BB&T mortgage review
Offers options to new homeowners with little cash, but its availability is limited for now.
BB&T offers helpful online tools and various low down payment mortgage options. For now, the bank’s offerings are limited to 15 states, but it has merged with SunTrust Bank to form Truist, which means its state licenses may expand in the future.
|Loan products offered||Conventional, Jumbo, FHA, VA, USDA, Home Equity/HELOC, Refinance|
|Minimum credit score||Conventional: 620|
|Minimum down payment||3%|
|State availability||AL, DC, FL, GA, IN, KY, MD, NC, NJ, OH, PA, SC, TN, TX, VA, WV|
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 your financial background and the type of loan you’re looking for. 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
Costs and fees
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 involved in the closing of a mortgage include title insurance, taxes and lenders fees, which 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.
How to apply for a mortgage with BB&T
The home mortgage application process begins online:
- Visit the BB&T website and select Lending at the top of your screen. From there, select Home Mortgage.
- Select Get Started on the BB&T Home Mortgage page to begin the application process.
- Create a user ID and password to establish an online profile.
- 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.
- Continue the application process and upload any necessary documents. A BB&T Mortgage loan officer will be available to answer any questions.
What types of mortgages can I get through BB&T?
Other mortgage products offered by BB&T
In addition to its more traditional products, BB&T also offers:
- First-time homebuyer loan. Offers 97% financing with no income limitation and lender-paid mortgage insurance. Note that you have to take an online homebuyer education course to qualify.
- 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, so you only have to pay one set of closing costs.
- Home equity loan. Borrow money by using the equity in your home as collateral.
- HELOC. Get a revolving line of credit using your home equity as collateral.
How BB&T’s mortgage products compare to other lenders
This bank offers a nice variety of mortgage loans, with refinance and home equity options. But where BB&T really shines is for new homeowners and borrowers without a lot of money for a down payment. In addition to FHA mortgages, the bank provides the HomeNow and CHIP options, which allow gift funds to go toward a down payment and require you to take a homebuyer education course to be eligible.
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BB&T reviews and complaints
BB&T Bank has poor reviews online. The bank has no rating with Trustpilot and isn’t accredited with the Better Business Bureau (BBB). Out of its 256 customer reviews, the bank has an average 1.06 out of 5 stars as of April 2021. However, it has an A+ rating with the BBB, primarily for its response to over 1,100 complaints in the last three years, centered around poor customer service and high fees.
Positive online reviews report a streamlined mortgage process and a website that’s easy to navigate.
Pros and cons of BB&T
- Good for first-time borrowers. For applicants with low income and low credit scores, BB&T offers loans with lower down payments that can be funded to the borrower through gifts.
- Truist merger may expand options. BB&T’s recent merger with SunTrust to form Truist may eventually expand what the bank can offer. Though Truist has promised new products and services, as of March 2021, the full integration won’t be complete until 2022.
- Limited availability. BB&T is licensed in only 15 states and Washington, DC.
- Complaints of high fees. Many of BB&T’s online complaints mention high fees.
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.
Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.
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.