Compare Home Equity Loans & Lines of Credit

Compare home equity loans

Home Equity Loan Annual Percentage Rates (APRs) currently range from 6.75-14.125%, depending on several factors, including occupancy type, lien position, credit score/history, LTV ratio, and loan term. Repayment Example 1: $50,000 loan, 10-year term, 6.75% APR, 120 monthly payments of $574.12. Repayment Example 2: $50,000 loan, 15-year term, 14.125% APR, 180 monthly payments of $670.08. These payments do not include taxes and insurance premiums. Actual payments may be greater if property insurance (including flood insurance if applicable) is required.
LTV is the ratio of the new loan plus all other debt secured by your residence compared to the fair market value of your residence. The maximum LTV for your loan will be based on your credit history/score, lien position, occupancy type, how the amount of your total debt compares to the amount of income available for repayment and other criteria. Maximum LTV examples for well-qualified borrowers:
1. First mortgage/primary residence: 89%
2. Second mortgage/primary residence: 85%
3. First mortgage/secondary residence: 75%
4. Second mortgage/secondary residence: 75%
When homes located in Texas are pledged as collateral, the total indebtedness (including the HELOAN) secured by your home cannot exceed 80% of your home’s fair market value.
Subject to credit approval, documentation, collateral, and other requirements. The APR is based on the Wall Street Journal prime rate (8.50% as of 07/27/2023), plus a margin. Your APR will never be more than 18% or less than 3.75% or increase or decrease by more than 5.00 percentage points annually. Your APR will be based on several factors, including your credit history, credit score, loan-to-value ratio, property type, loan amount and lien status.
Closing Costs: Estimated closing costs of $150 to $4,000. Regions pays closing costs for lines of $250,000 or less, and up to $500 for lines greater than $250,000. If your line is terminated within 24 months of the opening date, third-party closing costs paid by Regions will be charged to the line. Consult your tax advisor about the deductibility of interest and other costs.
Rate discounts are available on HELOCs if you elect to have your monthly payments automatically debited from your Regions deposit account through our automatic payment option. Rate discount must be applied prior to loan closing and is not available if you enroll in auto debit at a later date. The amount of the discount varies based on your type of relationship with Regions, ranging from 0.25% up to 0.50%. If you sign up for automatic payment deductions and if those automatic deductions are discontinued by you or us at any time, the APR may increase by the discount amount.
Collateral: You must provide an enforceable first or second lien security interest in your primary or secondary residence with at least $10,000 of equity. The ratio of the new loan plus all other debt secured by your residence compared to the fair market value of your residence must not exceed 80%. Property insurance, including flood insurance if applicable, is required. Texas Only: A minimum $4,000 draw is required for Texas Home Equity Lines. The total indebtedness secured by the residence (including the Line) cannot exceed 80% of the fair market value of the home. Prepayment penalty not applicable to Lines secured by a Texas residence.
Repayment: For Loan-in-a-Line balances, fixed monthly payments are amortized over the elected term.