Many people lay off moving out and getting their own houses. However, many banks and lending companies today are now offering low real mortgage rates. Because of this, there really is no other reason for you to get that much coveted dream house of yours.
With today’s low mortgage rates in the range of 3.89% on the national average, Fifth Third Bank’s own rates are competitive enough to catch any home-buyer’s attention.
How The Rates Compare
Key features of the mortgage schemes from Fifth Third bank are the fixed 15-, 20-, and 30-year conforming types. The rates can be found in their website.
The rates in the site are applicable for a $140,000 loan amount. It is understood that a 25% down payment is required upon approval of the loan. You may be qualified if you have a FICO credit score of 740 or higher. The payments listed here are not inclusive of insurance premiums or taxes.
Fifth Third Bank also offer points that correspond to discounts on your monthly payments. In order to earn points, you simply have to make purchases for home furnishings or home improvement stores. This is ideal for re-financing loans. The lesser your APR, the sooner you can pay off your mortgage. Considerable savings are always welcome, and with this point system, you’re sure to have something to smile about.
A fixed-rate mortgage plan is the usual type of mortgage preferred because of its predictable and steady payment schedule that does not change over time. This is also the better option if you are planning to stay in your house for a longer term. Another thing you might want to consider is that since you will be expected to pay the same amount for the remainder of the years accounted for, you may feel a sense of security with the payment responsibilities.
To assist you with your application, their site offers an application checklist, as well as a value estimator so you can find out the estimated cost of the home you fancy.