Regions Mortgage Review 2024 | US News

If you’re buying a home for the first time, you may qualify for one of Regions Mortgage’s first-time homebuyer loans, which offer lower down payment requirements or reduced closing costs.

Regions Mortgage also offers:

You can prequalify for a loan from Regions Mortgage by filling out an application on its website. You can also apply for a Regions mortgage online by providing information about yourself and your finances. Mortgage loan officers are available to help with the process. You can check your application status through the lender’s website, and you’ll have a chance to review information with your loan officer before closing.

Regions Mortgage doesn’t list mortgage interest rates on its website, but mortgage loan officers can disclose rate information. First-time homebuyers and customers with VA loans may not be required to make a down payment, but borrowers will typically have a minimum down payment of up to 20%. Closing costs on a mortgage will generally be between 3% and 6% of your loan amount. Regions Mortgage’s home equity lines of credit have no annual fee. Regions estimates closing costs for a HELOC to be between $150 and $2,000, and the lender may pay some or all of these charges. The borrower pays no closing costs for the lender’s home equity loan.

Regions Mortgage may offer lower closing costs for first-time homebuyers. You may also receive a rate discount on a home equity loan or HELOC if you set up automatic payments from a Regions checking account.

Credit score requirements for a Regions Mortgage vary by product, but you’ll need at least a 620 in most cases. The lender’s maximum debt-to-income ratio is 43%, but customers with a low loan-to-value ratio or other compensating trait may be able to get a loan with a higher DTI ratio.

You’ll usually need a credit score of at least 620 to get a mortgage with Regions, though you may qualify with a score as low as 580 in some cases. The lender also considers factors such as your DTI ratio.

The lender operates in the following 15 states:

Regions Mortgage’s parent company, Regions Financial Corp., has an A+ rating with the Better Business Bureau.

In 2021, the Consumer Financial Protection Bureau received 70 mortgage-related complaints about Regions Financial. The most common issues were related to:

The lender provided a timely response on all issues, with 50 closed with an explanation, 14 with nonmonetary relief and six with monetary relief.

If you have questions about your mortgage application, you can email [email protected] anytime or call 800-504-3275 from 7 a.m. to 7 p.m. Central Time Monday through Thursday, 7 a.m. to 6 p.m. Central Friday, and 8 a.m. to 2 p.m. Central time Saturday. You can also contact the Regions Mortgage Origination Center at 877-536-3286, or reach out to a local mortgage loan officer.

You can contact customer service for Regions Mortgage at 800-986-2462. Customers can reach the lender’s automated service at any time, or get in touch with a Regions representative between 7:30 a.m. and 8 p.m. CT Monday through Thursday, 7:30 a.m. and 6 p.m. CT Friday and 8 a.m. and noon CT Saturday. You can also contact Regions Mortgage’s social media customer care team on Facebook and Twitter Monday through Friday from 8 a.m. to 5 p.m. CT and Saturday from 8 a.m. to noon CT.

Regions Mortgage offers online applications and account management through its website. You can also check your application status and upload documents online.