Regions Bank: 2025 Home Equity Review

Formed in 1970 by the merger of three banks in Alabama, Regions now covers two regions of the country – the South (including Texas) and the Midwest – operates around 1,250 bank branches. Its parent, Regions Financial Corporation, trades publicly and is a member of the S&P 500 Index.

Home equity loan products offered

With Regions Bank, you can choose between two home equity products: a HELOC and a home equity loan.

The bank’s HELOC is a variable-rate line of credit in amounts of $10,000 to $500,000 over a 30-year term. Borrowers can draw from the account during the first 10 years, taking the remaining 20 years for repayment. The bank also offers a Loan-in-a-Line feature, which includes the option to convert up to 10 chunks of your outstanding variable-rate balance into a fixed-rate loan for 3, 5, 7, 10 or 15 years in most states.

The bank’s home equity loan is available for amounts starting at $10,000 up to $250,000. The bank offers repayment terms of 10, 15 or 20 years at a fixed rate.

Affordability: 5/5

• APR: At the time of this writing, Regions was offering rates well below Bankrate’s national averages, especially for its home equity loans.
• Introductory APR: HELOC borrowers can score a very affordable deal with Regions’ introductory offer, which currently includes a rate of just 4.99% for the first six billing cycles (a low rate, though it runs a bit on the short side)
• Fees: Regions doesn’t charge any closing costs on home equity loans or HELOCs under $250,000 (on bigger ones, Regions offers up to $500 of credits to offset some of the costs). There is a $100 fee for the HELOC rate lock-in option; an annual fee for HELOCs above $50,000; and an early termination fee up to $450 if the HELOC is closed within the first two years.

Because of Regions’ appealing low rates and lack of major closing costs/fees, we gave the bank a 5 out of 5 for affordability.

Availability: 3.1/5

• Loan products: Regions offers home equity loans, HELOCs and the best of both worlds – the option to convert a portion of HELOC debt into a fixed-rate loan. Plus, the bank has a wide range of repayment terms.
• Footprint: Regions is only licensed to offer home equity loans in 15 states, which includes the places where the bank operates physical branch locations.
• Credit score: Regions does not disclose minimum credit score requirement, unlike many lenders. 
• Loan minimum: The bank’s minimum loan amount is $10,000, which is much lower than some other lenders require.
• Draw minimum: Unless you live in Texas, you are not required to make a minimum draw when you open a HELOC. And even in the Lone Star State, the draw amount is a relatively small $4,000.

Because of Regions’ diverse mix of home equity products and the bank’s relaxed loan and draw minimums, the bank scores 3.1 out of 5 for availability. The only real drag is the small geographical footprint.

Borrower experience: 4/5

• Rate transparency: Regions does list (in fine print) a rate range for its HE Loans, but only the intro rate and rate floor/ceiling for its HELOCs.
• Convenience: Regions offers the ability to apply online, in a branch or by phone. As of the time of this writing, the lender was processing applications in 20 days, and allowed remote closings. 
• Customer service: The bank offers phone-based support Monday through Friday between 6 a.m. and 7 p.m. and Saturday between 8 a.m. and 2 p.m. Call 888-462-7627 to speak with a representative.
• Fixed-rate options: Regions’ Loan-in-a-Line fixed-rate conversion option for HELOCs lets borrowers do as many as 10 lock-ins, a generous amount.

While the ability to apply online, in a branch or over the phone deliver extra convenience for borrowers, Regions scores a solid 4 out of 5 for borrower experience. Lack of HELOC rate transparency pulls it down a point.

Whether you qualify for a Regions Bank HELOC or home equity loan depends on a few factors: your credit score, combined loan-to-value (CLTV) ratio, existing debt and the collateral used to secure the loan.

The bank requires that the collateral be a primary or secondary residence with a minimum of $10,000 in equity.

Additionally, the bank limits the CLTV ratio to up to 89 percent for a home equity loan and 80 percent for a HELOC. With HE Loans, the limits run from 85 percent to 89 percent on primary residences; 75 percent on second homes.

You can only apply for either of these products if your property is located in one of these states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Missouri, North Carolina, South Carolina, Tennessee, Mississippi, Louisiana or Texas.

When you’re ready to apply for a Regions Bank home equity product, you can do so in a few ways: online, over the phone (1-888-IN-A-SNAP) or at a branch. The bank’s phone lines are open Monday through Friday, 7 a.m. to 6 p.m. and Saturday, 8 a.m. to 2 p.m. CT. The bank also has a 24/7 online chat feature that can answer basic questions and connect you with a representative. Note: You’ll need to visit a branch to close your loan or line of credit.

Plenty of Regions current customers have headed online to voice complaints about their experience: The bank has a 1.4 out of 5 rating among more than 300 Trustpilot reviews and a 1.88 out of 5 on its Better Business Bureau profile. It’s worth noting, however, that most of these complaints appear to be related to the bank’s other banking products and accounts (in 2022, the Consumer Financial Protection Bureau hit Regions with $191 million of penalties for its overdraft fee practices). Food for thought, as Regions offers home equity borrowers discounts for auto-pay from a Regions account.