Pay for home improvements
? Finance a education
? Arrange a vacation
? Finance an adoption
? Purchase large-ticket items (such as automobile, furniture)
You should be aware that though they have the similar usage, these two products differ in many details, including:
With a Fifth Third home equity loan, you can borrow $10,000 to $500,000 based on the equity in your home and credit qualification with Fifth Third. However, a Fifth Third Equity Flexline allows you to borrow up to $500,000, without the minimum requirement.
Interest Rates and Monthly Payments
Home equity loans from Fifth Third Bank feature a fixed interest rate and thus fixed monthly payments. However, Fifth Third Equity Flexline comes with a variable rate. As for its monthly payment, it is not only based on the interest rate, but also based on how much you borrow.
Note: Fifth Third Equity Flexline also offers you a Fixed Rate Lock option. This option allows you to lock in a fixed rate, fixed term and fixed payment on a portion of your Fifth Third home equity line of credit.
Anyway, for a Fifth Third Flexline, the introductory annual percentage rate (APR) can be as low as 2.99% for the first 12 months. Beginning on the first day of the 13th month, the applicable interest rate varies from a variable APR of
? Prime + 1.00% to Prime + 2.25% for an Equity Flexline in the amount of $10,000 to $24,999
? Prime + 0.75% to Prime + 2.00% for an Equity Flexline in the amount of $25,000 to $49,999
? Prime + 0.75% to Prime + 1.75% for an Equity Flexline in the amount of $50,000 to $99,999
? Prime + 0.26% to Prime + 1.75% for an Equity Flexline in the amount of $100,000 or more
However, one point you should know is that whether for Fifth Third home equity loan or line of credit, the applicable interest rate varies depending on your credit qualifications, line/loan amount, property state and loan-to-loan ration. Loan-to-value restrictions may vary by property location. For your convenience, Fifth Third Bank allows you to view today?s equity rates online by entering your 5-digit zip code.
A piece of good news for you is that the interest on both of them may be 100% tax deductible. As an added bonus, you can receive 0.25% rate discount when payment is deducted from any Fifth Third Bank checking account using Auto BillPayer. Speaking of Fifth Third Bank checking accounts, they are available in 5 types, which include:
? Fifth Third eAccess Account ? ideal for people who never write checks and do all of their banking online
? Fifth Third Essential Checking ? ideal for people who want just the basics
? Fifth Third Established Checking ? ideal for rewards customers who keep multiple accounts with Fifth Third Bank
? Fifth Third Enhanced Checking ? ideal for people who want investment services and strategies
? Fifth Third Preferred Checking ? offering comprehensive financial solutions with dedicated, personalized service
Access to Funds
In fact, wherever your home equity loan is taken out, it is received in one lump sum. Fifth Third Bank is of course no exception. However, with a Fifth Third Equity Flexline, you can access money by writing a check as you need or using Fifth Third Equity Flexline Platinum MasterCard.
A great part of using Fifth Third Equity Flexline Platinum MasterCard is that it allows you to earn rewards points. To be precise, you can earn 1 point for every $5 spent each time you use your Flexline Platinum MasterCard for a signature based transaction, plus 5,300 points for your first signature based transaction.
Anyway, whether you are applying for a home equity loan or line of credit from Fifth Third Bank, the application process is the same. You can always visit a Fifth Third Banking center near you to apply. As convenient alternatives, you can also apply by calling toll free at 1-866-53-LOANS or through a secure online application.
Once your application is submitted, you will be contacted by a Fifth Third New Accounts Specialist within 2 business days. However, you should know to start your application process, you must have to meet the following application requirements set by the Fifth Third Bank.
? Consent to receive disclosures electronically
? Agree to account terms and conditions and answer USA Patriot Act questions
? Be at least 18 years old
Additionally, if you are applying for joint accounts, your co-applicants have to be available to accept product disclosures. If you meet the above-mentioned requirements, get everything ready to begin your application. You know Fifth Third Bank will require that you provide a series of information, including:
Personal Information for You and Your Co-Applicants:
? E-mail address
? Current phone number and U.S. address
? Social security number
? Date of birth
? Marital status
? Employment information (such as your employer?s or your previous employer?s name, phone number, address as well as your position, start date and income)
Property Information about Current Address:
? If you own your current residence, information required includes current property value, mortgage balance, monthly mortgage payment, current mortgage holder and length of time at your residence
? If you rent your current residence, information required includes monthly rent payment, length of time at your residence
Information about Subject Property Address:
? Occupancy type, such as owner occupied, non-owned occupied or second home
? Accepted property types containing single home, 2 ? 4 family, condominium or townhouse (Be noted that mobile home, unimproved land/lot and manufactured home are unaccepted property types)
? Date purchased
? Purchase price
? Estimated value
? Monthly property expenses, if applicable (such as HOA fees, hazard insurance, homeowner insurance or mortgages)
Equity Loan Information:
? Type of loan being requested
? Purpose of the loan
? Desired loan amount
? Desired term of loan
Note: This web site is not affiliated with or associated to Fifth Third Bank. Visit Fifth Third Bank official service pages if you are looking for guaranteed information or professional financial advice.
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