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Regions Bank: 2023 Home Equity Review

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At a glance

Rating: 4.2 stars out of 5
Bankrate Score
  • Availability
    Rating: 3.6 stars out of 5
  • Affordability
    Rating: 4.5 stars out of 5
  • Customer Experience
    Rating: 4.5 stars out of 5

About Regions Bank

  • Moneybag

    Loan amount

    $10,000 to $500,000 for HELOC; $10,000-$250,000 for home equity loan

  • Credit Good

    Min. credit score

    Not specified

  • Rates

    Repayment terms

    10-year draw period and 20-year repayment term for HELOC; 7 years to 20 years for home equity loan

  • Funds available in

    Not specified

Regions Bank features

Here's a breakdown of some of the benefits and drawbacks of Regions Bank home equity loans.

Regions Bank overview

Regions Bank, originally founded in 1852, is a full-service financial institution headquartered in Birmingham, Alabama. Since its founding, Regions has become one of the nation’s largest providers of consumer and commercial banking, wealth management and mortgage products and services, including home equity lines of credit (HELOCs) and home equity loans. The bank has over 1,500 branches and 1,900 ATMs across the South, Midwest and Texas.

Regions Bank snapshot

Home equity loan types Home equity line of credit (HELOC)
Home equity loan
Loan amounts $10,000 to $500,000 for HELOC
$10,000-$250,000 for home equity loan
Credit score minimum Undisclosed
Repayment terms 10-year draw period and 20-year repayment term for HELOC; 7 years to 20 years for home equity loan
Average time to approval Undisclosed

How Bankrate rates Regions Bank

Bankrate Score 4.2
Affordability 4.5/5
Availability 3.6/5
Borrower experience 4.5/5


To create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.


  • At Regions Bank, there are no closing costs for home equity products up to $250,000. For HELOCs that are greater than $250,000, the bank pays for up to $500 in closing costs.
  • For a fee, the bank’s HELOC comes with a fixed-rate option that allows you to convert some or all of your balance from a variable rate to a fixed rate. The terms are up to 15 years, depending on your state.


  • Regions Bank offers competitive rates to qualified borrowers with strong credit. If your credit could use some work, you’ll get a higher-than-average rate.
  • If you repay your HELOC within two years, you’ll be subject to also repaying the closing costs the bank covered on your behalf.

Types of fees charged

Regions Bank pays for all closing costs on home equity loans and HELOCs up to $250,000. For HELOCs greater than $250,000, the bank pays up to $500 in closing costs. Regions will apply any closing costs it paid to the HELOC account if your credit line is terminated within 24 months of activation.

The bank also charges an over limit fee of $29 per incident, a $15 returned check fee and a 5 percent fee for any late payments. Late fees range from a minimum of $29 up to $100; in Texas the late fee is $15. If you’re interested in the fixed-rate HELOC option, Regions Bank charges a $100 conversion fee.

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

How to qualify for a home equity loan with Regions Bank

Whether you qualify for a Regions Bank HELOC or home equity loan depends on a few factors: your credit score, loan-to-value (LTV) 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 LTV ratio to up to 89 percent for a home equity loan and 80 percent for a HELOC.

How to get started

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 or at a branch. The bank’s phone lines are open Monday through Thursday, 7:30 a.m. to 8 p.m. CT; Friday, 7:30 a.m. to 6 p.m. CT; and Saturday, 8 a.m. to 12 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.