Introduction
Regions bank
Regions Bank offers a checking account and savings account. In addition to these accounts, it also offers credit cards, personal loans, home equity loans and home equity lines of credit, HELOC. The APR range of home equity loans starts from 6.75%.
Home equity loan product options
You can get home equity on your primary residence. It also provides you with a loan on secondary residence. This bank allows you to borrow about $10,000 to $ 250,000. Various factors affect the amount that you borrow, such as occupancy type, loan term and credit score.
You can get a HELOC from this bank on your primary as well as secondary residence. You can borrow around $10,000 to $ 500,000 from this bank.
The bank offers a rate lock option called loan in a line.
If you want to get a home equity loan or a HELOC, then your property must meet certain requirements of the bank. You can only use your primary or secondary property as collateral for the loan that you want to get. Also, there is another set of conditions that the property that you are using as collateral should be in one of the states that the Regions Bank serves.
There are various other factors that are considered in order to qualify for a loan. These factors are the credit score and credit history of the borrower, the income source of the borrower, etc.
Applying for a home equity loan / HELOC
There are not many options provided by the bank to apply for a loan. You can apply for home equity loans and HELOC as well with the help of the online application. There is another method of applying also that is you can call them on the number that they have provided, or you can visit a nearby branch also.
Despite the method you use to apply for a loan, you need to collect the basic data that the bank requires. They ask you about your personal information as well as details of your income. Thus, you must gather basic details about your property.
Generally, the bank takes one day to come to a decision, but sometimes, it may take a longer duration of time if there is a need for some additional documentation. Also, if you change your decision within three days, then you can cancel your loan request.
Sometimes, we have some issues where we require guidance. In this case of a loan, to solve your issues, you can contact the support of the region’s bank customer service.
You will also see a page of faqs on the region’s bank website where you will see some of the common questions that customers ask from them. There are chances that you will get your query answered from there without contacting their customer support services.
If you want to have a direct call with the home equity team member, then you can call on 800-986-2462. If you want to call another bank rather than the home equity team, then you can contact them at 800-734-4667. There is another number through which you can contact online banking support, which is 800-472-2265.
But in any case, if you are not comfortable contacting through a call, then here you can message them. You will have the message option either on your mobile app or in an online account. A Reggie is an online messaging service that the Regions offer.
You just have to login and click on the message section to start a conversation. Additionally, you can also send an email, and one of their team members will respond to your message.
A bank located in Rhode Island named Citizen Bank. This bank offers you both the services of business and personal banking service in both offline and online mode. Its service involves everything from credit cards to savings accounts and many more.
This bank provides its clients with credit for home equity through which they can go into home equity. In addition to that standard HELOC, the lender provides you with the interest-only HELOC. Their main motive is to lower the loan amount for their clients.
The Citizens make a list of the best HELOC lenders. This is because of the different amount of offerings by HELOC, customer service and price.
Home equity loan options
You can borrow the amount according to your needs and requirements but within your or up to a credit limit. The HELOC citizens have a one-decade draw period and a repayment of the loan period of 15 years.
Citizens Goal Builder HELOC
The difference from the HELOC standard for that purpose is that it is made for people who are still putting their efforts into making equity in their house, which is known as Goldbuilder HELOC. The HELOC is for a very minimum amount. It is between $5k to $25k, and the HELOC standard, which citizens offer, provides a large amount from consumers to borrowers.
In this, the borrowers can make interest-only payments on their time during the period of HELOC. After you have reentered the period of repayment, the amount of balance you have will be converted into the principal and interest payment monthly to pay back within 15 years.
The small amount of the fees is one of the main advantages of the citizen HELOC. In the standard of HELOC, there is no cost for closing, appraisal or fee for the application. There is only a small amount of $50, and that amount is also waived in the first year.
Three main things are considered by the citizen bank if you want to qualify for the HELOC: ratio of the loan to value, credit history, and ratio of debt to income.
The best thing is that not all people have a better credit score except some. If your credit score is not that good, then also you can apply for a loan. But if you have a better credit score, then in this case, you will get a loan at a better rate. Like various lenders, citizens allow their clients to pay up to 80% LTV. But these requirements can be changed from state to state.
If you want to qualify, then there are some criteria that your property should also follow; otherwise, you will get rejected. The property should be a secondary home or a primary residence, and it should be located on Citizens Bank 29 service state or in Colombia district.
The Goal Builder HELOC has its restrictions for income and some of the specific locations. However, the bank will not specifically have the exact requirements.
Applying for a HELOC Citizens
You can use an application that is available online, or you can also call them if you want to get help from their member. That member will help you to complete the process of application easily. But if you think you need to apply for an individual, then in this case, at your local branch, you can schedule the appointment.
If you apply online or offline, it is your choice. You can choose any option that is fit for you, but make sure that you have all the important information before you carry out the process of application.
You will require all of your necessary personal information, which involves information about your property, debt-to-income ratio, etc. There are chances that the lender might see your recent W-2 form, pay tax returns and stubs and any other information that is related to your current mortgage.
When you successfully submit your application, then the loan originator will contact you to check if the information provided in the application is valid or not, and after that, he will take you to the next step after your application is approved by the citizens. Then, you may get a home approval. If your application is approved, then in this case, within 30 days, you will get the amount or funds.
If you require any support, then you can contact Citizens Bank Home Equity Advisor by phone, or you can directly visit your local Branch to solve your issue. The bank home equity and the terms for the application of the loan are accessible through the phone at their Customer support Number.
In its Department of Consumer Finance, you can reach them on Sunday and Saturday from 6 am to 3 pm PT or Monday to Friday from 4 am to 7 pm PT. If you think that you need to talk to the branch’s local citizens, then you can find the nearest office from your house on the website.
The advisor will first understand all of your questions, your needs and wants and provide you a solution. If you have any questions, then you can directly ask your advisor to solve that issue.
Conclusion
In this article, we discussed home equity and the reviews of the banks. Firstly, we studied Regions Bank and the services that are provided to them. They provide home equity loans, HELOC, etc. The methods to qualify for the loan are also discussed, along with the customer services provided by the bank.
After this, we studied citizen banks and the services offered by them, along with the methods to qualify and the customer support. The interest and the fees charged by the Citizens Bank are also discussed.