Date the Rate, Marry the Mortgage: Fifth Third’s Rate Drop Protector

Jun 27, 2023 4:50 PM ET
Real estate agent showing a couple a house

Fifth Third’s 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.

How it 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.

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. 

“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,” Plum said. “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.”

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.