Buying a Home / Refinancing

Mortgages

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.

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.