Fifth Third HELOCs at A Glance
- Fixed rate or variable: Both
- How can I withdraw funds? Checks Fifth Third Equity Flexline Mastercard online or in person
- Origination Fee: No, but fixed-rate lock fees are $95 and $65 each (waived the first year).
- Loan to-value ratio: In order to be eligible for the highest rate, your LTV should not exceed 70%
- Funding time: Uncertain
Fifth Third Bank, based in Cincinnati Ohio, is a full-service banking institution. There are more than 1,100 branches across 11 states. A Fifth Third Equity Flexline can help you access your home equity.
Fifth Third Equity Flexline, a revolving credit line that allows you to earn cash back rewards, is the Fifth Third Equity Flexline. Fifth Third customers who have a valid checking account are eligible to receive additional discounts
- Earn rewards points
- Fixed-rate option available
- There are no closing costs
- Uncertain credit requirements
- In some states, not available
- Fifth Third may charge some fees
Four things you need to know about the Fifth Third HELOC
1. Earn cash-back rewards
You can get the Fifth Third HELOC funds by check, online transfer or in person at an ATM. You could also earn cash-back rewards by using the Flexline Mastercard
For every $3 spent on purchases, you’ll get one point and bonus points for your first qualifying purchase. The bonus points will be granted to you if your account is in good standing. It can take up to six to eight weeks for the points to become available.
2. Fixed-rate options are also available
HELOCs are usually offered with variable rates. This means that your interest rate can fluctuate over the term of the loan. Fifth Third can fix your rate if you prefer consistent monthly payments. The fixed-rate lock is available to qualified customers for a $95 one-time fee.
3. There are many credit lines to choose from
Fifth Third HELOC provides credit lines starting at $10,000 and ending at $500,000 with terms of 30 years. You can only make interest-only payments for the first 10 years. However, if you pay only interest during the draw period your payments will likely increase during the 20 year repayment period. You’ll be paying a mix of principal and interest.
4. Borrowers have limited access
Although a Fifth Third HELOC might be a good option, it is only available in the 11 states listed below.
- North Carolina
- South Carolina
- West Virginia
What is a Fifth Third HELOC good at?
The Fifth Third HELOC is a great option for anyone who lives in any of the 11 states Fifth Third serves. However, current customers will enjoy the greatest benefits. For instance, automatic payments from a Fifth Third check account can earn you a 0.25% rate reduction. You may also be eligible for additional benefits if your Fifth Third Preferred checking account is in place.
If you want to receive cash-back rewards, the Fifth Third HELOC could be a good option. You may also find that most HELOCs have variable interest rates. If you are looking for a fixed rate with monthly payments, you might want to consider the Fifth Third HELOC.
How to Apply for a Fifth Third HELOC
You will need to fill out an online application to apply for Fifth Third Equity Flexline. You will be asked some basic questions about the loan such as your purpose, your location, and how much you want to borrow.
You’ll then need to enter your contact information. A loan advisor will review it and get back to you during regular business hours. Fifth Third does not offer an online application.
Are you unsure if Fifth Third is right? These are some alternatives.
- Bank of America HELOC : Bank of America has HELOCs that offer competitive interest rates, zero closing costs, and no annual fees
- Figure HELOC : When you apply for a HELOC via Figure, it is 100% online and you can receive funds in a matter of hours.