Fifth Third Mortgage Mi Rates, Fees & Info

Cincinnati, OH

LEI: 549300ZHKKKSJ87LOS02

Tax ID: 38-3615473

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Fifth Third Mortgage Mi is a smaller mortgage company specializing in Home Purchase and Cash Out Refi loans. Fifth Third Mortgage Mi has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Grand Rapids, Detroit, Lansing, Traverse City, and Kalamazoo among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Fifth Third Mortgage Mi has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Fifth Third Mortgage Mi is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

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    Originations

    2,382

    Origination Dollar Volume (All Markets)

    $405,850,000
    Show all (20) awards

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    GRAND RAPIDS-KENTWOOD, MI (FHA|USDA|VA) 648 $120,080,000 $185,309 $3,365 4.44%
    Detroit-Warren-Dearborn, MI (FHA|USDA|VA) 605 $115,615,000 $191,099 $3,752 4.46%
    Outside of Metro Areas 219 $34,155,000 $155,959 $3,223 4.39%
    LANSING-EAST LANSING, MI (FHA|USDA|VA) 181 $25,375,000 $140,193 $3,483 4.52%
    Traverse City, MI (FHA|USDA|VA) 97 $19,895,000 $205,103 $3,881 4.50%
    KALAMAZOO-PORTAGE, MI (FHA|USDA|VA) 95 $17,155,000 $180,579 $3,174 4.49%
    MUSKEGON, MI (FHA|USDA|VA) 111 $13,615,000 $122,658 $3,047 4.39%
    Holland, MI (FHA|USDA|VA) 78 $12,780,000 $163,846 $3,739 4.46%
    ANN ARBOR, MI (FHA|USDA|VA) 24 $6,780,000 $282,500 $4,249 4.49%
    FLINT, MI (FHA|USDA|VA) 52 $6,620,000 $127,308 $3,856 4.49%
    BATTLE CREEK, MI (FHA|USDA|VA) 63 $6,495,000 $103,095 $2,989 4.44%
    NILES, MI (FHA|USDA|VA) 34 $6,020,000 $177,059 $3,327 4.37%
    Cadillac, MI (FHA|USDA|VA) 29 $2,925,000 $100,862 $3,149 4.25%
    JACKSON, MI (FHA|USDA|VA) 21 $2,335,000 $111,190 $3,571 4.47%
    MONROE, MI (FHA|USDA|VA) 16 $2,190,000 $136,875 $3,664 4.36%
    Sturgis, MI (FHA|USDA|VA) 14 $2,160,000 $154,286 $3,561 4.46%
    SOUTH BEND-MISHAWAKA, IN-MI (FHA|USDA|VA) 17 $2,105,000 $123,824 $3,517 4.23%
    SAGINAW, MI (FHA|USDA|VA) 17 $1,735,000 $102,059 $3,538 4.38%
    Ludington, MI (FHA|USDA|VA) 11 $1,685,000 $153,182 $3,147 4.40%
    Big Rapids, MI (FHA|USDA|VA) 11 $1,595,000 $145,000 $3,019 4.41%
    Mount Pleasant, MI (FHA|USDA|VA) 13 $1,375,000 $105,769 $3,580 4.42%
    MIDLAND, MI (FHA|USDA|VA) 8 $1,020,000 $127,500 $3,522 4.44%
    BAY CITY, MI (FHA|USDA|VA) 6 $880,000 $146,667 $2,568 4.69%
    Alma, MI (FHA|USDA|VA) 8 $800,000 $100,000 $3,332 4.53%
    Alpena, MI (FHA|USDA|VA) 1 $185,000 $185,000 $5,395 4.38%
    Hillsdale, MI (FHA|USDA|VA) 1 $155,000 $155,000 $2,782 4.50%
    Coldwater, MI (FHA|USDA|VA) 2 $120,000 $60,000 $2,578 4.53%
    Fifth Third Mortgage Mi's top markets include Grand Rapids, Detroit, Lansing, Traverse City, and Kalamazoo among others.

