A Home Equity Loan provides you with a one-time lump sum cash amount. You repay it as you would any other installment loan in fixed monthly payments. These fixed-rate loans guarantee your rate will never change and your payment will never increase. Once you get the money, you cannot borrow further from that loan.
A Home Equity Line of Credit establishes a maximum line of credit which you can draw against by simply writing a check or by using your Regions Platinum Mastercard® or Visa®. You borrow what you need when you need it. As you repay your principal, that money becomes available to borrow over and over again. This means you don't have to reapply every time you need funds.
According to the current tax laws, interest up to $100,000 of debt, secured by the equity in either your principal residence or second home, is fully deductible. However, there are exceptions to every rule. So, check with your tax advisor.
At a Regions branch convenient to you.
Once you close your loan, federal regulations require that we wait three business days before the loan or line of credit proceeds are available to you. During those three days, you have the right to cancel the transaction.
Yes! In addition to our standard variable rate, you can choose our "Loan in a Line" option. The "Loan in a Line" allows you to lock in all (up to your credit limit) or a portion of your Home Equity Line of Credit balances at a fixed rate. This allows you the security of having a fixed rate, a fixed payment and a fixed term. The best part about this feature is that as you pay down your Loan in a Line fixed rate balance, your variable rate line of credit becomes available for future use. Subject to a set up fee and other restrictions.