Mortgage Loan Options

Mortgages
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Fixed Rate Mortgage

A Fixed Rate Mortgage offers you the security of having the same interest rate over the life of the loan. A variety of loan terms are available, but fixed rate mortgages are normally 15 or 30 years.


Adjustable Rate Mortgage (ARM)

Adjustable Rate Mortgages (ARM) may provide you with the flexibility of a lower starting interest rate and initial monthly payment. It is important to keep in mind the rate adjusts based on market rates, and fluctuates periodically based on financial market conditions, which may result in a higher monthly payment. Adjustable Rate Mortgages (ARM) have an interest rate that is fixed for an initial period (1, 3, 5, 7 or 10 years) and becomes adjustable annually for the remainder of the loan term. For example, a 5/1 ARM would have a fixed interest rate for the first five years and then the rate will adjust annually for the remaining term of the loan.


Affordable Home Loan Programs

Regions also offers several affordable home loan programs that feature flexible qualifying criteria. Borrowers can make a lower down payment than would otherwise be required and/or pay lower closing costs. Subsidies can come from a variety of sources including grants, unsecured or secured loans from non-profit organizations, government agencies or corporations. These home loan programs are available to borrowers who meet certain income requirements.

FHA Fixed Rate Loans

FHA loans are insured by the Federal Housing Administration (FHA), and are available for purchase and refinance loans. They offer a low down payment and fixed monthly payments, and are popular with first-time home buyers who may not qualify for other loan programs.

VA Fixed Rate Loans

VA loans are available to US service members and veterans, and are guaranteed by the US Department of Veteran Affairs. VA loans can be used as a purchase or refinance loan for a primary residence. They require a low down payment and offer fixed monthly payments.


First Time Home Buyers

Regions offers a variety of options for first-time home buyers who need a loan with lower down payment requirements or lower closing costs.


Construction-to-Permanent and Renovation Loan

Building a new home or purchasing a home under construction is a big commitment requiring time and money. Fortunately, we offer great construction loan options to help make the process as easy as possible.

If you are planning to build a new home...

Take advantage of our "One-Time-Closing Construction-to-Permanent Program" to finance the construction of a new home and convert to a permanent loan when construction is complete.The loan is approved and closed before construction begins. You'll have one closing, one set of closing costs and one loan.

Construction-to-Permanent loans are available for fixed rate or adjustable rate mortgages. Buyers are charged interest on funds as they are drawn to pay for construction costs.

Lean more about the Construction-to-Permanent Loan Process

If you are renovating an existing home...

The "Renovation & Repair Program" is a single-close construction loan that is specifically designed for home owners who want perform renovations or make repairs. Financing is available for new and refinance loans, and the amount is based on the "as complete" value of the home.


Home Affordable Refinance Program (HARP)

The Home Affordable Refinance Program (HARP) is a mortgage refinance program created by the Federal Housing Finance Agency (FHA) in 2009 to help homeowners with mortgages backed by Fannie Mae or Freddie Mac that were originated prior to May 31, 2009. HARP helps borrowers who have little equity in their home or owe more than their home is worth, refinance to a more affordable mortgage.The program has been extended until December 31, 2018. Please visit our HARP page for more information.

Regions Mortgage is here to help you with your home financing needs.