Regions Bank
- Home equity loans, HELOCs
- 6.375% to 14.00% for HE loans, 7.25% to 14.125% for HELOCs
- N/A
- 888-462-7627
Regions Bank, also known as Regions Financial Corporation, serves both individual and commercial customers throughout the South, Midwest and in Texas. Its personal banking services include checking and savings accounts, mortgages, credit cards, personal loans, and home equity lines of credit, also known HELOCs.
The Birmingham, Alabama-based Regions Bank provides tech-driven convenience via online banking, digital investing and digital money transfers, as well as branch banking at its nearly 1,300 local banks in 15 states. It also provides a variety of resources and calculators on its website to guide customers through any questions they may have about their banking needs.
Regions Bank currently offers two types of home equity financing: A home equity loan, or HELOAN, and a HELOC.
Regions Bank: At a glance
| Types of loans offered | Home equity loan | Home equity line of credit |
|---|---|---|
| APR range | 6.375% to 14.00% | 7.25% to 14.125% |
| Loan amounts | $10,000 to $250,000 | $10,000 to $500,000 |
| Credit score requirements | N/A | N/A |
| Repayment terms | Seven, 10, 15 or 20 years | 30 years (10 year draw period, 20 year repayment period) |
| Fees | No closing costs | Option for closing costs to be covered by bank. If you pay, estimated costs range from $150 to $2,000. |
| Average time for approval | One business day for credit approval; up to 32 days to receive funds | One business day for credit approval; up to 32 days to receive funds |
What we like
- Rate discounts available: Regions offers rate discounts for both its HELOAN and HELOC loans including autopay discounts. This gives you the option to lower your rates.
- No annual fees or closing costs: Most closing costs for both HELOANs and HELOCs are covered by the bank. And its HELOC option doesn’t carry any annual fees.
- HELOC “Loan in a Line” option: Although the HELOC has a variable interest rate, you have the option to lock in a fixed rate for your balance of up to 10 times.
What we don’t like
- Only services 15 states: Regions only offers its home equity products to properties in the following states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee and Texas. If you don’t live in these states, you don’t qualify.
- You must close your loan at a branch: You can apply online or by phone, but you must visit a branch in person to close your HELOAN or HELOC.
- Not available for investment properties: Regions’ HELOANs and HELOCs apply to only primary or secondary properties. They can’t be used for investment properties.
Home equity loan product options
Regions Bank’s HELOAN is a home equity installment loan that’s secured by either the primary or secondary property located in one of the 15 states where the bank operates. The loan amount ranges from as little as $10,000 to as much as $250,000 based on occupancy type, lien position and the debt secured by the property. The HELOAN has a fixed annual percentage rate, or APR, of between 6.625% and 14%, but you can get a fixed rate as low as 6.375% APR if you enroll in auto pay.
The Regions HELOC also must be secured by a primary or secondary residence, but instead of providing a lump sum like the HELOAN, customers have access to a revolving line of credit. Loan amounts range from $10,000 to $500,000. HELOC interest rates are variable and range from 7.25% to 14.125% APR. Just like the HELOAN, the HELOC doesn’t charge an annual fee.
What’s more, Regions offers a “Loan in a line” option for its HELOC account. You’ll be able to lock in a fixed interest rate for any or all outstanding balance you have. You can use this option up to 10 times throughout the life of your HELOC.
Fees
With a Regions HELOAN, the bank covers all closing costs. However, there may be other fees to pay, such as an over-limit fee of $29, a late fee for 5% of the payment amount (between $29 to $100, $15 maximum for Texas residents) and a returned-check fee of $15.
For HELOCs, there’s an option for the bank to cover closing costs. For lines of $250,000 or less, the bank will pay closing costs. If the line is greater, the bank will cover costs of up to $500. Over limit, late and returned check fees also apply for the HELOC. Additionally, you’ll have to pay a $100 fee if you decide to use the “Loan in a Line” option.
How to qualify
For both HELOAN and HELOC options, your property and current debt levels must meet certain bank requirements. The property you use for collateral on your loan or line of credit must either be your primary or secondary residence. Additionally, you must have at least $10,000 in equity when you apply. The property you use for collateral must also be in one of the states that Regions services.
Finally, you must meet certain loan-to-value ratio requirements. For a HELOC you must have an 80% LTV or lower. For a HELOAN, the LTV requirement differs depending on the circumstances of the homeowner but the requirement ranges from 75% to 89%.
Other factors that affect your qualification include credit score, income and other debts you have outstanding. Regions Bank doesn’t specify its credit score minimums, but you can expect that a better score will mean a more favorable rate.
Getting started
Regions provides a few options to apply for a home loan. You can apply for either a HELOAN or a HELOC using its online application. You can also apply via phone by calling 888-462-7627, Monday through Friday from 4 a.m. to 5 p.m. PT or Saturday from 6 a.m. to 12:00 p.m. You can also apply in person by visiting a local branch.
No matter how you apply, you’ll need to gather the appropriate information to fill out the application. Make sure you have your personal details on hand, as well as your income information. You should also gather basic details about your property and current mortgage.
Once you apply, it typically takes one business day for the bank to come to a credit decision. However, sometimes this process can take longer if additional documentation is needed. All decisions are contingent upon income verification, the underwriting process, and verification of flood, property and wind insurance, if they’re required. Once you’re approved, you’ll likely receive your funds within 28 to 32 days.
Both HELOANs and HELOCs require that you visit a local branch for closing. Also, federal regulation requires the bank to wait three business days after closing to give you the funds. If you change your mind within the three days, you’ll legally be able to cancel the transaction.
Customer service
You can contact Regions Bank’s customer service in a variety of ways -- through social media, messaging app, email, by phone or by visiting a local branch. Regions also has an FAQ page on its website where you can find some of the help you need without having to contact a customer service representative.
To speak to a member of the home equity team, call 800-986-2462. For other banking services call the customer service center at 800-734-4667. Online banking support is also available by calling 800-472-2265.
If you prefer communicating via online message, you can find the messaging app in either your online account or mobile app. Regions offers an online messaging service called “Reggie.” Just log in and click “Message us” to start a conversation. For email inquiries, send messages to homeequity@regions.com and a member of the team will return your message within one business day.
You can also reach out to Regions Bank’s customer service team via social media. Follow Regions Bank on Facebook and Twitter and you can get help from a banker. All you have to do is send a message and Regions will get back to you during business hours Monday through Friday, 6 a.m. to 3 p.m. PT, or Saturday, 6 a.m. to 10 a.m. PT.