Home Equity Lines of Credit

The APR for home equity lines of credit is variable based on Prime plus or minus a margin and can change monthly but will never be higher than 18.0%. "Prime" and "Prime Rate" mean the "Bank Prime Loan" rate published by the Board of Governors of the Federal Reserve System in its statistical release H.15 (510) entitled "Selected Interest Rates." Annual Percentage Rates (APRs) displayed are based on a current Prime Rate of 7.50% as of December 19, 2024. Advertised rates are subject to change at any time.

Depending on customer's qualifications, current APRs range for line amounts as stated above. The lowest advertised rate is for well qualified borrowers with a combined loan-to-value ("CLTV") of no more than 60% in 1st lien position for a primary residence. Not all applicants will qualify for this rate. The APR for which a customer may qualify is subject to application, approval, and acceptable property appraisal and title search, and depends on line amount, credit history, CLTV, lien position, occupancy/property type, property state, and meeting certain underwriting criteria. The maximum CLTV cannot exceed 90%.

There is a Draw Period for 10 years after the account is opened during which advances and purchases may be made, and during which reductions to principal are not required (unless credit limit has been exceeded), followed by a 20-year Repayment Period during which the minimum monthly payments amortize the outstanding balance on the line at the end of the Draw Period.

Insurance must be carried on the real property securing the account, and flood insurance must be carried if the structure on the real property is located in a Special Flood Hazard Area. Borrower-paid title insurance may be required on loan amounts greater than $750,000. Mail-away Fees, which also include a notary fee, range from $125 to $375 and will apply when closing is facilitated by a third-party on Huntington's behalf. In this instance, a $25 courier fee will also apply. In South Carolina, an attorney is required to perform the closing and Huntington will cover up to $375 of the attorney’s fee and $25 of the courier fee, with any additional cost paid by borrower. Customers using a condominium as collateral may be charged a fee by their condo association to complete a questionnaire by the appraisal company. See a banker for more information about current rates and terms.

The home equity line of credit has a $60 annual fee ($50 in MN). The initial fee will be charged on your first billing statement and then annually, thereafter.

^† You have the option to convert your variable rate line to a fixed rate; however, the fixed rate will always be higher. A $75 fee will be charged for each transaction converting an amount from a variable rate to a fixed rate in CO, IL, KY, MI, MN, OH, NC, PA, SC and WI.

The amount of savings realized with debt consolidation varies by loan. Since a home equity line of credit may have a longer term than some of the bills being consolidated, there may not be a savings over the entire time of the line if you make only the minimum payments. Federally Guaranteed Student Loans and other loans with special government benefits should not be consolidated because you may lose the benefits.

All lending products are subject to application and credit approval. Home equity loans and lines also subject to acceptable appraisal and title search.

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