Fifth Third Bank Launches Rate Drop Protector for Mortgages
April 11 2023 - 9:00AM
Business Wire
The homeownership journey can be intimidating, especially as
mortgage rates have nearly doubled over the past 18 months. To help
alleviate concerns about fluctuating rates as the Federal Reserve
works to tame inflation, Fifth Third Bank, National Association, is
now offering the Rate Drop Protector program.
The Rate Drop Protector program allows prospective homebuyers to
purchase a home and lock in rates today, knowing that if rates
decrease in the future, Fifth Third will waive all applicable
lender closing costs on the subsequent refinance transaction.
“The Rate Drop Protector is another example of how we keep
customers at the center of everything we do. We’re watching out for
our customers now and in the future,” said Jay Plum, head of
mortgage at Fifth Third Bank. “We want our customers to be
confident that buying a home today is still a smart financial
decision and we’ll have their back should rates decrease.”
How Rate Drop Protector works
- Customers who apply for and purchase a home with an eligible
Fifth Third Bank product1 between April 1 and Sept. 30, 2023, are
eligible for Rate Drop Protector.
- If those eligible customers opt to refinance their home between
6 and 24 months from the time of the original purchase closing
date, Fifth Third will waive their processing, underwriting,
application, origination, or commitment fees, which is a savings of
up to $1,295.
“Today’s homebuyers may be weighing whether to buy today or hold
off until mortgage rates come back down,” Plum added. “Predicting
the direction of interest rates and when to buy a home is never
easy but our Rate Drop Protector is a helpful solution.”
To learn more, visit Home Mortgage Loans or talk to a mortgage
loan officer at your nearest Fifth Third branch. This Rate Drop
Protector offer is not a commitment to lend or lock a rate.
About Fifth Third Fifth Third is a bank that’s as long on
innovation as it is on history. Since 1858, we’ve been helping
individuals, families, businesses and communities grow through
smart financial services that improve lives. Our list of firsts is
extensive, and it’s one that continues to expand as we explore the
intersection of tech-driven innovation, dedicated people and
focused community impact. Fifth Third is one of the few U.S.-based
banks to have been named among Ethisphere’s World’s Most Ethical
Companies® for several years. With a commitment to taking care of
our customers, employees, communities and shareholders, our goal is
not only to be the nation’s highest performing regional bank, but
to be the bank people most value and trust.
Fifth Third Bank, National Association is a federally chartered
institution. Fifth Third Bancorp is the indirect parent company of
Fifth Third Bank and its common stock is traded on the NASDAQ®
Global Select Market under the symbol "FITB." Investor information
and press releases can be viewed at www.53.com. Deposit and credit
products offered by Fifth Third Bank, National Association. Member
FDIC.
1 Only eligible for the refinance of conforming Fixed 15, 20,
and 30 loans, FHA Loans, (Excluding FHA Assumptions) & 30-year
VA loans. This cannot be combined with any other fee waiver
specials or offers.
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Beth Oates (Media Relations) Beth.Oates@53.com | 313-230-9002
Chris Doll (Investor Relations) Christopher.Doll@53.com |
513-534-2345
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