The Branch Banking and Trust Company (BB&T) was founded in North Carolina in 1872 as Branch and Hadley, and is based in Winston Salem, NC. It was one of the first institutions in the states to create a trust department. The bank’s loan offerings include fixed- and adjustable-rate mortgages, alongside low-cost options such as VA loans. BB&T supports borrowers interested in building, buying or refinancing their homes.
Table of Contents: BB&T Mortgage
- Background of BB&T
- BB&T Mortgage Rates
- BB&T Mortgage Options
- BB&T Application Process
- BB&T Complaints
- BB&T Mortgage Qualifications
BB&T Mortgage Facts
- Offers standard fixed-rate mortgages and ARMs for a variety of term lengths
- Works with the FHA, USDA, and VA for specialized loan offerings
- The bank and trust funds homeowners hoping to build on newly purchased land
- Many of BB&T’s services are fully digitized and paper-free
- Regional services, focusing on 16 states and the District of Columbia
- Offers construction-to-permanent loan options
History of BB&T
BB&T was founded in 1872 to serve North Carolina and the surrounding region. It became the first banking trust in the state and offers a variety of services, including credit cards alongside its mortgage and refinancing
options. The bank serves 16 states and the District of Columbia, focusing on the Southeast and Midwest.
There are several specialty loan options available through various government agencies, and the bank prides itself on fast approvals and full online services. Pre-qualification is handled through an online portal and approval may take as little as 30 days. The bank’s BBB customer review score is 1/5 and it has received hundreds of complaints, though it is accredited by the Winston Salem BBB and has a rating of A+.
Current BB&T Mortgage Rates
BB&T Mortgage Products
BB&T has plenty of mortgage options to choose from. Here are all of their mortgage loan options.
BB&T Fixed Rate Loans
Fixed-rate loans are simple and easy-to-understand ways to purchase a home. BB&T recommends these loans to homeowners who plan to stay in their new houses for 3-5 years or longer. People who receive gradual increases in their income over time are good candidates for fixed-rate loans.
These loans are available in 30- or 15-year terms, for buying or refinancing houses. Budgeting and planning for one’s financial future become somewhat easier when rates are consistent, and this is a good loan type to secure when interest rates are low, as they’ll be locked in.
BB&T Adjustable Rate Loans
Adjustable-rate mortgages (ARMs) are a great choice for homeowners who don’t want to be locked into one rate immediately. There are several reasons individuals may want to have an adjustable monthly payment. For instance, people expecting income increases in the near future can benefit from an initially low rate.
Expecting a home sale or refinancing is another great reason to go with an ARM instead of a mortgage. BB&T offers 3, 5, 7 and 10 year ARM options.
BB&T New Construction Loans
People buying a lot and financing construction of a new home on that land can sign up for a construction-to-permanent loan. This loan option is also suitable for funding large-scale renovations. These loans are available on a short- and long-term basis and combine a one-year construction loan with a home mortgage once the new building is completed.
Combining the two loan types into one closing saves on closing costs and simplifies financing for homeowners.
BB&T VA Loans
The U.S. Veterans Administration guarantees a special class of home loans for active-duty military members or veterans, National Guard officers or reserve members. These mortgages are different from other offerings in that they require low or no down payments and have reduced credit and income requirements.
Available from BB&T as 15- or 30-year fixed-rate loans, VA loans are suitable for buying or refinancing a home occupied by the applicant and support the use of gift funds toward the down payment.
BB&T USDA Loans
The U.S. Department of Agriculture is responsible for a special type of loan specifically designed for people looking to move to rural areas. These loans offer the kind of flexibility most prospective homeowners value, with up to 100 percent financing available and gift funds accepted toward the down payment. Unlike VA loans, USDA loans do require mortgage insurance.
BB&T FHA Loans
The Federal Housing Authority is another government agency that offers loans with reduced requirements to borrowers who don’t qualify for standard fixed-rate mortgages or ARMs. Like USDA loans, FHA loans may require mortgage insurance.
BB&T Cash-out Refinancing Loans
Homeowners who have paid off some of their mortgages and need equity to pay off debt or make a major purchase or investment can turn to cash-out refinancing. This process involves taking out a new mortgage for a greater amount and receiving the difference as equity.
Since mortgage rates are typically lower than interest on debt, this may be a sound long-term financial strategy for some borrowers.
BB&T Mortgage Applications
There are a number of convenient tools for homeowners on the BB&T website. The bank does offer an online mortgage application form that matches each user with a qualified BB&T loan officer. The online prequalification process is designed not to affect an individual’s credit score and uses financial questions to determine whether they qualify for a particular type of loan and home price range.
Applying for prequalification online does require individuals to present identifying information to the bank, including:
- Contact information and current residence
- Location of the home under consideration
- Employment status and general financial situation
- Social Security number or government-issued ID
Once a person has been prequalified, other required information includes:
- The exact address of the property being purchased
- Detailed employment information, including pay stubs or W2 forms
- Full reports on assets owned, including checking, savings, and retirement accounts, as well as life insurance and more
The whole mortgage process can be completed in a paperless form on the BB&T website, with electronic signatures standing in for physical document signing. The banknotes that its processes tend to be quick, and can take as few as 30 days, considerably lower than the 44-day average cited by Ellie Mae for all mortgage approvals.
The bank is accredited by the Winston Salem Better Business Bureau, the branch closest to its headquarters. It has received harsh reviews from customers through the BBB and maintains a review score of 1/5. The bank disclosed in 2016 that it was part of an $83 million dollar settlement with the recipients of FHA loans.
However, the process involved no admission of liability, and the bank announced it was attempting to recover $70 million in a related matter.
BB&T Ratings and Complaints
Founded in 1872 in North Carolina, BB&T is a Bank and Trust serving 16 Southern and Midwestern states, as well as the District of Columbia. Its Winston Salem headquarters is accredited by the local BBB with an A+ rating. It has held this accreditation since 1974 and has a customer review score of 1/5.
It has received 745 BBB complaints and 61 reviews. The bank answers complaints against it, some of which are considered “resolved” and others merely “answered.” The bank responds to its reviews, but not publicly, merely stating that is has reached out to unhappy customers.
- Information collected on Nov. 12, 2018
BB&T Mortgage Qualifications
|Income requirements||Down payment requirement||Gift funds allowed||Credit score minimum|
|None listed||20% to avoid mortgage insurance, minimum 0-3% for special loans||For special loans||Approximately 620, see below|
BB&T offers several alternative funding options for borrowers who meet a variety of qualifications. Individuals military members, veterans, those living in rural areas or who qualify for FHA assistance may also qualify for these special options accredited through government agencies. BB&T also offers an assessment of credit score brackets.
BB&T Phone Number & Additional Details
- Homepage URL: http://www.bbandt.com
- Phone Number: 336-733-2060
- Headquarters Address: 110 S Stratford Rd, Winston Salem, NC 27104-4244