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suitable for price discounts
regional bank
suitable for price discounts
regional bank
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Products offered:
Home Equity Loans, HELOCs, Rate Locked HELOCs
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Home Equity Loan Terms:
7, 10, 15, or 20 years
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HELOC terms:
Borrowing period 10 years, repayment period 20 years
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Maximum LTV:
80%
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Strong Points
- No closing costs for home equity loans
- Option to apply online, in person, or by phone
- Accessible customer service options
Cons
- HELOCs closing costs
- Nationwide (15 states)
Conclusion
Regions Bank is one of the largest banking, mortgage and wealth management service providers in the United States, serving customers in the South, Midwest and Texas. Regions offers home equity loans and his HELOCs in 15 states. Its HELOC products also come with a rate-locked option for those customers who want it.Home equity loans range from $10,000 to $250,000 and HELOC loans range from $10,000 to $500,000.
For Home Equity Loans and HELOCs, Regions offers rate discounts of 0.25% to 0.5% for those who choose to have their monthly payments automatically deducted from their Regions checking account. There are no closing costs for home equity loans. However, HELOC closing costs range from $150 to $2,000, but if the HELOC amount is $250,000 or less, the region covers these costs.
You can apply for a Regional Home Equity Loan or HELOC online, in person, or over the phone. You must create an account in your region to apply. However, before you create an account, you can use your bank’s own rate calculator to estimate rates and monthly payments.
Regions likes the variety of application options offered and the ease of online application. Regions offers several ways to contact customer service to help customers get their questions answered quickly. Regions only offers products in 15 states, but customers in those states have the flexibility to choose between home equity loans, HELOCs and rate-locked HELOCs.
editorial independence
As with all home equity loans and home equity lines of credit (HELOC) lender reviews, our analysis is not influenced by partnerships or advertising relationships. Click here for more information on scoring methods.
Full Regional Bank Review
If you’re a homeowner in the South, Midwest, or Texas and looking for a home equity loan or home equity line of credit (HELOC), Regions Bank may be a good option. This bank, mortgage and wealth management service provider offers home equity products starting at $10,000 in 15 states. Regions Bank is on our list of the best home equity loans and his HELOC providers thanks to our wide range of home equity products, easy application process and flexible customer support.
Regional Banks: Home Equity Loan Products
Regions Bank offers both Home Equity Loans and Home Equity Lines of Credit (HELOC). A home equity loan allows you to make a lump sum upfront, while a HELOC is a continuous line of credit that you can use as needed. If you choose a home equity loan with Regions Bank, you can choose a loan term of 5, 10, 15, or 20 years. With HELOC, on the other hand, you get a 10-year withdrawal period and a 20-year repayment period.
Regions Bank Home Equity Loans are fixed rate, while HELOCs are variable rate. However, Regions offers a Loan in a Line option that allows him to lock part or all of the HELOC at a fixed interest rate for the duration of the withdrawal period. The minimum loan amount for both home equity loans and HELOCs starts at $10,000, but home equity loans are capped at $250,000 and HELOCs are capped at $500,000. Either way, you can have a loan-to-value ratio of up to 80%.
Regions Bank does not charge closing costs for home equity loans, but you may have to pay closing costs if you borrow a HELOC. Closing costs for HELOCs range from $150 to $2,000, but are covered by the bank if the HELOC amount is $250,000 or less. For lines over $250,000, the bank will incur a closing fee of up to $500. If you cancel your line within 24 months of its opening, you will be charged a third-party termination fee paid by your bank.
Regions Bank customers can receive a rate discount of 0.25% to 0.50% (based on the type of relationship they have with Regions) when they set up automatic payments from their Regions Bank checking account.
Regional Banks: Mortgage Rates and Fees Transparency
Regions Bank offers a great deal of transparency in rates and fees for its home equity products. On its website, you can read various details of both loan types, such as APR and fees. In addition to information on closing costs, banks will also provide details of situational fees such as over-limit fees, late fees, and loan-in-align conversion fees.
This transparency about interest rates and fees makes it easier for homeowners to make good borrowing decisions. Finding a low interest rate is a priority, but you also need to make sure the loan or his HELOC doesn’t come with a lot of fees. Knowing what to expect in advance can help you compare home equity products and find the best deals.
Regions Bank also offers a rate calculator, which you can use to estimate rates and monthly payments. To check the rate, you need to open an account with your bank.
You can apply for a Home Equity Loan or HELOC online, in person, or over the phone. You can contact customer service by phone or email at directloanbyphone@regions.com. If you have a Regions Bank account, you can also send a secure message through your bank’s online banking portal or mobile app.
