Huntington Bank, with a legacy dating back to 1866, has established itself as a prominent full-service mortgage lender, particularly serving borrowers in the Midwest while expanding into neighboring states such as Colorado, Kentucky, Pennsylvania, and West Virginia. As a regional institution, Huntington offers a broad spectrum of mortgage products designed to meet diverse borrower needs, including conventional loans, FHA and VA mortgages, USDA loans, refinancing options, and various loans for specific circumstances like medical professionals or renovation projects. Key features that distinguish Huntington from competitors are its loan-length flexibility, which allows borrowers to lock in their mortgage rates for terms ranging from 10 to 30 years, and its significant commitment of $24 billion over five years to promote affordable lending for various demographic groups, especially underserved households.
Huntington’s approachable attitude towards first-time homebuyers is one of its standout attributes. The lender provides valuable educational resources to guide new borrowers through the home-buying process, such as informative articles, home-buying tools, and a slew of mortgage calculators covering various financial scenarios, including closing costs and refinancing calculations. Additionally, Huntington offers down payment assistance programs across several states, making it a viable option for those who may struggle to save a sufficient down payment. Notably, for VA loans, Huntington covers up to $5,500 in closing costs, greatly easing the financial burden on eligible military personnel and veterans.
The lender’s commitment to aiding underserved communities includes the provision of alternative credit reporting in certain areas. By allowing borrowers to use nontraditional credit methods—such as bank statements and rent payment histories—Huntington enables a wider array of individuals to qualify for loans without needing a conventional credit score. Although this option is limited to specific locations, its availability represents Huntington’s dedication to increasing accessibility in home financing, making it a strong candidate for many prospective homeowners facing systemic financial challenges.
Huntington also stands out for its comprehensive home equity lending solutions, including home equity loans, lines of credit (HELOC), and cash-out refinancing options. The HELOC provides borrowers with the flexibility to draw on their approved credit line as needed, allowing them to pay interest only on the amount utilized. This feature is particularly appealing for those who may want to maintain financial liquidity for unexpected expenses. Additionally, Huntington offers competitive options for transitioning from a variable-rate HELOC to a fixed interest rate, though potential fees for this service can vary by state. The straightforward nature of Huntington’s home equity products, coupled with branch access for personal service, distinguishes it within the mortgage lending landscape.
A notable point of contention is the user experience on Huntington’s website, particularly concerning the mortgage rate inquiry process. Users have reported difficulty navigating the site to obtain clear and comprehensive mortgage rates. While the lender offers a fast path for rate inquiries, the process requires personal information and may lead potential borrowers back to application prompts rather than providing straightforward rate information. This lack of transparency creates challenges for users seeking to understand their options, with available information limited primarily to sample rates tied to specific locations, which may not be relevant to all borrowers across the 50 states where Huntington operates.
Huntington’s scoring in various categories as analyzed by Yahoo Finance exhibits strengths and weaknesses that potential borrowers will want to consider. The bank has been rated highly for loan costs, thanks to its lower-than-average total loan costs, but has struggled with interest rates, offering higher-than-median mortgage rates in the marketplace. This duality highlights Huntington’s potential attractiveness for borrowers who value affordability over interest rate competition. Furthermore, its extensive educational resources and calculator tools earn it high marks in the online features category, yet its rate transparency remains a point of concern, requiring improvement for a more user-friendly experience. Given these factors, prospective borrowers may benefit from comparing Huntington with other regional lenders to ensure they access the best possible mortgage offerings tailored to their financial needs.
