Regions Bank Mortgage Review and Rates

January 12, 2011 No Comments »

Regions Mortgage, headquartered in Birmingham, Ala., is one of the nation’s top residential mortgage loan originators and servicers. With over 600 loan originators in 16 states, Regions Mortgage is equipped to serve a wide range of consumer mortgage and loan needs.

The process to obtaining a mortgage through Regions Bank is fairly straight forward and similar to applying at any bank or credit union.

1) Contact a loan originator for current financing information (Start here if applying through Regions)

2) After reaching out to a loan originator, you’ll be advised to gather the proper financial information from your current bank. If you already bank with Regions this may be able to be handled by the representative.

3) Shop for a home.

Locking in your mortgage rate with Regions Bank:

As with all cases, the rates you are quoted prior to application represent the terms available at the time of the quote. Rates are unpredictable, so once you have found the mortgage program and rate that is right for you, it’s a good idea to lock in your rate immediately so that you’ll have an estimated monthly payment and will know what interest rate to expect at closing.

Regions Bank Closing Costs:

Regions Mortgage is committed to closing your loan on time, every time. Make sure to communicate to your mortgage loan originator if you must close by a certain date so that they may work closely with you and their support teams to ensure your target closing date is met. The “loan closing” is when the finalized loan documents are signed, and the mortgage funds are disbursed.

Mortgage Rates offered through Regions Bank:

(The rates below are from the time of this publication. You can find today’s mortgage rates from Regions Bank here.)

- 30 year fixed rate mortgage with an APR of 5.00% with 20% down.

- 15 year fixed rate mortgage with an APR of 4.375% with 20% down.

- 5 year ARM (adjustable rate mortgage) with an APR of 4.125% with 20% down.

- 3 year ARM (adjustable rate mortgage) with an APR of 3.75% with 20% down.

>Regions Bank Reviews and Complaints:

When searching the web for reviews and potential complaints written by past customers, we recommend either consumer affairs (see complaints on ConsumersAffairs.com here) or the BBB (Better Business Bureau). You can also see consumer reviews here on BankVibe.com (scroll down).

Their are 16 registered complaints on ConsumerAffairs.com with most revolving around customer service or the lack thereof. The BBB grades companies on a scale of A to F, however has no rating for Regions Bank or their mortgage product lines. There are also no registered complaints with the BBB as of 2012.

As one word of caution, reviews written on the web are somewhat anonymous and can be written by anyone – including employees at Regions Bank. It’s also not unheard of for one disgruntled customer to leave multiple unfavorable reviews.

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