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About Regions Mortgage
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Regions Mortgage is a mortgage lender that services select Southern and Midwestern states. If you’re a potential homebuyer, you can apply for Regions’ mortgage programs online. The company provides a variety of mortgage options, but it doesn’t list its rates and fees on its website.
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Overall Satisfaction Rating
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- Variety of mortgages
- Homebuyer rewards program
- Online application
- No rates or fees listed online
- Not available nationwide
Regions Mortgage has several mortgage and refinancing loan options for those in the South and the Midwest. The company offers online services but isn’t very transparent about its rates and fees on its website.
What is Regions Mortgage?
Regions Mortgage is the mortgage loan arm of Regions Financial Corporation, a full-service provider of mortgage services and products, wealth management and consumer and commercial banking. It’s a regional company with almost 1,500 branches throughout the South and Midwest. It offers various financial services for individuals and large and small businesses.
Regions provides personal checking and savings accounts, investment options and a variety of loans and mortgages, including special loans for first-time homebuyers, construction loans, FHA and VA mortgages, traditional fixed-rate mortgages and loans for renovation and repair. It also owns and sells real estate, so you can search for properties through its website. The Regions HomeBonus program offers buyers and sellers up to $6,500 for using an agent in its network.
How does Regions Mortgage work?
Regions Mortgage loans money to homebuyers through its many mortgage options. It offers several types of mortgages, including fixed-rate, FHA and VA fixed-rate, first-time homebuyers, construction-to-permanent, adjustable-rate and renovation and repair mortgages. It also has refinancing options.
You can apply for a Regions mortgage online or over the phone. It doesn’t post its rates online, so you have to apply to see current rates. You can lock in a mortgage rate for 15, 30, 45 or 60 days, and Regions will provide closing cost details before the final closing.
Regions Mortgage rates
Because mortgage rates fluctuate, Regions doesn’t provide rate information online. Contact one of its loan officers for specific information on current rates. You can lock mortgage rates for periods of 15, 30, 45 or 60 days. Regions also doesn’t provide specific information about its fees, but once you’ve applied and been approved for a mortgage and have a house under contract, a closing agent will give you a list of closing fees.
Regions Mortgage FAQ
- Can I pay my Regions mortgage with a credit card?
- No, Regions Mortgage doesn’t accept credit card payments for its mortgages. You can set up an account with a third-party service to pay with a credit card, but this option likely comes with additional fees.
- Where is Regions Mortgage available?
- Regions mortgage is available in the South and the Midwest. It has almost 1,500 branches nationwide.
- Does Regions Mortgage offer multiple mortgage types?
- Yes, Regions offers several types of mortgages, including fixed-rate and adjustable-rate mortgages, first-time homebuyers mortgages, construction-to-permanent mortgages and FHA and VA mortgages.
- Does Regions Mortgage charge for early payoffs?
- Some rules govern when lenders can charge for early payoffs — speak with your loan officer to find out whether or not the company can charge you for early payoff.
Is Regions Mortgage worth it?
Regions Mortgage is likely worth it for homebuyers who live in the South or Midwest and want a traditional banking experience. Regions has been in business for decades and offers several types of mortgages, so most borrowers can find a mortgage option from Regions that meets their needs. It also sells properties directly, which can simplify the homebuying process for some.
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If you been hunting for a house lately, you can sympathise with my stress of bidding for a house in the market when house ownership quickly becoming a privilege. By the time we won the bid, the interests rates went sharply up. The broker who prepared our letter of offer was a friend of ours, but friend or no friend, her interest rate went through the roof and she could not offer a decent deal. We decided to look around last minute since one of the conditions for seller was fast closing.
My son, who works for a real estate hedge fund in Austin made calls and I received an email from several lenders, whom we interviewed together and at the end have chosen Richard ** (Regions bank). I should tell you that parting ways with a friend broker and placing trust into the stranger at 11th hour was unnerving. But Richard has been an awesome in every way, every step. Everything he said was accurate, he was a great communicator not only with me but with all parties involved. He was also patient and considered. The process was almost entirely online. I do not mean to invalidate negative comments about Regions experience but based on my experience there are without a doubt some high quality people working here and you can get the terms that no one will beat.
I started working with Regions Mortgage after being referred to from my real estate agent. I had already been pre-approved from PennyMac but figured I would see what they could offer. I was told they could beat the APR so I went on down the rabbit hole. It has been almost 7 weeks that I have been working with them to get paperwork. I keep asking every other day if they have what they need and they do not respond. They would continue to ask for the same documentation over and over. Now we need this, this isn't good enough, now we need another this. It has been a crazy nightmare.
I got pre-approved in 3 days with PennyMac. The absolute ONLY reason I am continuing through the process is that I am locked in at a good rate. I would not dream of referring anyone to this company. They are borderline negligent at this point. If anything happens with my closing they will be sued and paying for my mortgage. Please make sure to also know your consumer rights TILA-RESPA integrated disclosures (TRID)**.
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I have been with Regions Bank for several years. I was very pleased to get my Regions Home Equity loan at a low interest rate. They have very knowledgeable and friendly staff. They are conveniently located if I need to visit concerning my loan.
