BB&T mortgage review
It offers products for new homeowners with little cash, but few branch locations may be a problem for some.
BB&T offers helpful online tools and a variety of low down payment mortgage options. But its regional nature makes the in-person banking experience harder to find.
|Loan types||Conventional, Refinance, Jumbo, Home Equity, FHA, VA, USDA|
|Available States||AL, FL, GA, IN, KY, MD, NC, NJ, OH, PA, SC, TN, TX, VA, WA, WV|
- Special mortgage loan programs
- Loans for homes under construction
- Limited reach
- Complaints of high fees
However, other online reviews report a streamlined mortgage process and a website that’s easy to navigate.
What types of loans does BB&T offer?
BB&T has a suite of mortgage to choose from, from conventional to government-backed loans:
- Conventional loans. With a minimum credit score of 620, you can choose from fixed- and adjustable-rate mortgages (ARM). Fixed-rate mortgages are available in 10-, 15-, 20- and 30-year terms and customers can choose from 3-, 5-, 7- or 10-year ARM options.
- VA loans. Guaranteed by the Department of Veterans Affairs, VA loans are available to active-duty military service members, veterans and their families. Loans come with no down payment and low interest rates.
- FHA loans. BB&T offers 15- and 30-year fixed rate mortgages backed by the government. You need a credit score of 660. You could qualify for a low down payment, or get help with paying for it.
- USDA loans. Called its Rural housing loan, these loans are for those in rural areas. You could qualify for no down payment, but you’ll pay private mortgage insurance.
- Super conforming loans. Limited to certain high-cost areas, borrowers looking to spend more than their region’s lending limit can borrow up to $1 million with a minimum credit score of 620. Get 10-, 15-, 20- or 30-year fixed terms, or 5/1, 7/1, or 10/1 on ARMs.
- Jumbo loans. With a credit score of 720 or better you could qualify for a loan higher than your area’s conforming loan limits.
Other loans offered by BB&T
In addition to its more traditional products, BB&T also offers:
- Refinance. With a credit score of 620 or better and some equity in your home, you can refinance for a better rate or terms. Or do a cash-out refinance and use the money for what you need.
- CHIP. The Community Homeownership Incentive Program allows for down payments as low as 3% and no mortgage insurance. To be eligible, applicants must complete an online homebuyer education course.
- HomeNow. Down payments as low as 3% for qualified borrowers. To be eligible, you must complete an online homebuyer education course.
- Construction-to-permanent loan. Use this short-term loan to help build your new home. It converts to a permanent mortgage when construction is complete.
- Home equity loan. Borrow money by using the equity in your home as collateral.
- HELOC. Get a line of credit using your home equity as collateral.
BB&T doesn’t disclose its mortgage-related fees on its website. Typical mortgage fees and costs you can expect are:
- Closing fees. Various fees included in the closing of a mortgage include title insurance, taxes and lenders fees. Can cost between 2% and 5% of your loan.
- Origination fee. Ranging from 0.5% to 1% of your loan, the lender often charges this fee for processing your application.
- Ongoing fees. Find out if your loan comes with any ongoing costs like PMI, late fees or early repayment fees.
BB&T examines your financial and credit history to find out if you qualify for a loan. Requirements vary depending on the loan you apply for, but you’ll undergo a full credit check and need to provide information about your assets, income and debt.
To determine if you meet the requirements for a BB&T mortgage, start the prequalification process. Provide your financial and personal information to see if you qualify and how much you can expect the mortgage to cost.
The documentation you’ll need for a mortgage from BB&T depends on the type of loan you’re seeking and your financial background. Expect to provide at least the following documents during the application process:
- Recent pay stubs
- Last two years of W-2 forms
- Government-issued ID
- Tax returns from the past two years
- Bank statements from the past two months
- Copy of rental agreement or mortgage statement
- Any financial statement relating to a listed asset or liability on the mortgage application
- Copies of a divorce decree, child support or alimony payments, if applicable
How to get a home loan with BB&T
The home mortgage application process begins online:
- Visit the BB&T website and click Lending at the top of your screen. From there, select Home Mortgage.
- On the BB&T Home Mortgage page, click Get Started to begin the application process.
- To prequalify, answer questions about your reasons for getting a loan and if you’re a current BB&T customer.
- Provide your personal and contact information.
- Create a user ID and password to establish an online profile.
- After creating your profile and obtaining prequalification, continue the application process and upload any necessary documents. A BB&T Mortgage loan officer will be available to answer any questions.
Pros and cons of BB&T
- Special mortgage loan programs. BB&T offers loans for low income and low credit score applicants.
- Loans for homes under construction. Special loan options available to those who wish to build their own homes.
- Limited reach. BB&T is licensed in 15 states and Washington DC.
- Complaints of high fees. Many of BB&T’s online complaints mention high fees.
Compare other mortgage lenders
What is BB&T?
BB&T traces its roots back to 1872 as a small community bank in North Carolina. Today, BB&T has more than $230 billion in assets and more than 1,700 branch locations across the South and Midwest. BB&T services started with small-town banking, but have expanded into commercial banking, insurance, asset management, corporate mortgages, capital markets and specialized lending.
Frequently asked questions
Leah Fallon is an editor for finder.com. With 10 years of teaching English under her belt, it was a natural progression to move into editorial. She's written feature pieces for regional print and digital media and today helps fix annoying apostrophes, elusive infinitives and the muddled em and en dash. When she's not helping people with their finances, you can find her exploring the trails of Loudoun County, Virginia and wrangling her two sprightly girls.
BB&T offers some unique loan programs to help with down payments and those with low credit scores. Its online application helps streamline prequalification, but loans are limited to 15 states and Washington DC.