Union Planters Mortgage

Focused Mortgage Business

Union Planters Mortgage combined their strength with Regions Mortgage to create a new force in banking and financial services. Today, this focused mortgage business achieves greater efficiency and now operates in 22 states. They provide online application services, calculator tools, and the convenience of links available in both English and Spanish.

Fixed Rate Union Planters Mortgage

Since the integration of the two companies, those seeking a Union Planters Mortgage now deal with Regions Mortgage and find a full range of services including fixed rate mortgages. These fixed-rate mortgages provide buyers with the security of paying a fixed interest rate over the term of the loan. Terms available can be as short as 10 years or as long as 40 years. The maximum Loan-to-Value (LTV) rate for fixed rate loans is 100%. LTV equals the ratio of fair market value to the loan value. Lenders use the LTV information to learn if potential losses can be recouped by selling the mortgaged home in the event of nonpayment.

Union Planters Mortgage (Regions Mortgage) offers government-supported fixed rate options like FHA and VA loans. For more information it is best to contact your nearest Regions office for terms, loan limits, and other details on FHA and VA loans.

Adjustable Rate ARM

An Adjustable Rate Mortgage (ARM) can lower initial loan payments and help buyers qualify for a larger mortgage. Union Planters Mortgage (Regions Mortgage) offers a lower initial interest rate, which establishes a lower initial monthly payment which makes make it easier for the lender to qualify buyers. Lifetime interest rate caps protect buyers and keeps interest rates and payments from getting too high. ARM mortgages are available with terms from 10 to 30 years. Maximum LTV for adjustable rate loans is 103% with a maximum loan limit of $2,000,000. FHA adjustable rate loans are also offered. For more information it is best to contact the nearest Regions office for details on FHA loans.

First Time Home Buyers

Union Planters Mortgage (Regions Mortgage) offers a number of limited down payment options to assist first-time homebuyers who need a loan with a higher LTV. For buyers who have less money for a down payment or closing costs, limited down payment programs help procure loans for first time buyers. These programs allow buyers to keep their money in the bank with less out-of-pocket money spent for down payments or closing costs. Terms offered are from 10 to 30 years and gift funds are allowed.

My Community MortgagesSM

Mortgage loan options also include a feature called MyCommunityMortgagesSM. This is a suite of mortgage loan options which features flexible qualifying criteria. It enables home buyers to make low down payments with financing alternatives designed for:

• Buyers whose income is at or below 100% of the area median income
• Helping people overcome blemished credit, a shortfall in down payment or other such barriers
• Lower-wealth borrowers who experience substantial challenges in coming up with the funds for down payments and closing costs.

This loan option allows a borrower’s down payment to come from a variety of flexible sources, including grants and unsecured/secured loans from non-profit organizations, and government agencies or employers.

Construction Loans

Construction loans are available for buyers building a new home or purchasing a home under construction. Mortgage loans are available through the “One-Time-Closing Construction to Permanent Program.” This loan is approved and closed before construction even begins. It saves both time and money with one closing, one set of closing costs, and one loan. During construction, the borrower pays interest only on the total funds used. Another benefit to this loan is that the permanent loan rate is locked in up front and guaranteed for the term of an agreed upon construction phase.

Union Planters Mortgage Today

When Union Planters Mortgage integrated with Regions Mortgage it became one of the nation's top residential mortgage loan originators. They offer a full array of residential mortgage products and services through retail and correspondent lending channels and warehouse lending bankers/brokers where they sell loans on the secondary market.