Home Equity Loan
Access funds to pay for home improvements, consolidate debt, refinance your existing mortgage or get cash for a large purchase. Get a fixed rate as low as 6.75% APR — and no closing costs.
Home equity loan at a glance
Terms of 10, 15, and 20 years available
No closing costs
Fixed interest rate and predictable monthly payments
Compare the home equity loan and line of credit
Which is better for you—a home equity loan or a line of credit? Use our comparison chart to help you consider your goals, the payment schedule, loan amounts, rates and more.
Best uses for a home equity loan
Fund home improvements
Consolidate high-interest debt
Plan for a large investment or expense
Home equity loan details
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Interest rates
Annual Percentage Rate (APR) of 6.75% APR to 14.125% APR[1] based on:
- Occupancy type
- Lien position
- Credit score/history
- Loan-to-value ratio
- Loan term
Closing costs
Bank pays all closing costs
Potential fees
- Late fee for 5% of the payment amount ($29 minimum, $100 maximum)
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Loan amount
$10,000 - $250,000 depending on occupancy type, lien position, and the amount of debt secured by the collateral[2]
Collateral requirements
Property to be used as collateral must be a primary or secondary residence; be located in a state where Regions has retail branches; and have at least $10,000 equity. Investment properties and manufactured homes are not eligible for home equity loans.
Lien position
1st or 2nd lien position for primary or secondary residence
Required loan-to-value ratio (LTV)
Up to 89% loan-to-value[2]
Access to funds
Single lump sum
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Terms
10, 15 or 20 years[1]
Payment frequency & amount
Monthly repayment. Repayment amount is fixed and is based on term and loan amount.
Automatic payment option
Allows you peace of mind that your payments will be automatically debited from your checking account each month.
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- Apply online and have your income and personal information handy.
- Visit a branch.
- Apply by phone at 1-800-748-9477, Monday - Friday 8am-5pm cst. Email us at homeequity@regions.com.
Use our calculators to help decide if a home equity loan is right for you.
Which is the best for you – home equity loan or a cash-out refinance?
If you’re looking to access your equity with a lump sum payment, we can help you determine whether a home equity loan or a cash-out refinance might be best.
- A cash-out refinance replaces your original mortgage with a new first mortgage.
- The difference between the current loan amount and the new loan amount is available then as the “cash out.”
- Factors to determine the best solution include your current mortgage rate, closing costs and your financial goals.
Not sure if home equity fits your needs?
If you’re not sure whether tapping into your equity is right for you, explore our personal loans and lines of credit for more options.