Regions Bank
- Home equity loan, HELOC
- Home equity loan: From 6.75%; HELOC: From 9% (see website for introductory offers)
- N/A
- 888-462-7627
Regions Bank, also known as Regions Financial Corporation, serves customers throughout the South, Midwest and in Texas. In addition to checking and savings accounts, the bank also offers credit cards, personal loans, mortgages, home equity loans and home equity lines of credit.
Regions Bank allows you to tap into your home’s equity online or at one of its nearly 1,300 local branches across 15 states. It provides homeowners with a variety of resources and calculators on its website to guide them through the loan process.
Regions Bank made our list of the top home equity loan and HELOC lenders for its range of loan offerings, smooth application process and customer service.
Regions Bank: At a glance
| Types of loans offered | Home equity loan, HELOC, Loan in a Line HELOC feature |
| APR range | Home equity loan: From 6.75% HELOC: From 9% (see website for introductory offers) |
| Loan amounts | Home equity loan: $10,000 to $250,000 HELOC: $10,000 to $500,000 |
| Repayment terms | Home equity loan: 10, 15 or 20 years HELOC: 10-year draw period, 20-year repayment period |
| Minimum credit score | Not disclosed |
| Average time for approval | One business day for credit approval; up to 32 days to receive funds |
Pros
Rate discounts available for HELOCs: Regions offers a 0.25% rate discount on your HELOC when you enroll in autopay.
No annual fees or closing costs: Regions Bank will cover most closing costs for both home equity loans and HELOCs. Plus, its HELOC doesn’t have an annual fee.
Loan-in-a-line HELOC option: You have the option to lock in a fixed rate on a portion of your HELOC balance.
Cons
Only available in 15 states: Regions offers its home equity products only to properties in the following states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee and Texas.
Not available for investment properties: Regions can only provide a home equity loan or HELOC for a primary or secondary residence, not for investment properties.
Home equity loan product options
Home equity loan: You can get a home equity loan with Regions on a primary or secondary residence. You can borrow anywhere from $10,000 to $250,000 depending on your loan-to-value ratio, occupancy type, loan terms and credit score.
HELOC: The Regions HELOC also must be secured by a primary or secondary residence, but instead of providing a lump sum like a home equity loan, customers have access to a revolving line of credit. Loan amounts range from $10,000 to $500,000.
Loan in-a line HELOC: Regions offers a rate-lock HELOC option, which it calls a Loan in a Line. You’ll be able to lock in a fixed interest rate for any or all outstanding balances. You can have up to 10 locks on your balance at any given time.
Fees
The bank covers all closing costs for home equity loans and HELOCs with balances under $250,000. However, there may be other fees to pay, such as a late fee of 5% of the payment amount (between $29 and $100).
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-the-limit and late 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 home equity loan 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. 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 home equity loan, the LTV requirement differs depending on the homeowner’s circumstances, but the requirement ranges from 75% to 89%.
Other factors that affect your qualifications include credit score, income, and other outstanding debts. Regions Bank doesn’t specify its credit score minimums, but you can expect that a better score will mean a more favorable rate.
Applying for a home equity loan or HELOC with Regions Bank
Regions Bank provides a few options to apply for a home loan. You can apply for either a home equity loan 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 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 complete 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 the process can take longer if additional documentation is needed. Decisions are contingent upon income verification, the underwriting process, and verification of flood, property and wind insurance, if they’re required. Once approved, you’ll likely receive your funds within 28 to 32 days.
Also, federal regulation requires the bank to wait three business days after closing to give you the funds. If you change your mind within three days, you’ll legally be able to cancel the transaction.
Customer service
You can contact Regions Bank’s customer service in various ways, such as through social media, messaging apps, email, phone or 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 contact Regions Bank’s customer service team via social media. Follow Regions Bank on Facebook and Twitter to get help from a banker. 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.
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