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About Regions Mortgage
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Regions Mortgage (NMLS #174490) is part of the Regions Financial Corp., one of the nation’s largest bank holding companies. The company is headquartered in Birmingham, Alabama, and serves mainly the Southern and Midwestern regions of the U.S. with its financial products and services. You can request a customized rate quote directly from the company’s website.
Pros & Cons
- Offers pre-qualification with no hard credit check
- Variety of loan options, including renovation loans
- Online application
- Limited loan information online
- Not available in every state
Regions Mortgage is a full-service mortgage lender that offers conventional, FHA, VA and USDA loans. You can apply for a mortgage loan online, but its products aren’t available in every state. Loan processors are available to help you find a loan that best suits your needs.
Top Regions Mortgage Reviews
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. The...Read full review
Submitted application in May. It's soon September 2021. I still have not closed on Refinance. ... Some of my former colleagues used another Mortgage company and ... was able to re...Read full review
Regions Mortgage does not publish its starting rates online. However, you can request a customized rate quote from the company directly from its website.
In 2021, Regions Mortgage had a slightly higher average home purchase rate than the national average (about 0.05% higher). In the year prior, the company’s average rate was 0.03% lower than the national average.
Interest rates vary by borrower. Typically, the lowest rates are available to borrowers with excellent credit scores (800 and up) and low debt-to-income ratios (below 36%) — basically, the borrowers with the greatest risk of default generally have higher interest rates.
Regions Mortgage offers both fixed- and adjustable-rate mortgages (ARMs). Most borrowers prefer fixed-rate mortgages because they offer a predictable monthly payment. However, an ARM could be useful in some situations. For example, if you plan to sell your home in a few years, you may consider getting an ARM to save in interest. ARMs usually offer a low introductory rate for the first few years.
Regions Mortgage average home purchase rate vs. national average
|Year||Difference from national average|
You can begin the application process online through the Region’s Bank website. You can apply for pre-qualification (which doesn’t require a hard credit check) or skip forward to preapproval.
The preapproval application will ask for information about your income, assets and debt. Be prepared to upload financial documentation, like bank statements and pay stubs. Regions Mortgage uses this information to determine how much you can borrow.
If you need assistance during this process, the company provides a phone number and email address for borrower support. Your dedicated loan processor will also reach out to help you finalize your application.
Patrina, a ConsumerAffairs reviewer from Georgia, had this to say about their experience with Regions Mortgage: “If we could give more than 5 stars we would! We did an FHA loan through Regions and closed just yesterday. Our loan originator Nick and loan processor Julianne were both responsive and knowledgeable and kept abreast of what was going on with our loan process every step of the way…”
Regions Mortgage application features
|Mobile document upload|
|Physical branches||16 states|
|Publishes minimum rate on website||X|
|Rate lock||15 to 60 days|
|Pre-qualification (no hard credit pull)|
|Certified approval letter||Not disclosed|
Regions Mortgage offers a wide variety of home loan options, including conventional loans (with fixed or adjustable rates), VA loans, FHA loans, USDA loans and jumbo loans. Loan terms can vary depending on the loan type, but most conventional loans have either 15-year or 30-year terms.
The company also offers loans to fund new home renovations or new construction (construction-to-permanent). The construction-to-permanent loan allows for a single closing for both the construction loan and the permanent mortgage loan.
In 2021, Regions Mortgage received 23,761 home purchase applications. Of those applications, about 3% were preapprovals denied. About 66% were closed, and about 11% were denied (the industry as a whole sees about an 8% denial rate.)
Loan applications for home purchases only by year
|Home purchase applications||23,761||29,123||29,903|
|Home purchase loans closed||15,584||18,810||19,084|
|Home purchase applications denied||2,529||2,878||2,600|
|Home purchase preapprovals denied||625||581||551|
The majority of the home loans Regions Mortgage originated in 2021 were for refinancing (42% were refinance loans and cash-out refinances combined). About 33% were for home purchase loans.
Borrowers typically choose to refinance their existing mortgages when they’re certain they can save money somehow (either by lowering their interest rate or by shortening their loan term). Many borrowers chose to refinance in 2020 and 2021 because rates had fallen to record low levels. Even a small reduction in your mortgage interest rate can equate to significant savings over the loan term.
Since 2021, rates have been rising steadily; the average rate on a 30-year fixed-rate mortgage has close to doubled in a year. For this reason, fewer borrowers are expected to refinance in 2022.
Home purchase vs. refinance loans by year
|Home purchase loans||32.63%||30.72%||35.13%|
HELOC and home equity loans
Regions Mortgage offers both HELOC and home equity loan options. The HELOC has a 10-year draw period and a 20-year repayment period. The home equity loan comes in seven-, 10-, 15- and 20-year terms. The company offers an interest rate discount for both HELOCs and home equity loans if you set up an automatic payment with your Regions Mortgage checking account.
