Conventional mortgage loans offered by traditional banks have never been an ideal fit for new doctors. And they never will be.
Fortunately, there is a cure to this financial ailment: physician mortgage loans. Although these exclusive doctor loans were once hard to come by, there are now well over 20 reputable lenders who offer them.
One of those financial institutions is Huntington Bank, the focus of this week's company review. Here, we take a closer look at:
- What you need to know about Huntington Bank as a company.
- What you need to know about Huntington Bank's physician loan program.
- How to decide whether or not it's the right fit for your home financing needs.
Read on to learn more!
About Huntington Bank
The Huntington National Bank (or simply Huntington Bank) is a subsidiary of Huntington Bancshares, one of the largest holding banks in the United States. Currently, Huntington Bank operates at least 955 branches and ten private client group offices across fourteen states. The holding bank is headquartered in Columbus, Ohio.
The history of Huntington Bank dates back to 1866, when P.W. Huntington established P.W. Huntington & Company. In 1905, the company was incorporated as The Huntington National Bank of Columbus. In 1966, Huntington Bancshares Incorporated (HBI) was launched as a bank holding company. Today, Huntington Bank, which is a subsidiary of HBI, is the 2nd-largest lender of Small Business Administration Loans in Ohio.
Huntington Bank physician mortgage loan basics
Practicing physicians and residents who are looking forward to buy or refinance a home can take advantage of Huntington Bank’s Premier Program. This is a program that offers physician mortgage loans that are tailored for medical practitioners carrying a DMD, DVM, DDS, DO or MD designation.
If you are a resident, you can obtain a rate or term mortgage loan up to $650,000 to purchase or refinance a home. If you are a practicing physician, you can get up to $2,000,000. The maximum loan-to-value ratio on refinances is 95 percent with no cash out.
It is important to note that all physician mortgage loans from Huntington Bank are subject to application and credit approval. If you have a great credit record, you will obtain a mortgage loan from this bank with ease. You should also note that home equity loans and lines from this bank are subject to title search and satisfactory appraisal.
Is a physician loan from Huntington Bank right for you?
Get a quick, free rate comparison here to find out!
Benefits of home financing with Huntington Bank
Let's take a closer look at some of the key advantages of financing your home with a physician mortgage loan from Huntington Bank.
Flexible down payment options available
Budgeting for a home down payment can be difficult. Huntington Bank’s flexible down payment options are designed to help make this process a little easier for practicing physicians and residents. Medical school graduates can get a mortgage loan without having to put down a down payment. All they need to do is submit an employment contract to qualify.
Fixed and variable rates available
Fixed-rate mortgages offer you protection from sudden and potentially significant rises in mortgage payments. Variable-rate mortgages, also referred to as adjustable-rate mortgages, have the advantage of being cheaper than fixed-rate mortgages, at least for the first few years. Huntington Bank offers both fixed and variable rate mortgages to physicians, making it easy for you to choose the type of mortgage that is ideal for your situation.
No private mortgage insurance needed
The purpose of the private mortgage insurance (PMI) is to protect the lender if the borrower defaults on the loan. There are good reasons why you should avoid a lender that requires PMI. It’s costly, no longer deductible and hard to cancel. Huntington Bank doesn’t require private mortgage insurance, thus takes away the stress that comes with PMI.
No prepayment penalty enforced
The longer the principal is outstanding, the higher the amount of interest you will pay over the life of your mortgage. When you obtain a physician mortgage loan from Huntington Bank, you are free to pay off your home loan anytime at no extra cost. By shortening the amortization period, you can end up saving thousands of dollars.
In this company review, we covered everything you need to know about Huntington Bank's physician loan program,
- The company's background.
- The basics of its physician mortgage loan program.
- The benefits of financing your home here.
Even if this feels like the perfect fit for your needs, you should still weigh your options. And the best way to do so is with personalized rate comparison report. Get yours here in just a few minutes.
(Who knows --- Huntington Bank may be the perfect fit after all.)