We compare mortgage interest rate and loan related closing costs at Fifth Third Bank with other lenders for mortgages with similar borrower characteristics:
Interest Rate: higher than average (+0.33%)
Loan Related Closing Costs: lower than average (-$1117)
Assessment: this lender tends to be a expensive lender.
This scoreboard is based on data reported to FFIEC. In the data, Fifth Third Bank originated 10534 mortgages, a national market share of 0.2%. It was most active in OH (1.7% market share), KY (1.4% market share), and MI (1.0% market share).
On average, Fifth Third Bank’s interest rates were higher than those of comparable mortgages at other lenders (+0.33%).1The comparable mortgages control for Fifth Third Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $738, which was lower than those of comparable mortgages at $1854, with a difference of -$1117. Overall, we estimate that Fifth Third Bank tends to be an expensive lender, with a cost-adjusted-rate difference of +0.09% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Fifth Third Bank.
Fifth Third Bank specialized in mortgage refinancing, and originated Conforming refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Mortgage Refinancing from Fifth Third Bank compared to other lenders
|Interest Rate Difference||+0.33%|
|Loan Related Closing Cost Difference||-$1117|
|Cost Adjusted Rate Difference||+0.09%|
Based on the table above, Fifth Third Bank is more expensive than other lenders for Conforming mortgage refinance.
Other information about Fifth Third Bank:
Regulator: Consumer Financial Protection Bureau (CFPB)
Top holder: FIFTH THIRD BANCORP
Registered city and state: Cincinnati, OH, 45263