Fifth Third Mortgage Co., Cincinnati, has come out with a new incentive program for homebuyers that offers them the opportunity of getting a reduced rate on their purchase money mortgage.
Through Aug. 31, homebuyers can either select to have their interest rate reduced by 100 basis points for the first year of their mortgage or by 12.5 basis points over the life of the loan.
This is available only on fixed-rate purchase money mortgages. Among the programs the discount is not available on are bond, rural housing, investment, construction-to-permanent and lot programs.
Bob Lewis, president of Fifth Third Mortgage, said that in creating the choices in this incentive program the company wanted to give the borrower an opportunity to select the option that works best for their needs and lifestyles.
Another incentive, Lewis said, is the company is offering an additional 0.5% discount point savings (which it estimates at $750) if the customer has their monthly payment automatically deducted from a Fifth Third Bank account.
