Regions Bank Mortgage Interest Rate and Cost Review

Is Regions Bank a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Regions Bank to those of other lenders for a comparable set of borrowers. We maintain our independence by not accepting any money from the mortgage lenders we review. Going by historical data, here is our review of Regions Bank nationally:

Review ItemRegions Bank
Interest Ratesimilar to other lenders (+0.08%)
Loan Related Closing Costslower than other lenders (-$360)

On average, Regions Bank’s interest rates were similar to those of other lenders (+0.08%) for a comparable set of borrowers. On the other hand, its loan related closing costs were lower than those of other lenders, with a difference of -$360. To visit Regions Bank, its website is located at: https://www.regions.com.

Regions Bank’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. In particular, among the cities we track Regions Bank was most active in:

  1. Birmingham, AL
  2. Nashville, TN
  3. Tampa, FL
  4. Atlanta, GA
  5. Miami, FL

In addition, Regions Bank is our top ranked/best mortgage lender in terms of interest rate and closing costs in:

  1. Birmingham, AL, for Jumbo mortgages
  2. Little Rock, AR, for Jumbo mortgages
  3. Gainesville, GA, for Jumbo mortgages
  4. Jackson, TN, for VA mortgages
  5. Athens, GA, for Jumbo mortgages
  6. Oxford, MS, for Jumbo mortgages
  7. Shreveport, LA, for Jumbo mortgages
  8. Tuscaloosa, AL, for Jumbo mortgages
  9. Florence, AL, for Jumbo mortgages
  10. Columbia, TN, for Jumbo mortgages
  11. Dyersburg, TN, overall
  12. Hattiesburg, MS, for Jumbo mortgages
  13. Lincoln, AL, for VA mortgages
  14. Jasper, AL, for Jumbo mortgages
  15. Alexandria, LA, for Jumbo mortgages
  16. New Albany, MS, for VA mortgages

You can click through to check out Regions Bank’s mortgage rate relative to those of other lenders within each city. Or, for our entire list of the top mortgage lenders by city, click here.

Regions Bank’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Regions Bank originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

Purchase/Refinance:
New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.00%-0.09%-0.06%+0.03%-0.02%
Loan Related Closing Cost Difference-$331-$319-$79-$122-$58
Cost Adjusted Rate Difference-0.03%-0.12%-0.06%+0.02%-0.03%
National Star Rating(3.5)(4)(4)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference+0.27%+0.02%-0.05%+0.00%+0.02%
Loan Related Closing Cost Difference-$526-$51+$51+$0-$2
Cost Adjusted Rate Difference+0.15%+0.02%-0.04%+0.00%+0.02%
Average Star Rating(2.5)(3.5)(3.5)(3.5)(3.5)

As a summary, Regions Bank is cheap for FHA and Jumbo purchase mortgages. It is similar to other lenders for Conforming, USDA and VA purchase mortgages. For refinancing, Regions Bank is similar to other lenders for FHA, Jumbo, USDA and VA mortgage refinance. It is more expensive than other lenders for Conforming mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about Regions Bank:

Registered name: Regions Bank
Registered city and state: BIRMINGHAM, AL, 35203
Regulator: Consumer Financial Protection Bureau (CFPB)
Top holder: REGIONS FINANCIAL CORPORATION

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Regions Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.