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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.
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.
- Variety of mortgages
- Homebuyer rewards program
- Online application
- No rates or fees listed online
- Not available nationwide
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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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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.
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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,.
I have reached out to several so called employees in this company to see about refinancing a loan we have with them. We have great credit and history. They give us the most runaround and do NOT return emails. This is insane. There is no one, at least in the mortgage department that cares about the customer so find another company.
Back in 2009 we took out a mortgage with Regions. We signed papers for a fixed rate loan. They lied & gave us a variable rate interest only loan!!!! When I would enquire as to why our mortgage amount wasn't going down, the reps would tell me that the interest is paid first & then our payment would go down. I was so stupid to believe this. After 10 years & paying literally $200,000 on this loan, I received notice that our payments would now basically double! I went in to a local branch & was told that we had a balloon mortgage. We never agreed to this. A complete scam.
On June 24, 2020 a HELOC was applied for, but keep in mind that today is August 31, 2020. I wasted 9 1/2 weeks trying to obtain a loan with Regions Bank. I never thought about looking at reviews for banks or mortgage companies, but after the sour, time-wasting experience with Regions Bank, I'll never do business with another financial institution without looking at their reviews first.
After obtaining an appointment with Valleen ** at the Sherwood Branch in Baton Rouge, the 1st red flag was that she was being trained by Jessica **. I accompanied my son who owns a home free and clear, has AAA credit and a COVID resistant, dependable long-term source of income to apply for a loan. We filled out all of the necessary paperwork and submitted the required documents only to be asked again and again for more information. This was Red Flag #2. No problem, the loan process is what it is, but all necessary documentation should be requested upfront, not on a daily basis.
We're told the loan is approved, given a loan number and are required to add the Regions loan number to the insurance binder, which we gladly do. This should've been Red Flag #3, because the loan process was still ongoing. Now, these Demons won't assist with removing the loan number. In the middle of the slowest, most confusing process I've ever been party to, the branch closes for two weeks and I'm told Jorge ** at a nearby location will be handling the loan process while the original loan officer Valleen ** and here trainer Jessica ** are at home. Really, with today's technology we can't work from home?! This definitely was Red Flag #4.
We're more than a month into the process when finally an appraisal is ordered for the property, but wait Regions doesn't want to the know the true value of the property, because they only require an outside appraisal, more commonly known as a drive-by-appraisal...are you kidding me?! This was unbelievable Red Flag #5.
Of course, each lender has a list of approved appraisers who they're willing to work with, but if your appraiser's work is in question you should be willing to take a second opinion. An appraisal had been submitted on the home in May 2018, but the Region's approved appraiser came back with a value $45K less. I requested that Regions have their appraiser do a full evaluation of the inside of the property, but they declined and would only offer half of what we were seeking to borrow and clearly that was their strategy from day one. Red Flag #6 is as clear as day when the lender doesn't want to know the true value of a property!
After looking at the comps in the area of homes that recently sold, I knew the ones used by Regions appraiser Kerry ** of Area Real Estate Appraisals was inferior and inaccurate. Mrs ** did not list the most recent like-for-like-property sales in the area, instead opting to use a 2019 sale of a wood construction home when ours is brick construction. She too was most unprofessional ignoring phone messages and refusing to communicate about the appraisal she stamped her name on.
Therefore, I decided to have my own evaluation done by a certified appraiser and submitted it to Regions only to be ignored for several days. Today, I called to find out if the underwriters would accept and consider the appraisal only to have phone games played. I left messages for Valleen ** and Jorge ** who both were conveniently unavailable. After calling from a different number five minutes later, I finally got Jorge on the phone who said yes he saw my email, but gave no reason for his lack of response.
Valleen ** has not responded to my email nor returned my phone calls, which just shows the lack of respect and professionalism of the institution. Jessica ** called instead knowing full well why I was attempting to make contact, but played the dumb card and with the vein of previous lack of professionalism shown hung up on me when she couldn't answer simple consumer questions. Don't waste your time with Regions Bank and don't fall for the fake I'm here to walk you through the process narrative. These people are only in the business of lining their own pockets and if their shyster underwriters say no you are on the do not call or communicate with list. I'm with everybody else, if I could give zero stars, I certainty would! The only reason these people able to sleep at night is because they have no soul!
Where do I even begin.. Well we started our home loan process beginning of April with a loan officer by the name of Deborah. We got approved and we were turning in all necessary documents. There were several times I had to resend documents because Debbie said she had lost them. There are also a few times that she got me confused with other customers. She emailed me once telling me my credit score was too low even though we had already been through my credit score being great. She was not very responsive, took weeks to get back to us about anything. I would continually ask her if there was anything else she needed and she would respond that she was waiting for underwriting. When she would get back to us it would come back that there was a problem with something. We would try to fix the problem and told her everything would be fine now.
We had a closing date set at least four times that would get extended because another problem would arise. One of the last issues was that our debt to income ratio was too high. We paid off $8,000 in debt because that is what she told us we needed to make it work. We waited to hear from underwriting once more to finalize it. She then told us that she hadn't included property taxes, so the debt to income ratio was still too high. she said she was at her "wit's end" at this point. It is now the end of July. The process was dragged on for 4 months. It was a terrible experience, that left us feeling very stressed out and defeated. Now we are at the point that we can't even get the house because it has been extended so much and the sellers don't want to extend it anymore.
We are currently in the preforeclosure process. We have tried all possible solutions direct with our bank. But as soon as we started our attempts, they have aggressively and systematically have denied any attempts to help and/or have made it impossible to pay our mortgage current. They have shown that they are more interested in foreclosing on us ASAP and come up with RIDICULOUS sums to prevent us from paying and being our mortgage current. Their initial mortgage reinstatement fee was $11,400 on Feb 28. I contacted them to let them know I would have the money. I contacted them yesterday March 4th and the new amount was $18,200. How it's this legal? We've spent 4 years paying home and in 3 months of hardship they secretly start the foreclosure process. Someone please help us!!! We are a family of 5. 2 adults and 3 children. This is unacceptable and feel helpless and abused. Thank you.
I went to Regions to apply for a home equity line of credit. I was told about this wonderful special they had. I went over the application that I had previously completed online and left with the assurance that everything looked good and I would hear from them in two days. After three days I called and was told my debt/income ratio was too high. I told the office that I had paid off one of my loans and she said that should make things okay. Again, I didn't hear back and called again. I was told my debt/income ratio was still too high. Meanwhile I received a letter dated the very day I was in the bank. It gave me several reasons I was being turned down. Not enough credit card history, too many past due payments and my credit card balance/debt was too high. None of these things were describing me.
I have excellent credit. I pulled up my three credit scores and emailed them to the officer. The next day I called and she told me that they must have entered a wrong number when looking up my scores; she would get back with me. Two days later I called AGAIN and was told that the only way I could get the HELOC was to have my car note consolidated with the equity loan. I have never heard of anything like this. That was four days ago and I have yet to hear from them. Also, I receive another letter dated the day after I sent my credit reports to the loan officer. The letter stated the exact same thing that the previous letter had. Never again will I deal with this bank!
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 of abreast of what was going on with our loan process every step of the way. If/When we buy again we will definitely go with Regions again.
Regions Mortgage Company Information
- Company Name:
- Regions Mortgage
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