| 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 Guidessm |
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| 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 |
Rates range from 4.50% APR up to 11.50% APR
Option to convert balances into a fixed rate by the Loan in a Line feature. |
Fixed rate of 3.50% APR up to 8.25% APR depending on lien position |
| Loan Amount |
$5,000 up $600,000 depending on lien position and LTV |
$5,000 up to $300,000 depending on lien position and LTV
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| Term Options |
10 year draw period and 10 year repayment period |
- 1st Lien Position: 7, 10, 15 years repayment period
- 2nd Lien Position: 15 years repayment period
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| Monthly Payments |
- During draw period: 1.5% of the current
outstanding balance or $50, whichever is greater
- During repayment period: fixed payments
to repay balance over 10 years
- For Loan in a Line: Fixed payments
to repay loan balance over the loan term
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Fixed payments to repay loan balance over the term of loan |
| Closing Costs |
Bank waives or pays all closing costs on lines up to $250,000 |
Bank pays or waives all closing costs |
| Other Fees |
- $100 annual inactivity Fee
- $500 Early Closure Fee
- $29 overlimit fee
- Late fee: 5% of payment amount
($29 minimum, $100 maximum)
- $100 Conversion Fee for each Loan in a Line
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$500 Early Closure Fee
- Late fee: 5% of the unpaid payment or $100 (whichever is less)
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| Required Loan to Value Ratio |
Up to 80% Loan to Value |
Up to 80% Loan to Value |
| Interest Rate Discount for having Regions Checking Account |
Yes, with average daily balance of at least $10,000 |
Yes, with average daily balance of at least $10,000 based on lien position. |
| 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 |