Whether you're getting your first mortgage or a seasoned homeowner, they'll treat you as an individual and guide you through the process. At Huntington, you are more than just numbers on a spreadsheet; you are a community member.
This article would be a complete guide to getting a Huntington mortgage. Keep reading to learn more…
- Who is Huntington Mortgage?
- What does Huntington Mortgage do?
- What types of Loans does Huntington Mortgage offer?
- Why should you Consider Huntington Mortgage?
- What does Huntington Mortgage consider before giving a loan?
- Is Huntington Bank a reputable institution?
- How long does it take Huntington to approve a loan?
- Has TCF renamed Huntington?
- What Credit Score does Huntington Mortgage use?
- How Difficult is it to Get a Loan from Huntington?
- Is a Loan Preapproval Required at Huntington Mortgage?
- What is the rating of Huntington Mortgage?
- Huntington Mortgage Reviews
- Frequently Asked Questions
Who is Huntington Mortgage?
Huntington Bancshares Incorporated is in charge of Huntington Mortgage, a regional bank holding company with $179 billion in assets based in Columbus, Ohio.
The Huntington National Bank and its affiliates, founded in 1866, offer a comprehensive range of banking, payments, wealth management, and also risk management products and services to consumers, small and middle-market businesses, corporations, municipalities, and other organizations.
Huntington has over 1,000 branches in 11 states, with some businesses operating across multiple states.
What does Huntington Mortgage do?
Huntington is a full-service banking provider with primary operations in Ohio, Colorado, Florida, Illinois, Indiana, Kentucky, Michigan, Minnesota, Pennsylvania, West Virginia, and Wisconsin.
They have a unique “Welcome” philosophy that hinges on deep relationship-building capabilities to meet each customer's needs best.
They serve customers through a banking network of over 1,000 full-service branches, 11 Private Client Group offices, and 1,600 ATMs. Huntington Bancshares Inc. provides Commercial, small business, and consumer banking services.
Services for mortgage banking, treasury administration, and foreign exchange services, leasing of equipment, services for wealth and investment management are all tailored to your needs at Huntington Mortgage.
In addition, they also provide commercial banking services to automotive dealers and retail automobile financing to dealer customers through automotive dealership relationships in their primary franchise area and select other states.
What types of Loans does Huntington Mortgage offer?
Fixed interest loans
As the name depicts, the fixed interest loan means a loan whose selected monthly principal payment never rises.
Adjustable rate mortgage loans
These loans, popularly referred to as ARMs, have a low introductory rate.
Loans from the FHA/VA/USDA
These specialty loans frequently require little or no down payment for those who qualify.
Why should you Consider Huntington Mortgage?
Here are reasons you should consider a mortgage at Huntington-
The mortgage process is straightforward.
A mortgage loan is an easy way to become a first-time homeowner. With a Huntington Mortgage, you can move into your home much sooner if your income is respectable and stable because of their simplified mortgage process.
You do not have to pay the entire purchase price to own a home.
If you have a 30% equity payment plus the money to cover closing costs, you can move into a new home with a mortgage and repay the remaining 70% of the house's value over 15-20 years.
They give you access to high leverage.
Leverage is using debt to increase the likelihood of an investment's return. A mortgage is the best example of leverage. A 30% down payment will usually get you 100% of the home you want (along with a solid credit history).
Your leverage is 70% if you put down 30%. When the value of real estate rises, it becomes a huge advantage.
What does Huntington Mortgage consider before giving a loan?
They look for key factors when starting the pre-approval process. Factors to consider include credit history, capital, employment, and assets/collateral.
Credit and credit history
Huntington Mortgage determines whether you can repay your debt based on your credit and credit history. They will consider how much you currently owe, how frequently you borrow, and how often you pay your bills.
The capital is the money you must put down as a down payment. As you start the home-buying process and apply for a loan, it is vital information.
Your employment history informs Huntington Mortgage about the time it will take to repay your debt. They will consider your previous employment history and current employment situation. Income stability is important to lenders because it shows how consistent their payments will be.
If you cannot repay your loans, your collateral protects Huntington Mortgage lenders. This is just as important to lenders as credit, income, and employment because it serves as a safety net if the loan cannot be repaid.
Is Huntington Bank a reputable institution?
It depends. Huntington Bank is a good choice if you live near a branch and prefer in-person banking. However, look into an online bank if you want a reasonable interest rate.
How long does it take Huntington to approve a loan?
The processing of your loan can take anywhere from 48 hours to three weeks or longer, depending on the type of mortgage you choose and other factors.
Has TCF renamed Huntington?
The 2021 merger of Detroit-based TCF Financial Inc. and Columbus, Ohio-based Huntington Bancshares Inc. created Michigan's second-largest bank.
TCF Bank and Huntington Bank were already market leaders in Michigan, ranking sixth and seventh in deposit market share as of 2020.
What Credit Score does Huntington Mortgage use?
FICO Ratings. FICO Scores, developed by Fair Isaac Corporation, are the most commonly used credit scores in lending decisions (FICO). Lenders can get FICO Scores from the three major consumer reporting agencies (CRAs).
Do you want to boost your credit score? Then read: Credit Repair with Credit Firm | Improve Your Credit Score in the USA
How Difficult is it to Get a Loan from Huntington?
It is relatively simple to get started with Huntington Bank. You can apply in just 10 minutes on their website, and most customers find their approval status reasonably quickly.
The bank never charges application or prepayment fees.
Is a Loan Preapproval Required at Huntington Mortgage?
A mortgage pre-approval shows your seriousness to sellers and helps you stand out from the competition. You'll be sure of how much you can afford.
It's possible that they would choose your offer over a higher offer from a buyer who isn't pre-approved.
That's how critical the first step in your home-buying journey is, and they want to assist you in taking it.
What is the rating of Huntington Mortgage?
Huntington Mortgage has received 5.0 stars out of 42 reviews.
Huntington Mortgage Reviews
Frequently Asked Questions
Is China the owner of Huntington Bank?
Huntington Bancshares Incorporated is a Columbus, Ohio-based American bank holding company.
The company ranks 521st on the Fortune 500 and 26th among the largest banks in the United States.
What is going on with Huntington Bank?
The Huntington-TCF merger was first announced in December 2020 and completed in June, kicking off efforts to rebrand TCF as Huntington Bancshares.
TCF customer accounts would get converted to Huntington's systems in the fourth quarter.
Why is Huntington Banks going out of business?
Winter believes the bank's recent emphasis on in-store branch closures results from the pandemic, which has increased deliveries and pick-up orders while decreasing store foot traffic.
Can I continue to use my TCF checks on my Huntington account?
Huntington will transfer your payments to your new accounts. They do this electronically, with no action on your part.
Which of the three credit scores do lenders use?
FICO and VantageScore are the two major companies that create and maintain credit scoring models.
Lenders commonly use the FICO Score to make lending decisions, and the FICO Score 8 is the most widely used version.
Purchasing a home is a significant undertaking. It would be best if you were confident in your financing strategy. Huntington Mortgage provides you with all the facts, sound advice, competitive mortgage rates, and flexible terms. So, no matter your loan, you'll feel at home.
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