As a trusted personal finance writer and mortgage specialist, Maryalene LaPonsie has interviewed hundreds of certified financial planners, CPAs and wealth advisors, and distills their expertise into accessible articles on topics ranging from retireme.
Maryalene LaPonsie Mortgages ExpertAs a trusted personal finance writer and mortgage specialist, Maryalene LaPonsie has interviewed hundreds of certified financial planners, CPAs and wealth advisors, and distills their expertise into accessible articles on topics ranging from retireme.
Written By Maryalene LaPonsie Mortgages ExpertAs a trusted personal finance writer and mortgage specialist, Maryalene LaPonsie has interviewed hundreds of certified financial planners, CPAs and wealth advisors, and distills their expertise into accessible articles on topics ranging from retireme.
Maryalene LaPonsie Mortgages ExpertAs a trusted personal finance writer and mortgage specialist, Maryalene LaPonsie has interviewed hundreds of certified financial planners, CPAs and wealth advisors, and distills their expertise into accessible articles on topics ranging from retireme.
Mortgages Expert Chris Jennings Loans & Mortgages EditorChris Jennings is a writer and editor with more than seven years of experience in the personal finance and mortgage space. He enjoys simplifying complex mortgage topics for first-time homebuyers and homeowners alike. His work has been featured in a n.
Chris Jennings Loans & Mortgages EditorChris Jennings is a writer and editor with more than seven years of experience in the personal finance and mortgage space. He enjoys simplifying complex mortgage topics for first-time homebuyers and homeowners alike. His work has been featured in a n.
Chris Jennings Loans & Mortgages EditorChris Jennings is a writer and editor with more than seven years of experience in the personal finance and mortgage space. He enjoys simplifying complex mortgage topics for first-time homebuyers and homeowners alike. His work has been featured in a n.
Chris Jennings Loans & Mortgages EditorChris Jennings is a writer and editor with more than seven years of experience in the personal finance and mortgage space. He enjoys simplifying complex mortgage topics for first-time homebuyers and homeowners alike. His work has been featured in a n.
| Loans & Mortgages Editor
Updated: Jan 8, 2024, 5:00am
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Huntington Bank is a regional institution that operates branches in 11 states but offers mortgages nationwide. Its products include conventional loans, refinancing, home equity lines of credit (HELOCs) and specialty mortgages.
Borrowers need a credit score of at least 580 to qualify for a home loan at Huntington Bank. While its published rates are competitive, potential customers must contact the bank to get a rate quote for their area.
Our ratings are calculated based on fees, rates, rewards and other category-specific attributes. All ratings are determined solely by our editorial team.
Min. Credit Score Interest Rate Similar to national averageHeadquartered in Columbus, Ohio, Huntington Bank operates more than 1,000 branches in 11 states. However, it can write mortgages for properties across the nation. In addition to home loans and refinancing, Huntington Bank offers a variety of personal, business and commercial products.
Its mortgage options include conventional, government-backed and specialty home loans such as mortgages designed for doctors. Current homeowners who want to tap into their equity can choose from home equity loans and HELOCs.
While Huntington Bank provides fixed mortgage rates for the Columbus, Ohio ZIP code on its website, customers will need to contact the bank to receive a customized rate quote for their area.
Huntington Bank offers a variety of mortgage options, including:
Huntington provides 15- and 30-year terms for its fixed-rate conventional loans. For its adjustable-rate mortgage (ARM) offerings, borrowers can choose between a 3/1 ARM or 5/1 ARM.
The bank also pilots a Huntington Home for Good mortgage program in Detroit and certain markets in Illinois and Wisconsin. By using expanded qualification options, it’s intended to make homeownership more accessible in historically under-resourced communities.
There’s no minimum loan size for a Huntington Bank mortgage, according to a mortgage specialist reached by phone.
Huntington Bank conventional loans, which are supported by government-sponsored entities such as Fannie Mae and Freddie Mac, are capped at $417,000 for a single-family property in most of the country.
However, Huntington Bank will finance up to $2.5 million for a single-unit home through its jumbo loan program. For cash-out refinancing, you can take up to $750,000 of equity out of your home. The Huntington Bank’s physician-only loans can be as much as $2 million with 10% down.
Depending on the loan product, you may be able to select the day of your payment and receive free online bill pay, alerts and mobile banking. Huntington also offers customers a home mortgage guide that covers topics such as navigating your online account, understanding escrow charges and paying off your loan earlier.
Huntington Bank typically services its own loans, so you likely won’t have to worry about your mortgage being sold to another company.
Customer service can take place over the phone or in a branch. The bank also has an automated online assistant that can answer some questions. Frequently asked questions and articles about common concerns are included in the customer service section of the Huntington Bank website.
Check your rates today with Better Mortgage.
Not everyone will qualify for a mortgage from Huntington Bank. Here’s what the institution looks for in applicants.
According to a mortgage specialist at Huntington Bank, mortgage applicants need to have a credit score of at least 580. However, the bank prefers applicants to have scores of at least 600.
