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
Regions Quick Guidessm	Quick Guide to Home Equity EssentiaLine of Credit
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
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
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	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	$500 Early Closure Fee Late fee: 5% of the unpaid payment or $100 (whichever is less)
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