We just closed in early December on a home in Margaritaville Hilton Head. I had secured the services of Regions for the loan one year earlier since the house was under construction. The loan was from the Ponte Vedra branch. It was awful. A few weeks before closing my loan contact called all confused about assets and underwriting. I said “isn’t it late for this?” No response. He forgot we put $160,000 down for the construction even though I told him several times. Then, this is the best part. He made me dig up proof even though it was disbursed through our Regions account. I emailed him a couple times before closing to make sure we were ready. No response to voice mails or emails from our loan officer (Dane **).
To make a long story short, they missed three closings and we had to pay close to $4000 in hotel and storage costs. They turned a happy occasion into a miserable affair, The best part is I complained to Dane and he said he would talk to his boss and have someone contact me. Crickets. I still like my local Regions but be very careful when looking to get a loan from that gang I used.
My partner and I had a home loan that was sold to Regions Mortgage. A couple of years in my partner unfortunately had to file bankruptcy. The house, which was in both our names, was not included in his bankruptcy in any way, and the payments had never been made a day late or a dollar short. We were always current and enrolled in auto-pay, but because he filed, Regions took away any access I had online to view our account or make a payment. They tacked on $950 for "attorney fees", even though the house was NOT included in the bankruptcy, and made it nearly impossible for me to even make the monthly payment. I can't pay online or through their automated phone service.
The statements don't come now until a couple of days before the due date so I don't have time to mail a check. I have to call in every month, get transferred around and asked to verify the same information multiple times, and then they seem genuinely surprised that I actually want to give them money. They no longer report the account at all on my credit file (I did not file with him), so I don't get any credit for paying my mortgage. It's like they would rather have us just get past due and then foreclosed on than to continue making our payment on time and in full every month. Go figure!
Contacted Regions Mortgage and requested payoff for HELOC. Received email titled, "payoff request" with letter attached. Took the letter and check for the amount to the branch same day. Cancelled check shows processed same day; however, about a week later rec'd a statement with an amount due for interest on the same day of payment. Called and spoke with 3 different people on 5 separate occasions and was told by a "supervisor" he would send to research department to get the undue interest removed. Five days later I called back because he never called me with status as he offered, and I was told I was sent the incorrect payoff letter and was sent a "paydown" letter instead. The amount was the full amount due on the account but the daily interest accrued for the date of the letter...blah, blah, blah and I needed to pay that interest.
I've closed all accounts with Regions, deposit accounts & HELOC and will never do business with them again. In the past 15 years, I've paid off two mortgages and one HELOC with them, always on time and always with a payment that was more than what was due. Unfortunate for them to lose a great customer over pennies.
A few days ago we received a notice that our payment was overdue. However, in looking at our checking account, which is with Regions, we were able to verify that the check had cleared over a week before the payment was due. Regions Mortgage, however, has now taken over a week to "research" the matter and are still not able to tell us where the payment has gotten to. Needless to say, we are very unhappy with Regions Mortgage. We have also been told that the two--Regions Bank and Regions Mortgage--do not play well together. That is to say it takes an act of Congress, apparently, for Regions Mortgage to look at our Regions Bank checking account and see that, yes, a check was written to Regions Mortgage and cleared the checking account in a very efficient manner. It's hard to understand what is taking so long. At this point, I do not recommend Regions Mortgage.
I am looking to refinance my current home loan and have excellent credit. One of my friends is a loan officer for Regions and the rate and closing costs were what I was looking for. I started the process in December of 2020. It is now February and still no closing date set. No one returns calls or emails but they were quick to send out an appraiser and charge me $450.00 to get things started. Sadly I'm looking to other financial institutions at this point. I owe less than 45% of my home's appraised value and was looking for a 15 year loan with 10K equity washout to upgrade the HVAC system. Don't waste your time with this bank.
Don't waste your time with anyone at Regions. I firmly believe they have training classes on how to ignore and irritate their customers. Started a loan process 45 days ago for a CP loan within one of the Atlanta branches. After a closing date was set I get a note from him saying the contract with the builder. He said Regions would need an updated contract but would not indicate what needed to be fixed. All this comes after 45 days when it should have happened in the first week. The 45 days it took to get to this point could have easily been done in 10 days but both the loan officer and his sidekick respond to emails after about 3 or 4 days. I have since tried to call 3 other loan officers in branches near me looking to switch the application over to them and no one answers their phone, returns calls, or responds to emails. Looks like Regions systemically has a policy of poor customer service. DON'T WASTE YOUR TIME with these people.
My Bad experience began when I started my home loan process in beginning of June with a loan officer by the name of Samuel **. I got approved and I turned in all necessary documents. My file got lost between Maria ** (Mortgage Loan Coordinator) and Samuel, I had to resend several times documents because Maria lost them. There are also a few times that she got me confused with other customers, By November 8, 2020 I received a denial letter for something that it's not on my credit report, I emailed Maria ** and Her answer was "Please contact Samuel **", After a couple of phone calls and emails, I realized that He was clueless and He was NOT able to Help me. I do not recommend to anyone to use the team located in Miami Fl,.
Regions Mortgage Company Information
- Company Name:
- Regions Mortgage
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