Regions Mortgage Review: Pros, Cons, Rates, What to Expect

the Regions Mortgage logo and motto

Regions Mortgage was established in 1971. It has flourished ever since as a company that promotes a strong corporate culture to ensure customer satisfaction. Moreover, the organization owns $125 billion in assets and is a member of the S&P 500 Index.

Its parent company, Regions Financial Corporation, provides a multitude of services for their clients. This includes consumer and commercial banking, mortgage, insurance, and wealth management.

Region prides itself on its core values:

  • Do What Is Right.
  • Put People First.
  • Reach Higher.
  • Focus on Your Customer.
  • Enjoy Life.

With such a well-rounded mindset, the company has high chances to become your best solution to acquiring a new home. Let’s take a look at the technical sides of its services as well.

Regions Mortgage – Details and Overview

Regions Mortgage operates primarily in the eastern part of the United States, servicing the states of Alabama, Arkansas, Georgia, Florida, Iowa, Illinois, Indiana, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Texas.

Moreover, the company prides itself on its community involvement in all the states it services, helping to repair parts of the community that are in the most need.

Their Regions Financial Corporation primary goals are to provide friendly, hassle-free financial services to its customers. Therefore, the Regions Mortgage company strives for stability, ease, financial expertise, and an understanding of personal matters for all their clients.

Regions Mortgage Loan Process Explained

Regions Mortgage has broken down the mortgage process into easy to follow steps so that potential borrowers have a clear idea of what is expected of them during the borrowing process.

a. Rates

Regions Mortgage strives to find loan rates that meet each individual’s specific needs and requirements. Also, they work carefully and closely with each customer to find a loan rate that meets the individual’s specific needs. So, this means you will need to meet with a loan originator to find rates that apply specifically to them.

However, any rates quoted are rates at the time of the quote – rates fluctuate daily and may change. The company representatives recommend their clients lock the rate in so ensure the rate at closing. Furthermore, they should do this once a buyer finds the rate that best fits their needs.

There are several different types of rates and programs that one can apply for:

  • Fixed Rate.
  • First Time Homebuyer.
  • Home Affordable Refinance Program.
  • Adjustable Rate Mortgage.
  • Construction.
  • Affordable Home Loan Programs.

a screenshot of the Regions Mortgage cash management service on their official website

b. Payment

Regions Mortgage offers electronic documentation, meaning you’ll receive monthly account statements online, through your MyMortgage account. Furthermore, using this account, you can view your account statements as well as your yearly escrow statements.

With the online system, the company processes all payments for three within six days of the initial due date. Otherwise, Regions Mortgage has a pay by phone option. However, this option might charge the caller an additional convenience fee.

c. Creating an Account

Creating an account with Regions Mortgage is relatively simple. Simply put, the user just needs to have on hand their loan number, their social security number, their monthly payment amount, and a valid email address.

d. Conditional Approval

The information you give to your Loan Originator determines conditional approval or pre-approval. Once one applies to receive the loan, an in-depth analysis of the borrower’s credit history, income, debt, and property selection is run to acquire final loan approval. The officer then gives the conditional approval status to those who qualify based on documentation provided, without an in-depth analysis of financial status.

Pros of Regions Mortgage

  • Multiple loan programs offered based on needs.
  • Personalized Mortgage Loan Originator.
  • Informational guides to help borrowers find the best rate.
  • Offers six-day grace period for payments.
  • Easy to follow guides to applying for and getting approved for the mortgage loan.
  • Weekend business hours to allow otherwise hard to schedule individuals.
  • Online mortgage calculators to help estimate the cost and affordability of real estate transactions.
  • Hardship options for those who are struggling or were affected by natural disasters to receive a temporary reprieve from payments.
  • Refinancing options to work with individual needs and desires of the borrower.
  • Information on the current homeowners’ market and mortgage rates, as well as other helpful industry information, is readily available for potential borrowers to review.

money arranged as a house; one bill and three piles of coins

Cons of Regions Mortgage

  • Many in-person locations do not offer hours after 5 pm, and many are not open on Saturday despite their informational phone line being open on Saturdays, which many find inconvenient.
  • Limited availability – You will find Regions Mortgage and Regions Banks only in locations throughout the South and Midwest states.
  • Limited hardship programs will likely affect credit scores due to non-payment.
  • Loan processing times may be long due to the approval process requiring an in-depth analysis of credit history and funds.

Regions Mortgage Customer Service Review

While a basic search for Regions Mortgage may lead to some mixed reviews about the company, ultimately it appears their customer service reviews are positive.

Many complaints are of the processing of loans and mixed information. However, several reports say that Regions Mortgage is quick to take action to correct situations and keep borrowers up to date on the status of their loan, as well as answering any and all questions they may have.

Despite this, complaints of disorganization in the company, having received mixed information throughout the closing process, lead to lower customer service ratings.

 Contact Information

Putting It All Together

Overall, Regions Mortgage is a company whose best interest is in that of the customer. Furthermore, they are concerned with ensuring ultimate customer satisfaction. Also, they make an attempt to work with their customers to find a rate that works best for them to ensure an affordable new home.

Do you have questions about the information here? Would you like more details? Do you have your own experience working with Regions? Go ahead and let us know in the comments!

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