Renasant Bank Mortgage Review 2021

By Jennifer Bradley Franklin

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

At a glance

Renasant Bank

NMLS: 402669

4.1

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Loans offered

Conventional, jumbo, fixed, adjustable (ARM), VA, FHA, USDA, Georgia Dream; refinancing options include cash-out refinancing and no-cash out refinancing; home equity loans and home equity lines of credit (HELOCs)
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Nationwide availability

Available in all U.S. states
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Min. credit score required

640 for conventional loans; 580 for FHA loans

Pros and cons

Pros

  • Offers community home improvement loans of up to $25,000 with a credit score as low as 640
  • Rate-locks available to some customers immediately after filling out online application
  • Licensed to make loans in all states

Cons

  • Doesn’t publish interest rates, minimum borrower requirements or fees; potential borrowers must start the application process to find out
  • Branch locations limited
  • Charges loan origination fees

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.

Loan types

  • Conventional
  • Jumbo
  • Fixed
  • Adjustable (ARM)
  • VA
  • FHA
  • USDA
  • Georgia Dream
  • Cash-out refinancing
  • No-cash out refinancing
  • Home equity loans
  • Home equity lines of credit (HELOCs)

Lender fees

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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Renasant Bank consumer reviews

4.8

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55 reviews

5 stars
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52
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Customer service rating

Knowledge
4.9
Level of service
4.8
Professionalism
4.8
Responsiveness
4.8

96% of reviews would recommend this lender

0 of 0 rates honored

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The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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Perfect Experience!

Keiths | Mansfield, TX | 2/27/2020

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Amazing!!!

Michael and Jennifer | Tomball, TX | 5/1/2020

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Lowest Rate. Seamless Process.

Laura E. | Texas | 5/6/2020

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Smooth and Easy

Jaime | Texas | 5/7/2020

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Call Renasant Bank!

Sean | Uniontown, OH | 5/19/2020

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Great Lender Experience

Bob W. | Maumelle, AR | 5/19/2020

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Easy, start to finish

Nathan | Kentucky | 5/28/2020

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Best mortgage experience

Adam S. | Birmingham, AL | 6/5/2020

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Great experience!

SD | Houston, TX | 6/22/2020

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Great Experience!

Slade | Southside, AL | 7/16/2020