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 |
| |
|
|
| 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 $500,000 maximum |
$10,000 minimum
$500,000 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 |
Bank pays all closing costs |
| Other Fees |
$100 annual fee1 |
Fees vary by state2 |
1 Home Equity EssentiaLine Disclosure
2 Home Equity Loan Disclosure