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Line vs. Loan Comparison

Life is an adventure.

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.

Home Equity Line vs. Home Equity Loan Comparison

Features and Benefits

Home Equity Line

Home Equity Loan

 
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Use Reusable line of credit secured by a home; funds can be used for any purpose – college tuition/expenses, home improvements, vacation, etc. Loan secured by a home; funds can be used for any purpose – college tuition/expenses, home improvements, vacation, etc.
Monthly Payments Flexible, based on current outstanding balance Predictable fixed payments
Rate Options Variable Fixed
Term Options 20 years1 Payments Amortized up to 15 years2
Access to Funds Easy access to approved funds by convenience check, Visa Platinum Access card, online,  phone, or at branch Funds received in one lump sum
Loan Amount $10,000 minimum $600,000 maximum $10,000 minimum
$600,000 maximum
Loan to Value Ratios Up to 80% Loan to Value1 Up to 80% Loan to Value2
Interest may be tax deductible Yes1 Yes2
Closing Costs No Closing Costs on Lines up to $250,0001 Closing Costs Apply2
Other Fees $50 annual fee1 Fees vary by state2

1 Home Equity Essentialine Disclosure
2 Home Equity Loan Disclosure