Mortgage Refinancing


If interest rates have dropped significantly since you first mortgaged your home, you might benefit from refinancing with Huntington. You could save money on your monthly payments if you're able to refinance at a rate that's at least two points lower than your current mortgage loan. Additionally, you might be able to obtain extra cash out of your primary home by refinancing it at a higher amount that what you currently owe. Some people refinance in order to shorten the term of the loan (from 30 year fixed to 15 year fixed, for example) so the loan is paid off sooner rather than later, with little change in the monthly payment. Learn more about our Mortgage Loan Programs.

However, refinancing can be costly. You may be responsible for application fees, closing costs, points and prepayment penalties, depending on the terms and conditions of the loan. That's why Huntington's First Mortgage Equity Loan is such a great deal. We make it easier and more affordable for you to refinance by eliminating the closing costs, mortgage insurance and application fees.

If you're underwater with your home loan, don't despair. In an effort to make home mortgage refinancing easier for eligible homeowners, the Federal Housing Finance Agency recently made changes to the Home Affordable Refinance Program (HARP). You may qualify for HARP even if your home loan balance is 105-125% higher than the present value of your home.

To qualify, you must not be in the process of foreclosure, and nor have had any delinquent payments in the last 12 months. The loan must be owned by Fannie Mae or Freddie Mac, and you should have a decent credit score. Learn more about HARP.

Have questions? Call us at call 1-800-562-6871 or stop by any Huntington office.