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Regions Bank offers a variety of mortgage loan and home equity products in 15 states. But you may want to avoid opening a checking or savings account with Regions Bank because of its high overdraft fees.
Loan products offered | Conventional, FHA, VA, USDA, Home equity/HELOC, Refinance |
---|---|
Minimum credit score | Conventional: 620 FHA: 580 |
Minimum down payment | 3.5% |
State availability | AL, AR, FL, GA, IA, IL, IN, KY, LA, MO, MS, NC, SC, TN, TX |
NMLS # | 174490 |
Eligibility requirements vary by loan program. But to help determine your eligibility, Regions Bank considers your creditworthiness, a ratio of your housing expenses to your income, your loan-to-value (LTV) ratio, and your debt-to-income (DTI) ratio.
Currently, the bank prefers a DTI ratio less than 43%. However, new rules issued by the Consumer Financial Protection Bureau in December 2020 may change the way the bank is able to determine borrower eligibility.
Your loan originator will ask for the following documents with your loan application:
Regions Bank estimates that its closing costs run between 3% to 6% of the loan. You’ll probably see the following expenses as part of your closing costs.
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 by the next business day.
Regions Bank also offers the following products:
Regions offers all the standard conforming and government-backed mortgage products offered by a regional bank, including home equity products and construction loan options. The bank also has a renovations and repairs program that allows you to finance the home’s value after renovation.
As a special reward, the Regions HomeBonus offers from $350 up to $6,500 if you buy or sell a home with an in-network real estate agent from HomeStory. But the program is prohibited in Alaska, Iowa, Louisiana and Missouri, and only available to sellers in Mississippi, Oklahoma and Oregon.
The bank also offers the following mortgage payment assistance options:
Regions Bank customer reviews cover the whole of its banking services and aren’t specific to mortgage products. But as of November 2020, the bank has a rating of 1.1 out of 5 on the Better Business Bureau (BBB) website with 58 customer reviews. The BBB has given Regions an A+ rating for closing 678 customer complaints over the past three years.
Its Trustpilot rating is much higher, scoring 4.3 out of 5 stars with 99 reviews. The most common complaints relate to issues with payment processing.
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.
All numbers based on 2019 nationwide data from the Home Mortgage Disclosure Act.
Loan type | Applications denied | Loans originated | $ Amount (originated loans) |
---|---|---|---|
Conventional | 33,431 | 40,975 | $7,043,655,000 |
FHA | 991 | 2,085 | $360,165,000 |
VA | 175 | 845 | $191,945,000 |
USDA | 118 | 504 | $61,600,000 |
Review by
Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.
Regions Bank can be an attractive option for nonsalaried borrowers who need to use alternative documentation to apply for a loan. The bank also offers a bonus program to help offset costs if you use an in-network real estate agent.
Unfortunately, its banking customers are not satisfied with its customer service and ATMs. So if you choose to get a home loan with Regions Bank, you may consider passing on a checking account.