Business Insider's personal finance team compared Regions Mortgage to the Regions Mortgage is available to borrowers in certain states in the Southeast and Midwest, plus a handful of states in other regions.
We think Regions could be a good option for first-time homebuyers, since it offers a zero down mortgage option. But the lender doesn't provide many details on who qualifies for this option.
Read our Regions Mortgage review to see what we like (and don't like) about this lender.
Not disclosed
Conforming, FHA, VA, USDA, construction, renovation, professional, high net worth, home equity, HELOC
- Low average fees
- Wide range of loan options
- First-time homebuyers could put 0% down
- Not available in every state
- Lacks transparency around loan requirements
- Doesn’t show rates online
- Available in Alabama, Arkansas, Colorado, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Michigan, Missouri, Mississippi, North Carolina, Ohio, Oklahoma, South Carolina, Tennessee, Texas, Utah, Virginia, Wisconsin, and Washington, D.C
- Minimum down payment displayed is for first-time homebuyers. Repeat buyers may need to make a larger down payment.
Overview of Regions Mortgage
Regions Company Background
government-backed mortgages. It also has options for tapping into your home's equity.
Regions Availability by State
Regions has mortgage loan officers in Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Louisiana, Missouri, Mississippi, North Carolina, South Carolina, Tennessee, and Texas. It also lends in Colorado, Michigan, Ohio, Oklahoma, Utah, Virginia, Wisconsin, and Washington, D.C.
Regions Loan Options and Features
Fixed-Rate and Adjustable-Rate Mortgages
Regions has both fixed-rate and cash-out refinancing.
Regions Mortgage Rates and Fees
Average Rates, Low Fees
Based on Business Insider's review of Home Mortgage Disclosure Act data, Regions Mortgage's Consumer Financial Protection Bureau ordered Regions to pay $50 million and refund at least $141 million in overdraft fees that the CFPB says Regions illegally charged from August 2018 through July 2021.
Regions Customer Experience
Regions Customer Reviews and Ratings
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about Regions as a mortgage lender. In reviews, previous borrowers generally had positive things to say about the lender and the mortgage pros they worked with. Borrowers frequently mentioned that their loan officers were communicative, knowledgeable, and made the process go smoothly.
We did see some complaints about Regions' customer service, with a few borrowers saying that they had trouble getting ahold of company representatives or getting their issues resolved.
Regions Customer Support and Service
Regions customer service is available over the phone. On the bank's website, you can also search for a branch near you or schedule an in-person or phone appointment with someone from a local branch.
Pros and Cons of Regions Mortgage
Pros
- Average fees are on the low end
- Many different loan options to choose from
- Offers zero-down mortgages for first-time homebuyers
Cons
- Only available in certain states
- Doesn't provide a lot of information about its loans online
- Lacks rate transparency
Benefits of Choosing Regions Mortgage
We like that Regions is so affordable. Its average fees are significantly lower than other mortgage lenders we've reviewed, and it has loan options that allow no F rating from the BBB. Its loan offerings are also relatively basic.
In most cases, we think Regions is the better choice between these two lenders, unless it's not available in your area or you've had a good experience banking with Wells Fargo. But because of Wells Fargo's trustworthiness issues, we recommend proceeding with caution.
Regions Mortgage Review FAQs
What types of loans does Regions Mortgage offer?
Regions offers conforming, FHA, VA, USDA, construction, renovation, professional, and high net worth mortgages. It also has home equity loans and HELOCs.
How competitive are Regions' mortgage rates?
Regions' mortgage rates are around average compared to other lenders, according to our review of HMDA data.
What is the minimum credit score required for a Regions mortgage?
Regions doesn't disclose minimum credit score requirements for its mortgages. In general, you'll need a 620 credit score to qualify for a conventional loan, while some government-backed mortgages may allow lower scores.
Can I manage my Regions mortgage account online?
Yes, you can manage your Regions mortgage account online by setting up an account to make online payments and have easy access to important loan documents.
