BIRMINGHAM, Ala. – Consumers who are considering borrowing money have some great opportunities to meet their needs at Regions Bank. Currently, the bank is introducing and highlighting the new Savings Secured Line of Credit and the very popular Regions Affordable Mortgage product.
Regions Savings Secured Line of Credit
Regions recently launched the Savings Secured Line of Credit product, a new Borrowing Smarter lending solution. Features of the Savings Secured Line of Credit product include:
• A secured line of credit that uses a Regions savings account as collateral
• Line of credit amounts range from $250 – $10,000
• A minimum credit score or established credit history is not required
• Prime based, variable interest rate line of credit payable on demand with no stated maturity date
• Funds may be accessed using access checks, online banking, 1-800-REGIONS or by visiting a branch
Benefits to the consumer of the Savings Secured Line of Credit product include:
• May be a credit option for consumers who have limited credit histories
• Provides a line of credit financing option for consumers at interest rates lower than many unsecured lines of credit
• Allows funds to be used for a variety of purposes such as:
◦ Pay unexpected expenses
◦ Payoff higher interest rate loans
◦ Allow parents to assist adult children with access to credit by using the parent’s assets to fund the collateral savings account
“We continue to expand our lending options to meet the individual financial needs of our customers,” said Logan Pichel, head of Regions Consumer Lending. “We believe in sitting down with customers, looking at what they want to do and helping them find the right products and services to help them reach their goals.”
Regions Affordable Mortgage Products
For customers looking to purchase a home with little to no money down, Regions offers the Affordable 100 and the Affordable 97 Products for low-to-moderate income (LMI) borrowers who have managed their credit obligations. These two great mortgage products also offer low closing costs, low interest rates and affordable monthly payments.
Some features of these programs include:
• Up to 97 or 100 percent loan to value
• Mortgage insurance is not required
• For purchase transactions only
• Maximum 4 percent seller contribution
• Borrowers income not to exceed 80 percent of HUD Median Income Limits, unless property is located in Low and Moderate Income (LMI) census tract
For more information on Regions Lending, including our Savings Secured Line of Credit and Affordable Mortgages, or to make an appointment to speak with a Regions Banker, please go to Regions.com, call 1-888-IN-A-SNAP or visit any Regions branch.
Equal housing lender, member FDIC. All loans subject to qualification, required documentation and credit approval. Certain exclusions may apply. Loan terms and availability subject to change.