    Their top states include:
  • Michigan (FHA|USDA|VA)

    • Similar Lenders

    We use machine learning to identify the top lenders compared against Fifth Third Mortgage MI based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    HARBORLIGHT
    Similarity Rank: 12
    Polish-American Federal Credit Union
    Similarity Rank: 32
    Best Financial Credit Union
    Similarity Rank: 96
    OMNI Community Credit Union
    Similarity Rank: 105
    St James Mortgage Corporation
    Similarity Rank: 120
    Dort Financial Credit Union
    Similarity Rank: 180
    BlueOx Credit Union
    Similarity Rank: 192
    Isabella Bank
    Similarity Rank: 209
    TLC COMMUNITY Credit Union
    Similarity Rank: 253
    Macatawa Bank
    Similarity Rank: 273

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,051 $366,025,000 $178,462 $3,174 4.44%
    FHA 239 $27,315,000 $114,289 $5,945 4.54%
    VA 58 $8,230,000 $141,897 $3,544 4.36%
    USDA 34 $4,280,000 $125,882 $4,153 4.24%

    For 2018, Fifth Third Mortgage Mi's most frequently originated type of loan was Conventional, with 2,051 originations. Their 2nd most popular type was FHA, with 239 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,456 $263,590,000 $181,037 $3,630 4.46%
    Cash Out Refi 548 $83,050,000 $151,551 $3,384 4.50%
    Refi 301 $46,255,000 $153,671 $2,997 4.26%
    Other 66 $12,130,000 $183,788 $3,321 4.48%
    Home Improvement 11 $825,000 $75,000 $2,889 4.62%

    For 2018, Fifth Third Mortgage Mi's most frequently cited loan purpose was Home Purchase, with 1,456 originations. The 2nd most popular reason was Cash Out Refi, with 548 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,819 $323,885,000 $178,057 $3,597 4.54%
    15 Year 381 $57,595,000 $151,168 $3,131 4.07%
    20 Year 122 $17,260,000 $141,475 $3,136 4.39%
    10 Year 40 $4,480,000 $112,000 $2,901 3.94%
    Other 20 $2,630,000 $131,500 $2,904 4.27%

    For 2018, Fifth Third Mortgage Mi's most frequently cited loan duration was 30 Year, with 1,819 originations. The 2nd most popular length was 15 Year, with 381 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 1,784 $307,210,000 $172,203
    $2k-3k 311 $49,535,000 $159,277
    $<1k 119 $18,685,000 $157,017
    $3k-4k 85 $16,765,000 $197,235
    $4k-5k 26 $5,900,000 $226,923
    $5k+ 23 $7,585,000 $329,783

    Fifth Third Mortgage Mi's average total fees were $3,597, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1,784 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 1,733 $293,865,000 $169,570
    3-4% 460 $89,050,000 $193,587
    5-6% 152 $21,250,000 $139,803
    2.5-3% 2 $1,420,000 $710,000
    6-7% 1 $95,000 $95,000

    During 2018, Fifth Third Mortgage Mi's average interest rate for loans was 4.54%, while their most frequently originated rate bucket for loans was 4-5%, with 1,733 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 1,081 $155,015,000 $143,400 $3,428 4.46%
    $100,000 or less 686 $46,860,000 $68,309 $3,068 4.46%
    $200k-400k 507 $135,945,000 $268,136 $3,864 4.44%
    $400k-600k 72 $33,750,000 $468,750 $4,170 4.30%
    $600k-1MM 25 $18,865,000 $754,600 $5,460 4.11%
    $1MM+ 11 $15,415,000 $1,401,364 $6,169 4.04%

    2018 saw Fifth Third Mortgage Mi place emphasis on $100k-200k loans with 1,081 originations, totaling $155,015,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 815 $79,385,000 $97,405 $3,337 4.47%
    $50k-75k 566 $81,310,000 $143,657 $3,444 4.47%
    $100k-150k 339 $71,005,000 $209,454 $3,539 4.41%
    $75k-100k 315 $56,915,000 $180,683 $3,535 4.48%
    $150k-250k 181 $52,365,000 $289,309 $3,778 4.40%
    $250k+ 103 $52,945,000 $514,029 $4,156 4.27%

    Fifth Third Mortgage Mi lent most frequently to those with incomes in the $50k or less range, with 815 originations. The second most popular income band? $50k-75k, with 566 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 568 $92,160,000 $162,254 $3,290 4.40%
    30-36% 481 $87,265,000 $181,424 $3,459 4.46%
    <20% 179 $31,675,000 $176,955 $3,226 4.29%
    44% 93 $15,135,000 $162,742 $3,538 4.54%
    40% 90 $14,540,000 $161,556 $3,296 4.47%
    43% 88 $15,030,000 $170,795 $3,614 4.45%
    42% 87 $14,585,000 $167,644 $3,599 4.56%
    39% 84 $16,540,000 $196,905 $3,650 4.46%
    38% 83 $16,985,000 $204,639 $3,745 4.45%
    37% 80 $13,920,000 $174,000 $3,377 4.57%
    36% 77 $13,105,000 $170,195 $3,452 4.42%
    46% 76 $11,480,000 $151,053 $3,829 4.61%
    49% 72 $12,530,000 $174,028 $3,591 4.41%
    41% 69 $11,125,000 $161,232 $3,631 4.44%
    45% 66 $10,340,000 $156,667 $3,170 4.47%
    47% 61 $9,885,000 $162,049 $3,636 4.53%
    48% 59 $10,165,000 $172,288 $3,666 4.48%
    50-60% 53 $8,025,000 $151,415 $5,332 4.46%
    >60% 13 $1,075,000 $82,692 $2,304 4.24%

