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BB&TMortgage offers personal service at branches in the Midwest, Southeast and Mid-Atlantic regions. It offers a variety of mortgage products for every scenario, including buying a home, refinancing a home, building a home and accessing your home equity. BB&T is in the middle of a merger with SunTrust, so things may be in flux as they combine operating systems under a new name — Truist.
- In-person service
- People who live in the BB&T service area
- Those planning to build a home
- Personal service
- Construction-to-permanent loan option
- Excellent guidance for first-time home buyers
- A variety of loans
- Limited service area
- In the middle of a merger
- Doesn’t offer FHA mortgages
Who’s BB&TMortgage for?
BB&TMortgage is for consumers who prefer in-person service. You can start the mortgage process online but can’t complete an entirely online mortgage process. It’s also a great choice for first-time home buyers who want guidance throughout the mortgage process. Take a deeper look at BB&T if you want to build your dream home, as it offers construction loans.
It’s also a good choice if you want to tap into your home equity. BB&T offers both home equity lines of credit and home equity loans.
BB&TMortgage offers home loans to fit nearly any situation. Let’s dig into the options.
Home Purchase and Refinance Loans
Here are BB&T’s range of loans you can use to buy a home or refinance your current mortgage.
- Conventional loans: Conventional loans are loans that aren’t backed by a government program. BB&T offers fixed-rate and adjustable-rate conventional mortgages. A fixed-rate mortgage has the same interest rate for the entire loan term. An adjustable-rate mortgage (ARM) has an interest rate the lender can change.
Adjustable-rate mortgages typically start with a fixed interest rate period. For example, a 5/1 ARM starts with a fixed interest rate for 5 years — then BB&T can adjust the rate once per year. You can also refinance with a conventional loan to improve your terms.
- VA loans: VA loans are loans for qualifying veterans and current service members. The Department of Veterans Affairs insures these loans, and they are available with no down payment. You also don’t need to pay for mortgage insurance, which can be a significant savings.
- USDA rural housing loans: The Department of Agriculture insures these loans, which are available to borrowers who meet income guidelines. If you qualify, you aren’t required to make a down payment. You must buy a home in a designated rural area.
- Community Homeownership Incentive Program (CHIP): BB&T’s CHIP loan offers a down payment as low as 3%. The program doesn’t require mortgage insurance and does have income limitations. You also must take a homebuyer education class.
- HomeNow: Like CHIP, HomeNow offers a 3% down payment. It also has income limitations. With HomeNOW, you do have to pay for mortgage insurance, and you also have to take a homebuyer education class.
- First-Time Home Buyer: BB&T also offers a loan specifically for first-time home buyers. It has no income limitations, and you can make a down payment as low as 3%. It also has a reduced mortgage insurance requirement. You need to take an online homebuyer education class to qualify.
Home Construction Loan
If you’re building your dream home from scratch or doing an extensive renovation, BB&T has construction-to-permanent home loans. This means you can buy the lot and finance construction with just 1 loan.
Here’s how it works. You start with a construction loan, which is a short-term loan. You typically only pay interest on the construction loan, and it stays in place until you move into your home. At that point, it converts into a permanent mortgage. The advantage of a construction-to-permanent loan is that you only have to pay closing costs once, and your funding is in place for the whole project.
Home Equity Products
BB&TMortgage offers 2 home equity products — a home equity loan and a home equity line of credit.
Your home equity is the difference between the amount you owe on your mortgage and your home’s value. Let’s say you have a home valued at $200,000, and you owe $140,000 on your mortgage. This means that you have $60,000 in equity.
Home equity products allow you to borrow against a percentage of that equity. Keep in mind that when you borrow against your home equity, you’re borrowing against your home. Only borrow as much as you need to meet your expenses, whether it’s educational costs, a home renovation or debt consolidation. Let’s take a closer look at BB&T’s options:
- Home equity loan: You borrow a fixed sum of money and pay it back over a set time with a home equity loan. It has a fixed interest rate and no prepayment penalty.
- Home equity line of credit: This product is a bit like a credit card. You’re approved for a set amount, and you borrow as much as you need when you need it. It has flexible repayment options, and you can choose a fixed or variable interest rate.
Average Days to Close Loan
BB&T doesn’t share exactly what its average closing time is. It does state that “with the right preparation, you can have your mortgage loan in as little as 1 month, depending on your loan type, the lender you choose and other factors.” Expect the process to take roughly 30 days. The national average time to close a home loan was 43 days as of February 2020, according to Ellie Mae.
BB&TMortgage Credit Score Minimum
BB&T doesn’t state its minimum credit score for a mortgage. This reflects the reality that home loans have different credit requirements. For example, VA loans don’t have a minimum credit score requirement. Instead, lenders like BB&T look at your overall credit history.
On the other hand, you may need a credit score of 620 – 640 for a conventional loan. The best approach is to talk with a BB&T loan officer who can help you sort through your options and provide suggestions if you need to improve your credit score.
The first step to applying for a BB&T mortgage is preapproval. To prequalify with BB&T, you will need:
- The city, ZIP code or county of your home
- Your Social Security number or government-issued ID
- Your employment information
- General financial information like your income and assets
If you prequalify and decide to move forward with BB&T as your lender, you’ll need the following documents for your application:
- A list of your income sources
- Records of your monthly debt payments
- Your most recent bank and investment account statements
- Pay stubs from the past 30 days
- W-2s from the past 2 years
- Tax returns from the past 2 years
- IRS Form 4506-T (signed)
- Rental property income (if applicable)
- A letter explaining any gift funds, including a bank statement and canceled check (if applicable
- A profit and loss statement (if you’re self-employed)
You may need to provide additional documentation if requested by BB&T, but these are the essential documents you need to get started.
Your main point of contact will be your assigned mortgage loan professional. That professional will be there to shepherd you through the process. Once you have your mortgage, you can reach BB&T at 800-295-5744. BB&T has representatives available from 6 a.m. to midnight ET every day. You can also send a secure message through your online BB&T account. BB&T doesn’t have a mobile app, but you can reach them on Twitter @BBT.
You can also visit your local branch if you need in-person assistance. Branches keep typical banking hours.
Is BB&TMortgage Right for You?
A BB&T mortgage might be the best mortgage for you if you live in its service area and value personal service. Keep in mind that the lender is going through a merger, so there might be some bumps along the way.
BB&T does offer an impressive range of home loan products, so it’s easy to find something that meets your needs. Having a dedicated point of contact can be helpful and lessen the stress of the mortgage process. If you’re a first-time home buyer or you have a modest income, BB&T’s proprietary, low down payment mortgage products could be a good fit.
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