Huntington Loans: What You Need To Know

Huntington Bank offers a variety of loans, including personal, home equity, mortgage, and business loans. The bank provides both unsecured and secured personal loans, with fixed interest rates and flexible repayment options. For those looking to buy a home, Huntington Federal Savings Bank offers mortgage loans and home equity lines of credit. The bank also provides online banking solutions, investing services, credit cards, and financial education resources to help customers manage their finances and plan for their goals.

Huntington Bank offers both unsecured and secured personal loans

Unsecured personal loans allow customers to obtain a loan primarily based on their credit report. When applying for an unsecured personal loan, Huntington Bank looks at factors like the customer's credit report and income, rather than securing a loan through collateral. The bank offers fixed rates ranging from 8.51% to 25%, depending on the customer's creditworthiness, loan amount, and loan term. With an unsecured personal loan, customers can borrow up to $50,000, which can cover a wide range of needs.

Secured personal loans, on the other hand, are based partially on the value of the customer's personal assets. Huntington Bank uses the customer's savings account, certificate of deposit, or money market account to help them obtain the loan. Secured loans offer high loan amounts, with customers able to borrow up to $500,000 with fixed rates. This type of loan is backed by collateral and usually provides a lower interest rate.

Huntington Bank offers flexible repayment options for both unsecured and secured personal loans. Customers can choose their first payment date, up to 60 days after the loan closes, and they can manage their loans online or through the Huntington Bank mobile app. Repayments can also be made over the phone or at a local branch.

Interest rates range from 8.51% to 25%

Huntington Bank offers personal loans with fixed interest rates ranging from 8.51% to 25%. The actual rate a borrower secures depends on their creditworthiness, loan amount, and loan term. Borrowers with higher credit scores tend to get the best rates.

Interest rates are important as they directly affect the total interest paid on any loan. Generally, borrowers want the lowest possible interest rates because it will cost less to borrow; conversely, lenders (or investors) seek high interest rates for larger profits. Interest rates are usually expressed annually, but rates can also be expressed monthly, daily, or over any other period.

Huntington Bank's personal loans have fixed rates, which means you know exactly what your monthly payments will be. This is great for budgeting, but Huntington doesn't share details on potential discounts or additional fees upfront, which could affect the total cost of borrowing. You can borrow up to $50,000, and Huntington gives you flexibility when it comes to your first payment. You can choose to start repaying up to 60 days after your loan closes, giving you some breathing room if needed.

Huntington Bank also offers mortgage loans and home equity loans with fixed interest rates. These loans often have lower interest rates than personal loans and are usually repaid over a longer period.

Huntington Federal Savings Bank offers mortgage loans

Huntington Federal Savings Bank has been a leading mortgage lender since 1938, helping thousands of people in the Tri-State area buy new homes. The bank offers a range of mortgage loan options, including conventional mortgage loans and low down payment mortgage loans.

With a conventional mortgage loan from Huntington Federal, customers can benefit from low fixed rates and monthly payments for the entire life of the loan. This type of loan offers stability and predictability, making it easier for borrowers to manage their finances over the long term.

For those who are looking to buy a home but may not have a large down payment saved up, Huntington Federal also offers two low down payment mortgage loan options. These loans make it possible for individuals and families to achieve homeownership sooner, without having to wait years to accumulate a substantial down payment.

In addition to its mortgage loan offerings, Huntington Federal also provides home equity loans and lines of credit. With a home equity loan, borrowers can take advantage of low fixed interest rates that may be tax-deductible (consult a tax advisor). This option allows homeowners to access the equity in their homes while enjoying affordable monthly payments over a fixed time period. A home equity line of credit, on the other hand, offers a revolving credit line with the home serving as collateral. The credit amount is determined based on the borrower's equity, ability to repay, and other factors.

Whether it's through a traditional mortgage loan, a low down payment option, or a home equity product, Huntington Federal Savings Bank is committed to helping its customers secure financing for one of life's most important purchases: their homes. The bank's loan officers work closely with borrowers to understand their financial needs and guide them through the application process, ensuring a smooth and worry-free experience.

Huntington Bank offers home equity loans

Huntington Bank offers a range of loans, including home equity loans and lines of credit. With a Huntington Federal Home Equity Loan, you can benefit from low fixed-interest rates that may be tax-deductible (although it is recommended that you consult a tax advisor). The loan offers affordable monthly payments over a fixed time period, and you may be able to save more by paying off higher-interest obligations.

Home equity loans from Huntington Bank can provide financial freedom to start new projects and add value to your home. There are no application fees, and online account management is easy, with fixed monthly payments due on the day of your choosing. The loan amount is provided upfront, and monthly payments are predictable and fixed.

Home equity loans from Huntington Bank are subject to application and credit approval, as well as an acceptable appraisal and title search. Loans and lines over $750,000 may require title insurance. The equity in your home serves as collateral, and your credit amount is based on several factors, including the amount of equity, your ability to repay, and other qualifying factors.

To qualify for a home equity loan, you typically need to have considerable equity in your home. The amount of equity required depends on the loan amount and the lender's maximum combined loan-to-value ratio. With a home equity loan, your funds are secured through the equity in your home, giving the lender a legal claim over your home. If you default on the loan or are unable to make payments, the lender may initiate foreclosure proceedings.

In addition to home equity loans, Huntington Federal Savings Bank also offers mortgage loans and low down payment mortgage loan options for customers buying a home.

Huntington Bank offers home equity lines of credit

Huntington Bank offers a range of loans, including personal loans, mortgage loans, and home equity lines of credit.

Home equity lines of credit allow you to use your home as collateral to establish a line of credit. The credit amount is based on the equity in your home, your ability to repay, and other qualifying factors. Huntington Bank's home equity line of credit offers a $60 annual fee ($50 in Minnesota), and a 10-year draw period during which advances and purchases can be made without reducing the principal. This is followed by a 20-year repayment period with minimum monthly payments. You have the option to convert your variable rate to a fixed rate, but this will be higher.

The home equity line of credit can be used for anything, but it is often used for major projects or purchases that require multiple payments over time. This could include home renovations, wedding expenses, or tuition fees. Huntington Bank also offers the flexibility to choose your first payment date, up to 60 days after your loan closes.

It is important to note that all lending products are subject to application and credit approval, as well as an acceptable appraisal and title search. Additionally, Huntington Bank does not disclose specific fees, so it is essential to clarify these details before committing to a loan.

Frequently asked questions