In 1976 the Huntington Mortgage Company was formed as a subsidiary of Huntington National Bank. Huntington Mortgage Group is now a subsidiary of Huntington Bancshares Incorporated, a $30 billion regional bank holding company headquartered in Columbus, Ohio. Through its affiliated companies, Huntington has more than 138 years’ experience serving the financial needs of its customers. Huntington provides innovative retail and commercial financial products and services through more than 300 regional banking offices in Indiana, Kentucky, Michigan, Ohio and West Virginia. Selected financial services are offered in other states, such as mortgage banking offices in Florida, Maryland, and New Jersey. Today Huntington Bancshares holds $32567 million in assets and for the tax year of 2005 posted a pretax earning of $566 million.
Huntington Mortgage First Time Buyer Programs
Huntington Mortgage champions the first time buyer and has sponsored a zero down payment bill in the house of representatives. At Huntington their mortgage specialists, those associates responsible for counseling homebuyers about their financing options, report that saving for a down payment is the single most common roadblock for first-time homebuyers. They find that many of these potential customers easily qualify for a mortgage payment that equals what they are currently paying in rent. These first-time buyers have long rental histories, have made their payments on time, have solid income sources and want to purchase now, but do not have additional money saved for a down payment. Huntington realizes that these customers deserve the chance to purchase their dream home.
Huntington Mortgage Loan Options
Huntington Mortgage Group has a variety of funding options. They offer fixed rate (the interest rate stays the same for the life of the loan) mortgages with 10,15, 20, and 30 year terms. Balloon mortgages, fixed rate mortgages which are paid in full with a single balloon payment, are also offered. The loan amount is amortized on a 30 year payment schedule but the loan is for a shorter term with a single (balloon) payment due when the term is up. Balloon mortgages are offered with 5 and 7 year periods. Adjustable rate mortgages are also offered. In this type of loan the interest rate stays fixed for a certain term and then returns to the market rate. These are offered with 3 or 5 year fixed interest terms. Jumbo loan programs start at $318,000 and offer financing on amounts exceeding the conforming loan limits. Huntington offers a variety of competitive fixed rate and adjustable rate jumbo mortgage programs as well as jumbo construction/permanent loans. The construction/ permanent loan offers a one time closing and approval to save time and money. Huntington also funds FHA and VA loans. These are insured by the Federal Housing Authority and the Veteran’s Administration, respectively, and generally have less strident requirements than conventional loans. While there are funding limits to these loans, they are enough to purchase a moderate home in Huntington’s service area. For customers with unique needs, such as self employment or credit that is less than perfect, Huntington offers a variety of mortgage options, along with personal service from a loan consultant. Huntington offers pre-approvals so the buyer knows the loan amount he afford and therefore can house hunt in the appropriate price range. This also aids in negotiation as the seller knows the buyer has the ability to close the deal.
Huntington Mortgage HELOC Loans
At Huntington the customer may apply for a Home Equity Line of Credit. This is for the home owner who wants the security of having some extra cash available, whether for immediate use or to save for a rainy day. The interest rate is adjustable, and the amount available for borrowing is based on the loan to value of the property. The minimum line is $2,500 and the term is up to 20 years. The borrower may use and repay the money as often as necessary over the life of the line. Huntington’s Home Equity Loan has a fixed rate and low payments. The terms range from a 5 year balloon to a 20 year fixed rate loan. This loan affords the customer a lump sum payout and the certainty of fixed payments for the life of the loan.
With many funding options available Huntington Mortgage Group can tailor its service to fit the borrower’s needs. At Huntington the borrower may apply online or by phone. For more personal service the customer is always welcome at one of the many Huntington branches.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.