Home equity loans carry fixed interest rates, which won’t change over the loan term. However, HELOCs usually have low introductory rates for a short time (with Regions Mortgage, it's six months). After that, the interest rate is variable and can fluctuate based on the prime rate.
A home equity loan is generally the better option if you know how much you need to borrow and need those funds upfront in a single payment — like if you plan to renovate your kitchen and you’ve received a cost estimate from a contractor. With a home equity loan, you’ll begin repaying the loan immediately.
However, a HELOC can be useful if you don’t have a cost estimate but know you’ll need consistent access to cash in the short term. For instance, you may plan to update your home with new fixtures and appliances but prefer to make smaller purchases over a longer period of time. Keep in mind that with a HELOC, you’re only required to make interest-only payments during the draw period, which could sink you into debt if you aren’t careful.
Regions Mortgage doesn’t disclose much info about its borrower requirements online. Conventional loans generally have higher credit score requirements than government-backed mortgages; you’ll likely need at least a 620 credit score to qualify for a conventional loan. Credit score minimums for VA, FHA and USDA loans can vary by lender.
Down payment requirements can also differ, but you’ll probably need to offer at least 3% down for a conventional loan and 3.5% for an FHA loan (if your credit score is 580 or higher). VA loans and USDA loans typically have no down payment requirements.
National mortgage requirements by type
|Min. credit score||Min. down payment||Compare with other lenders|
|Conventional||Typically 620||Typically 3%||Mortgage lenders|
|FHA||500||3.5% with 580 credit score||FHA lenders|
|VA||Set by lender (often 580)||0%||VA lenders|
|USDA||Set by lender (often 640)||0%||USDA lenders|
Cost and fees
Regions Mortgage doesn’t disclose its lender fees, but origination fees, which are usually 0.5% to 1% of the loan amount, are typical. There may also be application and underwriting fees, though most lenders lump these into the origination fee.
Lender fees are part of the overall closing costs you’ll pay to start a new loan. Closing costs include fees for services like the title search and home appraisal as well as prepaid items like property taxes and mortgage insurance premiums. Altogether, closing costs tend to average between 2% and 5% of the loan amount.
Once you’re preapproved, you’ll receive a Loan Estimate, which will state all the potential closing costs. Your lender will also provide you with the Closing Disclosures three days before closing, which shows the finalized totals.
What is Regions Mortgage?
Regions Mortgage is part of Regions Financial Corp., a full-service financial institution that offers a variety of mortgage products, including conventional, FHA, VA, USDA and jumbo loans. You can request a customized rate quote or get preapproved directly on the company’s website.
Is Regions Mortgage legit?
Regions Mortgage is a legitimate financial institution that’s licensed to offer mortgage products in 23 states and Washington, D.C. It’s a part of Regions Financial Corporation, which is a member of the S&P 500 Index and has been in business for over 50 years. In 2021, Regions Mortgage originated close to $12 billion in conventional mortgages alone.
Where is Regions Mortgage available?
Regions Mortgage’s mortgage loan products are available in 23 states. The company operates branches in 16 states.
Regions Mortgage Reviews
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I contacted Regions Mortgage and requested a payoff for HELOC on a account that has no activity. They asked me to pay $976 as recap fee which was never disclosed during the HELOC closing process. This bank is extremely unethical and misleads customers into signing contracts. Not to mention the exorbitant fees for HELOC closure that is unheard of and no other financial institution charges. Regions Mortgage has a mispriced model for charging early termination fee for a HELOC loan.
I will close all accounts with Regions, and will never do business with them again. I've paid off several mortgages and HELOC with different banks and have always paid on time and never encountered or paid such high fees for closing an account that had zero activity. Unfortunate for them to lose a great customer and referrals they would have had due to this.
2 years ago my cousin passed away, she left the house to me. What I didn’t know was there’s a lien on the house. The house is paid off except for the lien. When I called to let them know that she passed, this is what they told me. As long as I am in the house I have to pay on the lien. And if I leave the house and move. The guy said what they do is find family members to pay off the lien or they will sell the house and get the money that way. I don’t understand how they can do that. I’m not sure who I can talk to.
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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)**.
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.
- ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
- NMLS Consumer Access, “Regions Mortgage.” Accessed September 6, 2022.
- St. Louis Federal Reserve, “30-Year Fixed Rate Mortgage Average in the United States.” Accessed September 6, 2022.
Regions Mortgage Company Information
- Company Name:
- Regions Mortgage
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