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Home Equity Loan and Line of Credit

At Regions Bank we believe life is an adventure and we want to be there to assist you every step of the way. Whether those steps lead you to creating that dream kitchen or buying a new convertible, the equity you have built in your home can provide you with financing options.

Compare Accounts - Home Equity Loan and Line of Credit
Features and Benefits Home Equity EssentiaLine of Credit Home Equity Loan
 
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Regions Quick Guides®
Product Features
Reusable line of credit secured by the equity in your home. Funds can be used for multiple purposes like college expenses, home improvements, vacation, etc.
Loan secured by the equity in your home. Funds can be used for multiple purposes like college expenses, home improvements, vacation, etc.
Lien Position
1st or 2nd Lien Position
1st or 2nd Lien Position
Annual Percentage Rate (APR) Options
(effective 12/01/2013)
  • Initial non-discounted APRs range from 3.75% up to 11.00% APR (depending on credit history, LTV, property type and lien position)1
  • Variable APR min 3.75% and max APR 18.00%1
  • Option to convert balances into a fixed rate by the Loan in a Line feature.

Initial non-discounted APRs range from 3.75% up to 8.00% APR  (depending on credit history, LTV, property type and lien position) 1

Loan Amount
$5,000 up $600,000 depending on lien position and LTV
$5,000 up to $250,000 depending on lien position and LTV
Term Options
10 year draw period and 10 year repayment period
  • 1st Lien Position: 7, 10, 15 years repayment period
  • 2nd Lien Position: 7,10, 15 years repayment period
Monthly Payments
(not including insurance, taxes or flood insurance)
  • During draw period: 1.5% of the current outstanding balance or $50, whichever is greater
  • During repayment period: fixed payments to fully repay balance over 10 years
  • For Loan in a Line: Fixed payments to repay loan balance over available loan terms
  • Fixed payments to repay loan balance over the term of loan
  • Calculate what your payments will be.
Closing Costs
  • Bank waives or pays all closing costs on lines up to $250,000
  • Regions pays up to $500 of closing costs for loans over $250,000. Estimated closing costs are between $150 and $2,000.
Bank pays or waives all closing costs
Other Fees
  • $100 annual inactivity Fee2
  • If your line closes within 24 months from the opening date, any third party closing costs paid by Regions will be charged to your line.2
  • $29 overlimit fee
  • Late fee: 5% of payment amount
    ($29 minimum, $100 maximum)
  • $100 Conversion Fee for each Loan in a Line
  • Late fee: 5% of the unpaid payment or $100 (whichever is less)
Required Loan to Value Ratio2
Up to 80% Loan to Value
Up to 80% Loan to Value
Rate Discounts Available
Yes
Yes, for second lien positions.
Access to Funds
Convenience Checks, Visa Platinum Access Card (except in Texas), Online, Phone, or at Branch
Funds provided in one lump sum
Interest may be tax deductible
Yes, but consult your tax adviser
Yes, but consult your tax adviser

 

1. * Annual Percentage Rate (APR): APR will vary based on The Wall Street Journal prime rate (which was 3.25% as of 4/16/14), but will never be more than 18% or less than 3.75%. Your APR will be based on several factors, including your credit history, loan-to-value ratio, property type, and lien status. Receive a 0.25% rate discount for opting into the Automatic Payment Option in which Regions will automatically debit the monthly payments from a Regions checking account; or receive a 0.50% rate discount for opting into the Automatic Payment Option and maintaining total deposits with Regions of $10,000 or more. If you receive the discount for the Automatic Payment Option and if the automatic debit is discontinued at any time during the repayment of the loan, for any reason whatsoever, the APR may increase by the amount of the discount you received.

2. TEXAS LIMITATIONS: A minimum $4,000 draw is required for Texas Home Equity Lines. The amount of the Line cannot exceed 50% of the fair market value of the residence. The total indebtedness secured by the residence (including the Line) cannot exceed 80% of the fair market value of the home. Inactivity fee and prepayment penalty not applicable to Lines secured by a Texas residence. Visa Platinum Access card is not available in Texas.

Call 1-800-REGIONS