    Fifth Third Mortgage Mi lent most frequently to those with DTI ratios of 20-30%, with 568 originations. The next most common DTI ratio? 30-36%, with 481 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,928 $340,350,000 $176,530 $3,467 4.44%
    Not provided 265 $41,875,000 $158,019 $3,507 4.43%
    Black 101 $11,445,000 $113,317 $4,024 4.56%
    Asian 80 $11,140,000 $139,250 $3,076 4.40%
    American Indian 5 $595,000 $119,000 $3,098 4.55%
    Other Asian 1 $205,000 $205,000 $4,105 4.38%
    Japanese 1 $165,000 $165,000 $2,468 4.88%
    Asian Indian 1 $75,000 $75,000 $3,114 4.25%

    Approval Rates

    Total approvals of all applications
    88.92%

    Fifth Third Mortgage Mi has an average approval rate.

    Pick Rate

    Approvals leading to origination
    69.69%

    Fifth Third Mortgage Mi has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    30.0 34 $170,000 $5,000
    NA 2,348 $405,680,000 $172,777

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Manufactured 83 $6,965,000 $83,916
    Single Family (1-4 Units):Site-Built 2,299 $398,885,000 $173,504

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 81 $8,595,000 $106,111 $2,986 4.27%
    40-60% 296 $40,490,000 $136,791 $3,003 4.30%
    60-80% 892 $170,330,000 $190,953 $3,351 4.46%
    80-100% 1,054 $183,740,000 $174,326 $3,741 4.49%
    Over 100% 13 $1,665,000 $128,077 $5,937 4.65%
    Under 20% 43 $745,000 $17,326 $2,577 4.29%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    FIFTH THIRD FINANCIAL CORPORATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 1.8%
    FIFTH THIRD FINANCIAL CORPORATION Conventional home mortgage Closing on a mortgage 3 1.8%
    FIFTH THIRD FINANCIAL CORPORATION Conventional home mortgage Struggling to pay mortgage 15 9.1%
    FIFTH THIRD FINANCIAL CORPORATION Conventional home mortgage Trouble during payment process 81 49.4%
    FIFTH THIRD FINANCIAL CORPORATION FHA mortgage Closing on a mortgage 2 1.2%
    FIFTH THIRD FINANCIAL CORPORATION FHA mortgage Struggling to pay mortgage 5 3.0%
    FIFTH THIRD FINANCIAL CORPORATION FHA mortgage Trouble during payment process 9 5.5%
    FIFTH THIRD FINANCIAL CORPORATION Home equity loan or line of credit (HELOC) Applying for a mortgage or refinancing an existing mortgage 4 2.4%
    FIFTH THIRD FINANCIAL CORPORATION Home equity loan or line of credit (HELOC) Closing on a mortgage 1 0.6%
    FIFTH THIRD FINANCIAL CORPORATION Home equity loan or line of credit (HELOC) Incorrect information on your report 4 2.4%
    FIFTH THIRD FINANCIAL CORPORATION Home equity loan or line of credit (HELOC) Trouble during payment process 9 5.5%
    FIFTH THIRD FINANCIAL CORPORATION Other type of mortgage Applying for a mortgage or refinancing an existing mortgage 3 1.8%
    FIFTH THIRD FINANCIAL CORPORATION Other type of mortgage Struggling to pay mortgage 4 2.4%
    FIFTH THIRD FINANCIAL CORPORATION Other type of mortgage Trouble during payment process 15 9.1%
    FIFTH THIRD FINANCIAL CORPORATION VA mortgage Applying for a mortgage or refinancing an existing mortgage 1 0.6%
    FIFTH THIRD FINANCIAL CORPORATION VA mortgage Struggling to pay mortgage 2 1.2%
    FIFTH THIRD FINANCIAL CORPORATION VA mortgage Trouble during payment process 3 1.8%