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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. For HELOCs, there's an option for the bank to cover closing costs. If the line is greater, the bank will cover costs of up to $500.
Borrowers can secure an introductory fixed rate of 0.99 percent APR for the first six months. The HELOC will then be charged at a variable interest rate afterward. Customers who want a fixed rate on their HELOC can convert to Regions’ LNL option for $100. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
How to get a Regions Bank Credit card?
This banking, mortgage, and wealth management service provider offers home equity products in 15 states starting at $10,000. Regions Bank makes our list of the best home equity loan and HELOC providers thanks to its variety of home equity products, easy application process, and flexible customer support. As one of the nation’s largest banking, mortgage, and wealth management service providers, Regions Bank serves customers across the South, Midwest, and Texas. Its HELOC offerings also come with a rate-lock option for customers who want it. Home equity loans have loan amounts of $10,000 to $250,000 and HELOCs have line amounts ranging from $10,000 to $500,000.
Although Regions Bank offers competitive rates to qualified borrowers with strong credit, home equity rates for applicants with lackluster credit are higher than average. Although the bank offers a handful of home equity benefits, there are a few drawbacks to consider before applying with Regions Bank. Whether you’re an existing customer or thinking of applying for home equity financing from Regions, its home equity products offer a few benefits to consider. Prior to the Mortgage Meltdown that began in 2008, subprime mortgages were common that would make loans available to borrowers with virtually any type of credit. But since those loans were the root cause of the Meltdown itself, they largely disappeared. There are constant rumors that they are making a comeback, but it seems to be on a limited basis if it’s happening at all.
Different mortgage types, different minimum credit scores
While finding a low interest rate is a priority, you also want to make sure a loan or HELOC doesn’t come with hefty fees, which could offset your savings from a lower rate. Knowing what to expect upfront can help you compare home equity products and find the best deal. If you prefer communicating via online message, you can find the messaging app in either your online account or mobile app.
We may receive payment from our affiliates for featured placement of their products or services. We may also receive payment if you click on certain links posted on our site. If you selected a home equity loan or HELOC, enter your ZIP code, credit score and information about your current home to see your personalized rates. Use our tool to get personalized estimated rates from top lenders based on your location and financial details. Select whether you’re looking for a Home Equity Loan, HELOC or Cash-Out Refinance. You won’t pay closing fees for a Regions Bank home equity loan or HELOCs of up to $250,000, helping you to cut out the 3% to 6% in fees you’ll find at competitors.
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This article/post contains references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services. A Regions Home Equity Loan is an installment loan that’s secured by a primary or secondary residence. The property must be located in a state where Regions has a branch. Finder monitors and updates our site to ensure that what we’re sharing is clear, honest and current.
Furthermore, there are no contracts and you can cancel at any time. 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.
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For lines greater than $250,000, the bank will cover up to $500 of closing costs. If you close your line within 24 months from opening, you’ll be charged for any third-party closing costs paid for by the bank. In fact, the lender may charge a slightly higher rate to a doctor since private mortgage insurance is not required. If you have negative items on your credit report, you’ll want to get them removed as quickly as possible. Most negative items stay on your credit report and hurt your credit scores for about seven years.
The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information. That said, some lenders might go a little below – but probably not lower than 580 – if you are otherwise a strong borrower. That doesn’t guarantee all lenders will accept a credit score as low as 580 on all loans. If your loan is considered a higher risk, the lender may impose a minimum score of 620.
On the "Account Details" tab of Online Banking, click "Make a Payment" below your credit card balance to make a payment to your Regions credit card. You then have the option to make the payment from an account at another financial institution. You can apply for a Regions home equity loan or HELOC online, in-person, or over the phone. Before you create an account, though, you can use the bank’s own rate calculator to estimate your rate and monthly payment amount. The good thing about Regions’ physician loan is they offer 100% financing and don’t require you to purchase mortgage insurance. However, both things are expected in a physician loan program so there’s more to consider.
Everyone knows credit scores are important in the mortgage borrowing process. There are different mortgage types, and each has a minimum credit score requirement just to get your loan approved. Regions offers very competitive rates and a higher LTV than most other lenders. The phone service is a bit lacking, but their website has lots of useful information to help you get a handle on the different products they offer.
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