Whether you're looking to make home improvements, consolidate debt, refinance your existing mortgage or fund a large purchase, Regions can help with simple and smart borrowing options.
Regions' Home Equity Loans provide easy solutions with no closing costs, fixed rates for the life of the loan and low rates. How's that for peace of mind?
A Regions Home Equity Loan (HELOAN) offers you the choice of flexible terms and the convenience of a fixed monthly payment:
- You can get a very competitive interest rate - as low as 3.00% APR1 up to 10.00% APR
- You can choose from a variety of terms - 7, 10 or 15 years
- 3.00% APR is available to the best qualified borrowers for an 80% loan-to-value (LTV), 7-year, first lien loan (no other mortgages on the property), who elect automatically debited loan payments from a qualifying Regions checking account
- Loan amounts can range from $10,000 to $250,000 - depending on property type and lien position
- You can borrow up to 80% - 89% of your home's value2
- Regions will pay or waive all closing costs
- A fixed rate over the life of your loan means no surprises and no loan payment increases
- Payments are fixed for the life of the loan - with no balloon payments
- Loan amount is distributed in one lump sum
- Loan amount can be used however you see fit
- Interest may be tax deductible. Consult your tax advisor about the deductibility of interest and other charges.
If you're ready to apply for a Home Equity Loan, please stop by one of our branches or call 1-888-IN-A-SNAP to talk to our loan experts.
Regions Quick Guide to Your Home Equity Loan
We also offer other options, including mortgages and home equity lines of credit.
All loans are subject to credit approval; terms, conditions, underwriting, and documentation requirements; and limitations on the amount of the loan that are based upon the ratio of your total debt obligation to amount of income available to repay your debt (debt to income ratio).
1. The Annual Percentage Rates (APRs) currently range from 3.00% - 10.00%, depending on several factors, including property type, lien position, credit score, credit history, loan-to-value (LTV) ratio and term of the loan, and election for a 0.25% discount by having monthly payments auto-debited from your qualifying Regions checking account. APRs are effective as of May 2, 2016 and are subject to change at any time. Repayment terms are based on the APR, amount financed and loan term. For example, with a 7-year, first lien Home Equity Loan of $50,000 at a discounted APR of 3.00% and an LTV of 80%, you would make 84 monthly payments of $660.67. With a 15-year, second lien Home Equity Loan of $50,000 at an APR of 10.00% and an LTV of 80%, you would make 180 monthly payments of $537.30. These payments do not include taxes and insurance premiums. Actual payments may be greater if property insurance (including flood insurance if applicable) is required. Other discounts based upon your other Regions relationships may apply.
2. Generally the maximum loan to value is up to 80% for a 1st or 2nd mortgage on a primary, secondary or investment property. To qualify for a loan of up to 89% of your primary home’s equity, the loan must be a first mortgage and you must meet debt to income ratio and stringent credit criteria, including a minimum credit score. When homes in Texas are pledged, the maximum loan amount cannot exceed 50% of the fair market value of the home and your total indebtedness on the home may not exceed 80% LTV.
For Texas properties, Regions must receive a valid real estate lien under Article XVI Section 50(a)(6) of the Texas Constitution and your total mortgage indebtedness (your Home Equity Loan plus any outstanding liens or mortgages) cannot exceed 80% of the fair market value of your home.
Use our convenient calculators to determine your payments, how much you can borrow and more.