Regions Bank HELOC and Home Equity Loan Review NextAdvisor with TIME
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The calculations provided by this calculator are based entirely on the information you enter, including any loan amount and/or interest rate. These calculations do not reflect the terms available for any Regions loans or whether you qualify for any Regions loan. The minimum monthly payment required each month for your home equity loan. Regions requires that the collateral for the loan be a primary or secondary residence within a state that the bank serves. Borrowers must also have a minimum of $10,000 in equity on the property. Although the bank offers a handful of home equity benefits, there are a few drawbacks to consider before applying with Regions Bank.
If you’re approved, you’ll need to visit a branch to close your loan. The property must have at least $10,000 equity, and be a primary or secondary residence within a state with a Regions Bank location. Here's a breakdown of some of the benefits and drawbacks of Regions Bank home equity loans.
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That's why we made it so easy to apply for a Home Equity Line of Credit in just minutes. From home improvements to college education and beyond, we offer the financial support to make it all happen. We make it easy to apply for a Home Equity Line of Credit so you can focus on the important things in life. Use your home's equity to make upgrades, take care of needed expenses, or debt consolidation.
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. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Featured New York Home Equity Rates 2022
Even if you can borrow a large amount, that doesn’t mean you should. Over-borrowing against your home is risky and could leave you with negative equity, or owing more than your home is worth, if your house’s value drops. Additionally, the bank requires an LTV of up to 89 percent, and the loan must be a first or second lien on the property. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy. Prequalification isn’t the same as a full loan approval, though it’s a first step.
Some lenders only offer one or the other, so knowing what you’re in the market for can help focus your search. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. This compensation may impact how, where and in what order products appear. Bankrate.com does not include all companies or all available products. Collateral requirements for HELOC borrowers are similar to those for home equity loan customers. HELOC applicants must provide a first or secondary lien interest on the property that’s used as collateral for the loan.
Drawbacks
This transparency around rates and fees can make it easier for homeowners to make good borrowing decisions. 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. Options include interest only payments, a percentage of the outstanding balance or a term equal to the home equity loan term shown above. Allows you peace of mind that your payments will be automatically debited from your checking account each month. If your checking account is a Regions checking account, you may qualify for a rate discount.
To check your rates, you’ll need to create an account with the bank. Regions Bank customers can get rate discounts between 0.25% and 0.50% if they set up automatic payments from their Regions Bank checking account. Regions Bank does not charge closing costs for home equity loans, but you may have to pay closing costs if you borrow a HELOC.
Ways to apply for a Home Equity Line of Credit
At NextAdvisor we’re firm believers in transparency and editorial independence. Editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by our partners. Editorial content from NextAdvisor is separate from TIME editorial content and is created by a different team of writers and editors. With a long list of lenders at your fingertips, you can start to narrow down your options by figuring out whether you need a home equity loan or a HELOC.
Please appreciate that there may be other options available to you than the products, providers or services covered by our service. The bank earns 2.4 stars at Trustpilot, with 177 customer reviews logged. Positive reviews center on customer service, online services and bank practices. Rate discounts are available if you elect to have your monthly payments automatically debited from your Regions checking account through our Automatic Payment Option.
If you opt for a home equity loan with Regions Bank, you can choose a loan term of 7, 10, 15, or 20 years. If, on the other hand, you go with a HELOC, you’ll get a 10-year draw period and a 20-year repayment period. Its home equity loan is available for amounts starting at $10,000 up to $250,000. The bank offers repayment terms of 7, 10, 15 or 20 years at a fixed rate starting at 3.25 percent APR. However, eligible borrowers can receive a rate as low as 3.00 percent APR with autopay.
Though Regions only offers its products in 15 states, it gives customers in these states the flexibility to choose between home equity loans, HELOCs, and rate-lock HELOCs. 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. Regions prides itself on customer service and community-focused corporate culture. If you live in one of the 15 states where Regions offers full financial services and are looking to take advantage of your home equity, Regions Bank could be a great option.
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. Finder monitors and updates our site to ensure that what we’re sharing is clear, honest and current. Our information is based on independent research and may differ from what you see from a financial institution or service provider.
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. We like Regions because of the variety of application options it offers and the ease of applying online. Regions provides several ways to contact customer service, ensuring that customers can get questions answered quickly.
Choose the Right Product
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. Although Regions Bank offers competitive rates to qualified borrowers with strong credit, home equity rates for applicants with lackluster credit are higher than average. Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate.
Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team.
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