Regions Equity EssentiaLine is a flexible, renewable line of credit secured by the equity in your home. Competitive rates and convenient access are just a few of the features the EssentiaLine offers. A Home Equity Line of Credit is a great way to fund home improvements or pay for college tuition and other major financial demands.
Home Equity Line of Credit features:
- Recent non-discounted rates range from 4.50% APR up to 10.99% APR1
- Variable Rates with a minimum APR of 3.75% and a maximum APR of 18.00%1
- Rate discounts available for qualifying customers1
- 2.99% APR Introductory Rate for 12 months
- No minimum draw required
- Money can be used however you see fit
- Funds available all at once or in increments, right away or at a later date
- Funds can be accessed at a Regions branch, using EssentiaLine checks, at an ATM, thru Online Banking, Visa® Platinum card (excluding Texas) or by calling Regions Revolving Credit at 1-800-231-7493.
- Regions pays all closing costs on lines up to $250,0002
- No annual fee for the first year2
- Interest may be tax-deductible3
Regions Quick Guide to Your Home Equity EssentiaLine of Credit
Use our convenient calculators to determine how much you can borrow and more.
To find out more about the Regions Home Equity Line call 1-888-IN-A-SNAP to speak with a Regions representative, or visit your local branch.
Learn More about our Home Equity Loans and Line of Credit
Loan in a Line
In today's economy, everybody is thinking about ways to save, which is why the Loan in a Line option for your Home Equity Line of Credit may be just what you need if you're looking for predictable payments and a predictable repayment term. Loan in a Line allows you to convert all or a portion of your outstanding balance to a fixed rate with a fixed term.
The Loan in a Line offers:
- Peace of mind and stability – unlike a variable rate that can fluctuate, you'll always know what your rate and payment will be
- Savings – when you lock in a low rate today, you can potentially save a significant amount of money over time if rates increase
- Flexibility – you can choose to lock in all or a portion of your balance. As you pay down your Loan in a Line balance, the difference becomes available again as credit tied to your original variable rate.
If you wish to lock in at a fixed rate on your current Regions Home Equity Line of Credit, or talk to our specialists to find the best option to meet your needs, just call 1.888.IN.A.SNAP or drop by your local branch today.
Home Equity Lines (EssentiaLine) Disclosure
1. INTRODUCTORY RATE: For each of your first twelve (12) billing cycles, the monthly Periodic Rate for new transactions, except those made to cover overdrafts in your designated checking account, will be an ANNUAL PERCENTAGE RATE (APY) of 2.99%. Beginning with your thirteenth (13th) billing cycle the Periodic Rate and the corresponding ANNUAL PERCENTAGE RATE for all transactions and balances will be based upon your contracted rate which will be a variable rate based upon The Wall Street Journal prime rate which was 3.50% as of 04/12/2016, but will never be more than 18% or less than 3.75%. Your APR will be based on several factors, including your credit history, loan to value ratio, property type, and lien status. Non-discounted APRs as of 12/21/2015 ranged from 4.50% to 10.99% APR. Introductory Rate Discontinued for Payment Default will take effect on the first day of the billing cycle following the sixty-first (61st) day of delinquency. If you exercise your option to convert all or part of the balance in your Credit Line Account to a fixed rate as provided in the “Conversion Option” section of the Agreement, the Introductory Rate will not apply to any balance so converted. Your first billing cycle after the date of the Agreement may be less than a full or complete billing cycle. No other discounts apply to the Introductory Rate. Other discounts based upon your other Regions relationships may apply after the Introductory Rate period, talk to your Regions representative.
2. OTHER COSTS OR FEES: Closing costs are estimated to range between $150 and $2,000, and Regions will pay closing costs for Lines of $250,000 or less. For Lines greater than $250,000, Regions will pay up to $500 in closing costs. If you terminate your Line within 24 months from the account opening date, third party closing costs paid by Regions will be charged back to your Line. The $100 inactivity fee is waived the first year and, as long as you receive at least one advance every year, for each subsequent year. Other fees could include an Overlimit fee of $29, a late fee of 5% of the payment amount ($29 minimum, $100 maximum) and a Loan in a Line conversion fee of $100.
3. OTHER REQUIREMENTS: To obtain a Line, a) you must provide an enforceable security interest in your primary or secondary residence located in a state in which Regions maintains a retail branch,
b) your equity interest in that residence must be at least $10,000, and c) at the time of the account opening, the ratio of all debt secured by the residence (including any Line you obtain from us) to the fair market value of that residence must not exceed 80%. Account is subject to a 10-year draw period, followed by a 10-year repayment period. Property insurance required, including flood insurance if applicable. Consult your tax adviser about the deductibility of interest and other costs. All loans and lines are subject to credit approval. All terms are subject to change. Other legal requirements must be met. Not available in all states.
4. TEXAS LIMITATIONS: A minimum $4,000 draw is required for Texas Home Equity Lines. The amount of the Line cannot exceed 50% of the fair market value of the residence. The total indebtedness secured by the residence (including the Line) cannot exceed 80% of the fair market value of the home. Inactivity fee and prepayment penalty not applicable to Lines secured by a Texas residence. Visa Platinum Access card is not available in Texas.
5. Monthly Payments: During the Draw period your minimum monthly payment will be 1.5% of the current outstanding balance or $50 whichever is greater. During the Repayment period your outstanding balances will be amortized over ten years. For loan in a line balances the fixed monthly payments are amortized over the chosen loan in a line term.