Renasant Bank Mortgage Review 2023

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.

• Methodology

  Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

  Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate’s methodology page spells out our rating process in greater detail.

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.