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Regions Bank mortgage review
An FDIC-insured bank that services the South and the Midwest United States.
Regions Bank can be a good option for self-employed and commission-based borrowers. Its underwriting requirements let you submit other documentation instead of a W-2 form. But you may want to avoid opening a checking or savings account with Regions Bank because of its high overdraft fees.
Details
| Loan types | Conventional, Refinance, HELOC, FHA, VA, USDA |
|---|
Pros
- Well capitalized with multiple branch locations
- Offers mortgage payment assistance
- Smooth and easy loan application
Cons
- Negative customer reviews on the BBB about banking services
- Possible account mistakes
On the other hand, Regions Bank has 1 out of 5 stars on the Better Business Bureau (BBB). It is accredited with the BBB and holds an A+ rating because of its quick response to customer complaints.
It’s worth noting that it sends a blanket response simply stating that it has sent the customer a letter and considers the matter resolved. Users mainly complain about Regions banking services and ATMs that eat money and debit cards.
What types of loans does Regions Bank offer?
- Conventional. Fixed- and adjustable-rate options for mortgages with loan terms up to 30 years.
- FHA. Insured by the FHA, these fixed-rate loans have down payments as low as 3.5%.
- VA. Guaranteed by the VA, these fixed-rate loans are available to US service members and veterans.
- USDA. Guaranteed by the Department of Rural Development, borrowers can receive up to 100% financing for properties in a designated USDA rural area.
Other loans offered by Regions Bank
- Refinance. You can refinance your mortgage and replace it with a new one. A cash-out refinance lets you refinance for more than you owe on your existing mortgage, giving you the difference in cash.
- Home equity loan. You can borrow money with a home equity loan by using your property as collateral. The fixed interest rate can be as low as 3.75% APR with autopay.
- HELOC. A HELOC is a revolving line of credit that uses your home as collateral. It has a variable APR, with rates between 4.50% and 11.88% APR.
- Construction. Construction and renovation loans that bundle the construction loan and permanent mortgage into one loan with one set of closing costs.
Regions Bank fees
Regions Bank estimates that its closing costs run between $150 and $2,000. You’ll probably see the following expenses as part of your closing costs.
- Loan origination fee
- Appraisal fee
- Attorney fee
- Title report fee
- Survey fee
- Deed recording fee
- Credit report fee
- Home inspection fee
Mortgage Payment Assistance Options
- Repayment plan. This plan is for borrowers who have experienced short-term financial difficulty. It allows you to resume making your regular payments and an additional amount to bring your loan current again.
- Special Forbearance. This option temporarily suspends or reduces your payment amount. Once your situation improves, Regions Bank will discuss options to bring your loan current again.
- Mortgage Loan Modification. This program changes the terms of your loan to help make payments more affordable.
Regions HomeBonus
If you buy or sell a home with an in-network real estate agent from HomeStory, you can get up to $6,500. This reward is prohibited by law in Alaska, Iowa, Louisiana and Missouri. HomeBonus is not available for buyers in Mississippi, Oklahoma and Oregon.
Requirements
Eligibility requirements vary by loan program. But Regions Bank prefers borrowers with a loan-to-value (LTV) ratio of 80% and a debt-to-income (DTI) ratio less than 43%.
Documentation
Your loan originator will ask for the following documents with your loan application:
- History of residence for the last two years
- Landlord contact information from the previous two years
- Employment history for the last two years
- Most recent two years’ W-2 statements and two recent pay stubs for salaried borrowers
- 1040 tax forms and YTD income statements from the last two years for commission-based applicants
- Tax returns, Profit and Loss Statements and Balance Sheets from the last two years for self-employed applicants
- Two most recent bank statements
How to get a home loan with Regions Bank
You can apply for a home loan with Regions Bank online. If you have any questions about your application, you can call 800-504-3275 or email hldonlineapplication@regions.com. You should get an email response within the same business day or next business day.
- On Regions Bank’s homepage, click the Personal tab, Borrow in the drop-down menu and then click Mortgages.
- Under Get Started, click Apply Now.
- On the Regions Mortgage Application page, click Get Started.
- Click Acknowledge indicating that you understand that Regions Bank will ask for personal information to identify you.
- Select whether you’re a new or current customer and fill out your personal information, such as your name, phone number and Social Security number.
- Follow the prompts to input details about your income and assets.
- Once you submit your application, a loan officer should contact you within three business days.
Pros and cons of Regions Bank
Pros
- Well capitalized with multiple branch locations. The Federal Reserve found that Regions Bank has adequate financial resources and future earnings prospect. In 2019, it had 1,477 branches in 15 states and received approval to open more branches in Georgia, Illinois, Missouri, Tennessee and Texas.
- Offers mortgage payment assistance. For borrowers who are struggling to pay their mortgage, Regions Bank can offer some assistance programs to try to keep you in your home.
- Smooth and easy loan application. Customers report the loan application is smooth and easy. And if they had any issues, customer service was helpful and quick.
Cons
- Negative customer reviews on the BBB about banking services. Although it may seem convenient to bank and get a mortgage from the same company, current customers don’t recommend banking at Regions Bank.
- Possible account mistakes. A few customers report errors and mistakes on their loans, such as failing to post payments to accounts and incorrectly posting principal-only payments.
Compare other mortgage lenders
What is Regions Bank?
Regions Financial Corporation began as a multibank holding company in Alabama. It now serves customers across the South and Midwest by providing banking services, wealth management and mortgage products. Regions Financial Corporation is part of the S&P 500 Index.
Frequently asked questions
Expert review
Review by
Kimberly Ellis
kimberly.ellis@findercrew.comKimberly Ellis is a writer at Finder specializing in home loans. She hails from New York City with a BA from Queens College. She has written extensively about the real estate and finance industries. Kimberly is also a language lover and aspiring polyglot.
Expert review
Regions Bank loan customers are happy with the loan process and its customer service. Regions Bank is an attractive option because it is willing to work with self-employed and commission-based borrowers.
Unfortunately, its banking customers are not satisfied with its customer service and ATMs. So it may be better to go for the home loan with Regions Bank, but pass on the checking account.