Down payment requirements depend on the loan program. For instance, eligible physicians and recent medical school graduates can get a loan of up to $1 million with no money down. Meanwhile, Huntington may approve you for an FHA, VA or USDA loan with a down payment as low as 3.5% of the purchase price.
For those who need help making a down payment, several states have assistance programs available. Huntington Bank notes that its mortgage team can help connect home buyers to programs in the following states:
Your debt-to-income (DTI) ratio refers to how much money you owe on outstanding debt compared to your income. Fannie Mae, which backs many conventional mortgages, says manually underwritten loans should have a maximum DTI ratio of 36%. However, lenders may approve borrowers with DTIs of up to 50%.
Huntington Bank offers some flexibility when it comes to evaluating DTIs, but the bank does want applicants to have two years of consistent employment history.
In addition to the down payment, prepare to pay closing costs that can include escrow expenses, title and attorney fees, real estate broker commissions and lender fees. In general, you should expect to pay closing costs worth 3% to 6% of the loan value, but not all these expenses will apply if you’re refinancing or taking out a home equity loan.
Huntington Bank doesn’t charge an application fee, but it’s unclear if it charges an origination fee. According to one of the bank’s mortgage specialists, “the whole process is free,” indicating the lender doesn’t charge origination fees. However, on the bank’s website, the fine print notes a 1% origination fee included in its advertised mortgage rates.
These fees may vary by mortgage product so check with a bank representative to confirm the costs applicable to your area.
The process for applying for a Huntington Bank mortgage generally follows these steps.
Although not required, preapproval can help in your house hunting. It allows you to determine immediately if a property is within your price range, and sellers may be more likely to accept an offer from someone who’s preapproved for a mortgage.
You can complete the preapproval process online. Huntington Bank requires you to provide personal, income and employment information.
Once you find the perfect home, you’ll need to complete your application. A mortgage loan officer may request additional documents to confirm your financial information.
Within three business days of receiving a completed application, Huntington Bank will provide a loan estimate with expected closing costs and your loan’s annual percentage rate (APR) as well as a settlement cost booklet that explains these expenses in more detail.
Before closing, Huntington Bank will check your credit report and request a property appraisal, survey and/or inspection.
Once Huntington has received all the necessary information, there’s a review process that could take anywhere from two days to three weeks or longer. After that, the lender will either approve or deny your loan application.
A day or two after approval, a settlement date should be scheduled. If you’re purchasing a home, you’ll need to provide proof of homeowners insurance and be prepared to bring a cashier’s check to pay closing costs. If you’re applying for a home equity loan or HELOC, you may be able to sign closing documents electronically.
If you’re looking for the best rates, an online mortgage lender, such as Better or Rocket Mortgage, may be the place to find competitive rates and a convenient application process.
However, one perk of Huntington Bank is its extensive regional branch network. If you like the idea of being able to meet with someone locally to discuss your loan, check nearby banks and credit unions to see what loans they offer.
Faster, easier mortgage lending
Check your rates today with Better Mortgage.Because Huntington Bank offers a variety of banking, borrowing and investing products, its online ratings don’t necessarily reflect customer satisfaction with mortgages.
For instance, while the corporate headquarters for Huntington Bank has an A+ rating with the Better Business Bureau (BBB), its customer rating is a low 1.13 out of 5 stars based on 349 customer reviews.
Of the ten most recent one-star reviews, as of this writing, all were related to checking or other products with the exception of a single one-star review left by someone who was not approved for a mortgage. Meanwhile, the other recent review related to mortgages was a five-star review that praised a company loan officer for their effective communication throughout the mortgage process.
Meanwhile, of the 20 Huntington Bank mortgage loan officers rated on Zillow, 17 are at or near a perfect 5-star rating.
The Consumer Financial Protection Bureau’s complaint database lists 329 complaints about Huntington Bank mortgage products over a three-year period from May 2020 to May 2023. Of those, more than half reported trouble during the payment process while others reported problems with the application process and issues with closing on their loan.
We graded Huntington Bank based on features that have a meaningful impact on the cost of a mortgage and a borrower’s experience, including interest rates, loan options, accessibility, closing time and customer service.
We award bonus points if a lender offers a specialty rate discount or mortgage product, a home equity product or maintains a fully online mortgage application process.
Our scoring method is broken down as follows:
We chose to focus on these core elements to bring forward lenders that offer the most competitive rates while also providing a satisfactory customer experience accessible to borrowers of all financial backgrounds. We believe this scoring system best reflects consumers’ top priorities when comparison shopping for mortgage lenders.
To learn more about our rating and review methodology and editorial process, check out our guide on How Forbes Advisor Reviews Mortgage Lenders.
Information provided on Forbes Advisor is for educational purposes only. Your financial situation is unique and the products and services we review may not be right for your circumstances. We do not offer financial advice, advisory or brokerage services, nor do we recommend or advise individuals or to buy or sell particular stocks or securities. Performance information may have changed since the time of publication. Past performance is not indicative of future results.
Forbes Advisor adheres to strict editorial integrity standards. To the best of our knowledge, all content is accurate as of the date posted, though offers contained herein may no longer be available. The opinions expressed are the author’s alone and have not been provided, approved, or otherwise endorsed by our partners.
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