Renasant Bank Mortgage Review 2024

Renasant Bank overview

Renasant Bank operates nearly 200 locations across Mississippi (where it was founded in 1904), Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. As of mid-2023, it had $17.5 billion in assets. Along with the standard suite of mortgage options, the lender also offers new-construction loans with six- to 12-month terms and renovation loans. Renasant was the nation’s 113th-largest mortgage lender in 2022, according to federal data.

Pros and cons of Renasant Bank

How Bankrate scored Renasant Bank

• Affordability: Overall, Renasant Bank’s mortgage rates are competitive (as of this review). You’ll need to connect with a loan officer directly to learn your specific all-in costs.
• Availability: Renasant Bank operates primarily in the Southeast, but is licensed to lend in many states. It offers a range of mortgage products, including construction and renovation loans.
• Borrower experience: The bank has a wide window of customer service hours and can turn loans around quickly, but its website lacks information that might be helpful when comparing lenders and offers.

Affordability: 6.8/10

Renasant Bank’s mortgage rates are generally competitive compared to Bankrate’s averages (as of this review), but the bank doesn’t display daily rates or disclose fees on its website. To begin the loan process and learn what rate you might qualify for, you can connect with a loan officer using the bank’s online state search tool or by visiting a branch location.

Availability: 8.4/10

Renasant Bank works with borrowers to obtain various types of mortgages, including conventional and government-backed loans (the FHA, VA and USDA programs). The bank also offers refinancing if you’re looking to obtain a lower rate, shorten your loan term or take cash out, along with construction loans. You’ll need a credit score of at least 620 to qualify for a conventional loan, and at least 600 for an FHA loan. (For the latter, this is slightly higher than what some other lenders require.)

Borrower experience: 8.7/10

Renasant Bank has been in business for more than 100 years, and it has an A+ rating from the Better Business Bureau. If you’re eligible for a mortgage, you can expect a conditional approval in 48 hours, and the bank can close in as little as three weeks. The bank’s website, however, is fairly limited in terms of loan information or resources. There are a few calculators to estimate affordability and help with refinance decisions, but for the most part, you’ll need to share your information with a loan officer to understand loan costs.

How to apply for a mortgage with Renasant Bank

You can apply for a mortgage with Renasant Bank in person at a branch location or by phone at 877-367-5371. Its phone lines are staffed from 9 a.m. to 6 p.m. ET. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Renasant Bank

Renasant Bank offers both rate-and-term and cash-out refinancing options.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.