Renasant Bank

Renasant Bank Mortgage Reviews & Ratings

By Jennifer Bradley Franklin

About our reviews

Bankrate’s editorial team researches, reviews and rates lenders to help you find one that fits your needs. Our experts consider a range of factors, including rates, loan types, time to close, fees and more. Reviews are updated regularly. Bankrate is an independent, advertising-supported comparison service. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.

Bankrate Score

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Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

Renasant Bank is a collection of community banks spread across the Southeastern U.S., with branch locations in Alabama, Florida, Georgia, Mississippi and Tennessee. According to company press releases, the bank has more than 200 offices and approximately $13.9 billion in assets. In addition to mortgages and refinancing, it offers banking services, wealth management and financial services.

The bank, which began in 1904 as The Peoples Bank & Trust Company, maintains corporate headquarters in Tupelo, Mississippi. Over the years, it has acquired various other local banks, including Renasant Bancshares of Memphis, Tennessee, the company that would inspire the current name, in July 2004.

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Nationwide availability

Available in all U.S. states

Minimum credit score

640 for conventional loans; 640 for FHA loans

Loan types

Conventional, jumbo, fixed, adjustable (ARM), VA, FHA, USDA and Georgia Dream; refinancing options include cash-out refinancing and no-cash out refinancing; home equity loans and home equity lines of credit (HELOCs)

Pros

  • Offers community home improvement loans of up to $25,000 with a credit score as low as 640
  • In some cases, rate locks are available to customers immediately after filling out the online application
  • Licensed to make loans in all states nationwide

Cons

  • Doesn’t publish interest rates, minimum borrower requirements or fees; potential borrowers must start the application process to discover this information
  • Only has branch locations in Alabama, Florida, Georgia, Mississippi and Tennessee
  • Charges loan origination fees

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Renasant Bank overview

Loan types

  • Conventional
  • Jumbo
  • Fixed
  • Adjustable (ARM)
  • VA
  • FHA
  • USDA
  • Georgia Dream
  • Refinancing including cash-out refinancing and no-cash out refinancing
  • Home equity loans and home equity lines of credit (HELOCs)

Lender fees

Renasant Bank does not publish or disclose its lender fees; however, according to the website, it defines origination fee as “the percentage of the new mortgage that is paid to the lender…Typically, this fee is 1 percent of the loan balance.”

Minimum borrower requirements

Renasant Bank does not disclose minimum borrower requirements on its website and encourages individual borrowers to connect directly with a mortgage consultant to see which loan is the best option based on their situation and available funds.

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For FHA loans, the bank has a minimum down payment requirement of 3.5 percent. Some of the conventional loan programs will allow borrowers to finance as much as 97 percent (with a 3 percent down payment). Renasant Bank representatives declined to share specifics on the maximum debt-to-income (DTI) ratio requirements.

Get started with Renasant Bank

Borrowers can apply in person, online or by phone. If you apply online, a representative will contact you.

Hours

Monday – Friday: 7 a.m. – 7 p.m. CST
Saturday: 8 a.m. – 2 p.m. CST
Sunday: Closed

Renasant Bank consumer rating and reviews

4.8
reviews

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96% recommended

Customer Service Rating

0 out of 0 rates honored

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