BancorpSouth mortgage review
Choose from low- and no-down payment options, but you can’t apply online.
BancorpSouth offers a nice selection of mortgage options from over 300 branch locations. But with no online application process and little information available online, you can only find out if you meet the eligibility criteria of the loan you want by making an in-person appointment with one of the bank’s mortgage officers.
|Loan products offered||Conventional, Jumbo, FHA, USDA, HELOC, Refinance|
|Minimum credit score||No information available, but most lenders require at least a 620 FICO score for conventional loans|
|Minimum down payment (Conventional)||3%|
|State availability||Only available in: AL, AR, FL, GA, LA, MO, MS, TN, TX|
This lender doesn’t discuss its loan requirements online, but typically your eligibility and interest rate are determined by the following factors:
- Credit history
- Loan-to-value (LTV) ratio of your home
- Your debt-to-income (DTI) ratio
Your only recourse to find out if you meet this bank’s mortgage requirements is to find a branch location and make an appointment with a loan officer.
You’ll need to have the following information ready before you apply for a loan with BancorpSouth:
- A signed request for your tax transcript (Form 4506-T)
- Your most recent pay stub
- Two years of W2s
- Two years of your federal tax return
- Statements for all asset accounts
- Documentation for all monthly expenses
- Estimates of property taxes, insurance and association dues
Costs and fees
This lender doesn’t list its closing costs or fees, but typically you’ll be responsible for the following:
- Appraisal fee
- Application fee
- Tax and title fees
- Credit report fees
- Flood certification fee
- Recording fee
- Loan processing fees
How to apply for a mortgage with BancorpSouth
BancorpSouth doesn’t allow you to apply online. If you select the Pre-Qualify link on the Mortgage page of the website, enter your city and state to find the nearest mortgage lender. Call or make an appointment to start the prequalification process.
What types of mortgages can I get through BancorpSouth?
Other mortgage products offered by BancorpSouth
BancorpSouth also offers the following specialty loans:
- Renovation permanent loan. Borrowers looking to renovate the interior or exterior of their homes can get one closing for both the project and permanent phases of the loan. You can also get a rate reduction if interest rates improve during the construction phase.
- Mortgage refinancing. BancorpSouth allows you to refinance to change your loan’s terms or to cash out on your home’s equity.
- Home equity line of credit (HELOC). Get a variable line of credit to draw against your home’s equity.
- Right@Home loan. If you qualify for this special program, you can get reduced closing costs and up to 100% financing with no private mortgage insurance (PMI). Unfortunately, the eligibility requirements aren’t available until you contact a loan officer.
How BancorpSouth’s mortgage products compare to other lenders
BancorpSouth offers most of the loans you’d expect from a bank its size but doesn’t advertise an option for VA loans. The lender puts emphasis on its low-cost loans for first-time buyers and those who qualify for its Right@Home program, which allows you to finance up to 100% of the property’s value with no PMI requirement and discounts on closing costs.
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BancorpSouth reviews and complaints
As of August 2021, BancorpSouth has a 3.2 out of 5 star rating on WalletHub from 232 reviewers. Negative reviews dominate, with many customers complaining of bad service, excessive overdraft fees and other issues. However, most of these reviews are for bank accounts, not mortgages.
Reviews are harder to come by on the mortgage side, but several loan officers with the bank have received high marks from reviewers on Zillow. The customers who took the time to write reviews praised BancorpSouth’s loan officers for their attention to detail and professionalism.
BancorpSouth isn’t accredited with the Better Business Bureau (BBB), but has a B+ business rating, a 1 out 5 star rating from two customers and seven complaints closed in the past three years. Again, most complaints are related to bank accounts.
Pros and cons of BancorpSouth
- Low down payment options. This lender offers FHA-backed loans with down payments as low as 3%, as well as their Right@Home loan, which may not require any down payment if you qualify.
- Educational resources. BancorpSouth has an entire Advice website filled with articles, quizzes and tools to help you navigate your financial life, including a whole section about mortgages and homeownership.
- Expanding for more locations. This bank’s recent acquisitions and mergers may lead to expanded services, including additional locations in areas where BancorpSouth doesn’t currently have a bank branch.
- No online customer reviews. The lack of customer feedback may mean you won’t know what to look out for when working with this bank.
- No online applications. You have to work with a loan officer to apply and to find out which loan program eligibility requirements you meet.
- Lacks transparency. The limits on this bank’s online presence make it difficult to research whether its mortgage products are right for you without having a discussion with a loan officer.
What is BancorpSouth?
BancorpSouth is a regional bank with over 300 branch locations in nine states in the southeast. As of June 2021, the bank claims to have $27 billion in assets and is headquartered in Tupelo, MS.
But BancorpSouth may expand soon, as it announced its merger with National United and FNB Banks in May of 2021. No details have been released indicating when the integration of these banks will be complete.
Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, Credit.com and MediaFeed.org, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.
BancorpSouth’s mortgage selection gives borrowers many choices, as long as they qualify for some of the bank’s more attractive products, like the low-cost Right@Home program. But the bank’s refusal to include even the most basic eligibility details on its website may lead borrowers to waste time on in-person meetings only to find that they don’t qualify for the loans they wanted.