The 7 best home equity loans in September 2021 | Personal finance

Regions Bank offers fixed-rate loans with no closing costs starting at 3.25% APR or 3.0% APR to good credit borrowers who sign up for automatic payments. Loan amounts range from $ 10,000 to $ 250,000 with a 7, 10, 15, or 20 year repayment period.

In addition to home equity loans, Regions Bank offers HELOCs. Lines of credit start at $ 10,000 and go up to $ 500,000, with a 10-year draw and a 20-year repayment period. HELOCs have a fixed introductory rate of 0.99% for the first six months, after which it is switched to an adjustable rate between 3.75% and 10.75% APR.

Regions Bank pays full closing costs for lines of credit of $ 240,000 or less. If your credit line exceeds $ 240,000, Regions Bank will contribute up to $ 500. However, if a credit line is canceled within the first 24 months after opening, the bank will transfer these costs to the borrower. Closing costs can range from $ 150 to $ 2,000.

The region’s website suggests that the lender does not accept LTV ratios greater than 89% for primary and secondary mortgages for primary residences and 75% for secondary residences.

Participation requirements

To be eligible for its home equity products, your property must be in a state where Regions has a branch. The bank currently has physical offices in 16 states including Texas, Tennessee, South Carolina, North Carolina, Louisiana, Mississippi, Missouri, Kentucky, Illinois, Indiana, Iowa, Georgia, Florida, Arkansas, and Alabama.

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