Regions Mortgage Review
A Regions mortgage might be a good option for a first-time homebuyer without much cash saved. Be prepared to do some digging, though, to find loan rates, because that information isn’t available online.
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- Regions Bank has a wide selection of mortgages and home equity lines to consider.
- It isn’t a nationwide mortgage company, only doing business in 15 states.
- It offers customers online articles and tools, including Zelle.
What we like:
Regions offers fixed-rate mortgage loans options, including FHA, VA, and a variety of term lengths so you can find the right one for you.
|Minimum Credit Score||Not disclosed (620 preferred)|
|Minimum Down Payment||Not disclosed|
|Loan Terms||15 or 30 years|
|Other Loan Types||Adjustable-rate (ARM), FHA, VA, construction-to-permanent, and renovation loans. Requirements and terms may vary.|
Home buyers interested in finding a loan that best fit their circumstances may want to explore a Regions Bank mortgage loan. Before you decide, read this Regions mortgage review, which will cover everything you need to know to make an informed decision.
In this review:
- Which home loans does Regions Bank offer?
- Pros & cons of Regions mortgages
- Eligibility & application requirements
- Regions mortgage alternatives
Which home loans does Regions Bank offer?
Before you decide whether a Regions mortgage is right for you, here’s what the bank offers.
Fixed-rate loans are generally for 15- or 30-year terms, although some lenders offer 20-year terms. With fixed-rate loans, the interest rate will remain the same year after year.
>> Read more: 30-Year Mortgage Rates
You may want to consider one of these if you’re buying a house when interest rates are low and you can lock in that great deal.
With adjustable-rate loans, you’ll get a low fixed rate for a short period, usually one, three, five, or seven years. After that fixed-rate term expires, the rate may be adjusted annually according to the market index that it’s tied to.
|Regions Bank ARM mortgage options|
|Available ARM loan terms||1/1, 3/1, 5/1, 7/1, or 10/1|
>> Read more: 5/1 ARM: Best Rates & Lenders
The overall mortgage term can still be stretched out to as much as 30 years with most lenders, you just won’t know for sure what your monthly mortgage payment will be down the road.
FHA and VA loans
Regions offers loans backed by first-time home buyer programs, including FHA and VA loans. That’s great because it can make homeownership more accessible to people with low incomes or less-than-perfect credit.
FHA loans, backed by the U.S. Federal Housing Administration, can be used for refinancing or purchasing a home. VA loans, backed by the Department of Veterans Affairs, can be used for the same, but are only available to active military service members and veterans, and their families.
|Regions Bank First-Time Home Buyer Loans||Min. down payment|
>> Read more: Best VA Lenders: 0% Down for Veterans
Construction-to-permanent and renovation loans
If the house you’re looking at needs substantial construction work, or you’ve decided to build your dream home, look into a construction-to-permanent or renovation loan to cover your costs.
Home construction loans can give you peace of mind that you’ll have the financing to pull off your project. The amount you can borrow for renovations is based on the expected value of the home when it is completed.
If you’re already locked into a mortgage, but your credit score has improved since you took out your home loan, it’s possible that refinancing your mortgage with Regions could lower your rates, saving you money.
Or, if you’re struggling to keep up with monthly payments, you could also refinance to a longer repayment term, reducing how much you owe each month.
Just make sure refinancing is still worth it when you factor in the closing costs (and added interest costs if you extend your loan term). Our mortgage refinance calculator can help you do the math to see if a refi makes sense for you.
Home equity lines of credit and loans
Though not a mortgage, a home equity line of credit (HELOC) or loan lets you borrow money against your home’s equity. This can help you secure affordable rates when you need to finance a big expense, such as renovations or paying off debt.
Regions offers a fixed-rate home equity loan and a HELOC with a fixed rate for six months.
>> Read more: HELOC vs Home Equity Loan: Which Is Right for You?
Pros & cons of a Regions Mortgage
As with any mortgage lender, there are pros and cons to doing business with Regions Bank.
- There are a variety of mortgage loan products to fit most homebuyers.
- It offers online articles and tools you can use to educate yourself about your choices and loan process.
- First-time home buyers who haven’t stashed a lot of cash for their purchase may still be able to buy a home without a major down payment with the Regions FHA mortgage.
- You may be sorely disappointed with the lack of information about terms or rates on Regions’ website. Regions bank mortgage rates aren’t listed anywhere on the website, so you have to reach out to a loan officer for the information you need to determine whether it’s a fit.
- The bank only does business in 15 states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.
- While there are helpful articles about home buying on its website, Regions offers little information about what makes it different from other lending options.
Eligibility & application requirements
Whether you’re eligible for a loan product depends on which type of loan you are applying to receive. But overall, Regions only gives mortgages to those who have fair credit or higher.
To get a mortgage with Regions, you’ll need a sufficient down payment for the loan you’re applying for, and you’ll need to meet the credit score and income requirements imposed by Regions. You can discuss these requirements with a loan officer from Regions.
How to apply for a Regions Bank mortgage loan
You can start the process online by finding a Regions mortgage loan originator near you. You’ll search locally using your ZIP code and get a list of contact information for nearby Regions branches with mortgage lenders.
You’ll contact that loan originator and provide financial documentation. How long it takes to close on the loan will depend in part on how timely you are with providing information.
Other info you’ll need to apply
- Recent tax returns
- Recent pay stubs
- Your Social Security number
- Current bank statements
- Information about the property you’re interested in buying
Regions Mortgage alternatives
You’re going to be entering into a long relationship with the mortgage lender you choose, so you want to be happy with your pick. Shop around before locking into anything.
Check out our list of the best mortgage lenders, and compare prequalified quotes from several before you make a decision. A little extra work comparing your options now could save you thousands over the next few decades.
Author: Shannon Serpette