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.