You’ll hear a lot of jargon when you begin your home purchasing process. View our glossary of commonly used words.
Obtaining a Credit Report
Before you can buy a home or begin construction, you need to know what your credit looks like. An up-to-date credit report is essential.
Lenders use your credit score to determine their level of risk in lending to you. 300 is the lowest possible score, while 850 is the highest. 740 is generally considered good. You can get one copy of your credit report each year at annualcreditreport.com
When shopping for a home, it’s important to know the team you’re working with. At Fifth Third, our specialists will partner with you, answer all of your questions, and guide you through every step of the process. Our only goal is getting you the keys to the home of your dreams.
Finding a great home is exciting. But there are other things to think about. Do you need good schools? How about convenient shopping or nearby parks? They say location is everything—and they’re right. So be sure to consider your lifestyle and the home’s surroundings before you buy.
View the full list of calculators to help in your decision to purchase or refinance a home.
After you’ve found a home, an important step in the buying process is the inspection. This is an examination of the home by a trained and certified inspector. The inspector will check the roof, basement, heating system, water heater, air-conditioning system, plumbing, electrical, and many other aspects of buildings. They look for items that require extensive repairs, as well as some fire and safety issues. The inspector then will complete a written report and deliver it to you, which you can use to make an informed decision about finalizing your purchase.
So you’ve found your dream home, agreed on a price, the mortgage is in place and you’ve had the inspection. Now it’s time for the closing. This is the legal process between you and the seller transferring ownership of the property. You’ll also sign an agreement between you and your lender regarding the terms and conditions of the mortgage, along with many other fees, including attorney and realtor fees. Be sure to read all documents carefully before signing them, and do not sign forms with blank lines or spaces. You’ll feel like you’ve signed your name a million times, but it’ll be worth it the first time you walk into your own home!
Fifth Third Bank is Here to Help
To apply for a home loan or refinance, call 1-866-351-5353
For questions about your existing loan, call 1-800-972-3030