Regional Banks Compared to Other Home Equity Lenders
| regional bank | TD Bank | PNC Bank | |
|---|---|---|---|
| Do you offer HELOC? | Yes: standard HELOCs, rate-locked HELOCs | Yes: Standard HELOCs, Interest Only HELOCs, Rate Locked HELOCs | Yes: Standard HELOC, Fixed Rate HELOC |
| Do you offer home equity loans? | Yes: 7-, 10-, 15-, or 20-year terms | Yes: 5-, 10-, 15-, 20-, or 30-year terms | No |
| States available | 15 states (Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas) | 15 states (Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia) | 44 states (all states except Alaska, Hawaii, Louisiana, Nevada, Mississippi and South Dakota) |
| Loan amount range | $10,000 – $250,000 Home Equity Loans, $10,000 – $500,000 HELOCs | Home Equity Loans from $10,000 and HELOCs from $25,000 | $10,000 to $1 million |
| HELOC Loan Terms | Borrowing period 10 years, repayment period 20 years | Borrowing period 10 years, repayment period 20 years | Repayment period 5 to 30 years (5 to 20 years for Tennessee) |
| Maximum LTV | 80% | 89.99% | 89.9% (80% or 85% in some states) |
How to Get the Best Home Equity or HELOC Rates
Regions Bank may offer the home equity loan or HELOC you’ve been looking for, but it’s not the only option. Whether you’re looking to shop, or don’t live in one of the 15 states where Regions Bank operates, here are some tips for getting the best rates on your home equity loan or HELOC.
Choose the right product
With our long list of ready-to-go lenders, you can narrow down your options by deciding whether you need a home equity loan or a HELOC. Some lenders only offer one or the other, so knowing what you’re looking for in the market can help you focus your search.
A home equity loan is a type of installment loan that you repay over a period of time. Pay in one lump sum up front and repay in fixed monthly payments over 5 to 30 years. Home equity loans typically carry a constant fixed interest rate for the life of the loan.
A HELOC, on the other hand, is a line of credit that can be drawn on demand. You can borrow as much as you like up to the borrowing limit at any time during the lottery period. Interest is paid only on the amount borrowed, not on the full amount. Some of his HELOCs can make interest-only payments during the lottery period, which often lasts ten years. The normal repayment period is 20 years, during which the amount borrowed plus interest is repaid. Interest rates typically fluctuate, but you may have the option to lock part or all of your balance at a fixed interest rate.
A home equity loan can be good if you know how much you need up front. For example, if you are using the funds to consolidate debt or pay for a single project. HELOCs offer more flexibility and may be better suited for projects with variable or unpredictable costs, such as needing to pay for ongoing home improvements. Be aware, however, that HELOCs with floating rates carry the risk of interest rates (and thus monthly payments) rising unexpectedly if market interest rates rise.
buy multiple lenders
We recommend shopping whenever you take out a loan. Home equity products are no exception. Interest rates, terms, and products vary from lender to lender, so checking rates from multiple lenders can help you find the best deal. Many lenders allow you to prequalify for a loan or her HELOC without affecting your credit score, so you know the interest rate before you apply. If you do submit a full application, be sure to keep your loan shopping in a 45-day window so that the credit bureaus process multiple tough credit checks as he handles one inquiry.
Estimate the cost of a loan
Before you borrow, use our loan calculator to estimate monthly payments and long-term loan costs. Consider the Annual Percentage Rate (APR) rather than just the interest rate, as APR is a more comprehensive term that considers both interest rates and fees. Find affordable loans by comparing monthly repayments and long-term borrowing costs.
borrow as much as you need
Some lenders allow loan-to-value ratios of up to 80% or 90%, but that doesn’t mean you should get the most out of your home equity loan or HELOC. The loan-to-value ratio compares the amount of the loan to the value of the house. Just because you can borrow a lot of money doesn’t mean you have to. Overborrowing your home is risky and can leave you with negative equity or more debt than your home is worth if the value of your home drops.
Plus, if you miss your monthly payments, you risk losing your home to foreclosure. Before you take on debt, it’s always a good idea to have a plan for repayment and if possible rely on savings before resorting to a loan.
improve credit score
Improving your credit score can also help you get the best rates on your home equity loan or HELOC. Lenders look at your credit score, assess your risk as a borrower, and offer the lowest interest rates to borrowers with the highest credit ratings. In the FICO scoring model, good credit scores start at 670 and very good scores start at 740.
Steps you can take to improve your credit score include paying your loans on time, paying off your debt, and reducing your credit utilization. You can also order a free copy of your credit report from AnnualCreditReport.com. If you find any errors, dispute them and have them removed.
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