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Renasant Bank Mortgage Review 2023

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At a glance

Renasant Bank
NMLS: 402669
Editor's take

Renasant Bank is good for borrowers who plan to buy or build a home in the Southeast and who want to do business with a brick-and-mortar bank.

Bankrate Score
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4.7
Rating: 4.7 stars out of 5
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Customer Rating
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4.8
Rating: 4 stars out of 5

67 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing; HELOC; construction loans

Credit Good

Min. credit score required

620 for conventional loans, 600 for FHA loans

Location

Nationwide availability

Available in 31 states, including Florida, Georgia, Ohio, Pennsylvania, Texas

Dollar Coin

Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

At a glance

Renasant Bank

NMLS: 402669

4.7

Rating: 4.7 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing; HELOC; construction loans

Location

Nationwide Availability

Available in 31 states, including Florida, Georgia, Ohio, Pennsylvania, Texas

Credit Good

Min. credit score required

620 for conventional loans, 600 for FHA loans

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

Pros
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    Offers home equity lines of credit (HELOCs)

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    Offers online payment feature

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    More than 200 branches

Cons
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    Website experience offers limited information

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    Branches limited to only a handful of states

Our Editor’s Take on Renasant Bank

Renasant Bank is good for borrowers who plan to buy or build a home in the Southeast and who want to do business with a brick-and-mortar bank.

How Bankrate scored Renasant Bank

To determine Renasant Bank’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

  • Affordability: Overall, Renasant Bank’s mortgage rates are competitive. 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: 5/5

Affordability differs from lender to lender, so comparing costs is key. Renasant Bank’s mortgage rates are generally competitive compared to Bankrate’s averages, 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: 4.8/5

This factor can make the overall mortgage application process smoother or more challenging. Renasant Bank works with borrowers of various types of mortgages, including conventional and government-insured 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: 4.5/5

Know what to expect when you work with a specific lender. 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 purchase loan or a refinance in person at one of Renasant Bank’s branch locations or via the bank’s website. 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 refinances existing mortgages. Before you start, think about your goals. Are you refinancing to adjust your current mortgage’s rate and term? Do you want to tap into home equity? Do you want to change loan programs, such as refinancing out of an FHA loan into a conventional mortgage? Once you’ve settled on those details, you can apply through the bank’s website, at a branch location or via its call center.

Compare Renasant Bank to other lenders

Renasant Bank
Rating: 4.7 stars out of 5
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4.7

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LoanDepot
Rating: 4.4 stars out of 5
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4.4

Bankrate Score
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Read full review
Rocket Mortgage
Rating: 4.5 stars out of 5
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4.5

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing; HELOC; construction loans

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term

Min. credit score required

620 for conventional loans, 600 for FHA loans

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

3.5% for FHA loans

Down payment

3% for conventional loans; 10%-15% for jumbo loans; 3.5% for FHA; none for VA loans

Nationwide availability

Available in 31 states, including Florida, Georgia, Ohio, Pennsylvania, Texas

Nationwide availability

Available in all U.S. states

Nationwide availability

All U.S. states

Renasant Bank customer ratings and reviews

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NMLS: 402669

4.8

Rating: 4 stars out of 5

67 ratings

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This lender has 0 reviews.

Knowledge
Rating: 4.8 stars out of 5
Level of service
Rating: 4.8 stars out of 5
Professionalism
Rating: 4.8 stars out of 5
Responsiveness
Rating: 4.8 stars out of 5
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96% of customers would recommend this lender.