Buying a Home / Refinancing

Buying or Refinancing a Home

Whether buying a new home, or refinancing, Regions is here to help you with your home financing needs. We’ve provided some information below to help you learn more about making this important decision.

• Learn about the mortgage loan process to have a better understanding of what you can expect.

Buying a Home

Buying a home is the single largest purchase and investment most of us will ever make. At some point in our lives, we all consider buying a home—whether as a primary residence, second home or investment property. When your home search gets serious, it is a good idea to meet with your mortgage lender to determine if a pre-qualification or a pre-approval would help you in your search.

• Learn about the difference between Pre-Qualification & Pre-Approval
• Should you get a Home Inspection prior to closing?
  A pre-purchase home inspection, performed by a professional, is a visual examination of most readily accessible areas of a home to provide an evaluation of the home’s condition at the time of inspection. This evaluation is presented to the buyer in a detailed report so buyers are informed of the home’s condition prior to purchase. While Regions does not require a home inspection, it is highly recommended.

Refinancing a Home

Learn more about when it makes sense to refinance your current mortgage loan with a new loan. Making the decision to refinance your mortgage is often based on several factors that may include whether you can:

• Take advantage of lower interest rates.
• Reduce interest rate risk by switching from an adjustable-rate or balloon loan to a fixed-rate loan.
• Reduce the amount of interest paid over the life of your loan by shortening the term of your loan.
• Pay off your home sooner by reducing the term of your loan.
• Take advantage of available equity in your home to pay off other debts or make improvements to your home.

A couple of items to remember about refinancing your mortgage:

• Refinancing a mortgage does incur closing costs, which are typically financed into your loan amount.
• It is important you continue to make your current monthly mortgage payment on a timely basis until the mortgage refinance transaction is complete.