Regions HELOC review: Low fees but limited availability

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Editor’s take: A HELOC from Regions could be a good option for people who want to avoid closing costs and annual fees. But funding takes over a month, and Regions isn’t available in every state. If you’re interested in a better online HELOC experience, you may want to look elsewhere.

Regions HELOC at a glance

Fixed or variable rate: Both

How to withdraw funds: Card, checks, online and phone transfers, branch withdrawal

Origination fee: Not disclosed

Loan-to-value ratio: 80%

Time to fund: 32 to 42 days

Regions Bank is a regional lender that operates in 15 states across the South and the Midwest. The bank offers various financial products and services for consumers and small businesses — including bank accounts, loans and credit cards.


  • Fixed-rate option
  • Transparent about interest rates
  • Light on fees


  • Not available nationwide
  • Low loan-to-value ratio limit

4 things to know about a Regions HELOC

Regions Bank offers HELOCs with a 10-year draw period and a 20-year repayment period. If you’re thinking of applying for a HELOC with Regions Bank, here are some of the most important things to know before starting.

1. Loan options are flexible

Regions HELOCs range from $10,000 to $500,000, giving most borrowers a lot of flexibility to base their HELOC on their needs. That said, some lenders offer HELOCs up to $1 million, so the lender’s limit may be too low if you have a significant amount of equity in your home.

Also, the loan-to-value ratio limit is 80%, which is lower than what some other lenders may offer.

2. You can convert your interest rate from variable to fixed

The lender offers some flexibility with interest through its Loan in a Line feature. If you have a balance of at least $5,000, you can convert some or all your balance to a fixed-rate loan. Repayment terms range from three to 15 years (though there may be some limits depending on where you live).

There is a $100 conversion fee, but you can get it waived if you submit a request within 30 days of opening the account. Your new rate may be higher than your current variable rate, but it can prevent you from dealing with higher interest rates later on.

While some HELOC lenders require you to apply to get any information about interest rates, Regions discloses its annual percentage rate range before you get started.

3. There’s no annual fee, and closing costs can be waived

Regions doesn’t charge an annual fee on its HELOC. The lender will pay your closing costs if you borrow $250,000 or less and keep your line of credit open for at least two years. If you close the HELOC before then, the closing costs — which range from $150 to $4,000 — will be added to your balance.

If your line of credit is for more than $250,000, Regions will only cover up to $500 of your closing costs.

4. You must live near a Regions branch to get one

The property you’re using as collateral must be in a state where the bank has branches. Eligible states include Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee and Texas.

How long does it take to get a HELOC from Regions Bank?

According to the lender, most HELOCs close within 32 to 42 business days from the date you apply. You’ll get access to your HELOC funds three business days after your loan closes. During that time — after closing but before you have access to your HELOC funds — you can cancel the loan without any ramifications.

Who is a Regions HELOC good for?

If you live near a Regions Bank branch and have a lot of equity in your home, the lender’s HELOC could be a great fit for you. It’s particularly beneficial to avoid closing costs and annual fees that some other HELOCs charge. It’s especially worth considering if you like the idea of converting some or all of your balance to a fixed-rate loan.

That said, it might not be a good option if you don’t have a lot of equity or if you have a large amount of equity and need a loan higher than the lender’s maximum. You may also think twice if it’s possible you might move within the next couple of years and would need to close the HELOC — and consequently pay the closing costs.

How to apply for a Regions HELOC

Regions Bank doesn’t publicly disclose minimum credit or income requirements for its HELOC. But you can’t borrow more than 80% of your home’s value between your primary mortgage and HELOC.

To apply, you can get started with an online application, call or visit your local Regions branch. You can also upload any documentation the lender may require through an online portal.

Not sure if Regions Bank is right for you? Consider these alternatives.

  • Bank of America offers higher loan amounts and is more accessible to borrowers nationwide.
  • Figure allows you to close in as little as five days.

About the author: Ben Luthi is a personal finance freelance writer and credit cards expert. He holds a bachelor’s degree in business management and finance from Brigham Young University. In addition to Credit Karma, you can find his wo… Read more.