Renasant Bank overview
Renasant Bank is a collection of community banks spread across the Southeastern U.S., with branch locations in Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina and Tennessee. The bank has more than 200 offices and approximately $14.8 billion in assets. In addition to mortgages and refinancing, it offers banking services, wealth management and financial services.
The bank, which began in 1904 as The Peoples Bank & Trust Company, maintains corporate headquarters in Tupelo, Mississippi. Over the years, it has acquired various other local banks, including Renasant Bancshares of Memphis, Tennessee, the company that would inspire the current name, in 2004.
- Adjustable (ARM)
- Georgia Dream
- Cash-out refinancing
- No-cash out refinancing
- Home equity loans
- Home equity lines of credit (HELOCs)
Renasant Bank does not publish or disclose its lender fees; however, according to its website, it defines “origination fee” as “the percentage of the new mortgage that is paid to the lender…Typically, this fee is 1 percent of the loan balance.”
Minimum borrower requirements
Renasant Bank does not disclose minimum borrower requirements on its website and encourages individual borrowers to connect directly with a mortgage consultant to see which loan is best based on their situation and available funds.
For FHA loans, Renasant Bank has a minimum down payment requirement of 3.5 percent. Some of the conventional loan programs allow borrowers to finance as much as 97 percent (with a 3 percent down payment). Renasant Bank representatives declined to share specifics on the maximum debt-to-income (DTI) ratio requirements.
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