BB&T (Truist): 2021 Home Equity Review

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Founded in 1872, BB&T has more than $230.9 billion in assets and more than 1,700 branches in 15 states and the District of Columbia. In 2019, BB&T merged with SunTrust to form Truist, the country’s sixth-largest commercial bank. Truist is headquartered in Charlotte, North Carolina. BB&T continues to serve customers under the BB&T brand.

BB&T offers its customers both home equity loans and home equity lines of credit (HELOCs).

BB&T (Truist) snapshot

Loan types offered HELOC, home equity loan
APR range HELOC: not specified
Home equity loan: not specified
Loan amount range HELOC: minimum line is $5,000
Home equity loan: not specified
Minimum credit score required Not specified
Repayment terms HELOC: 10-year draw period and 15-year repayment period
Fixed rate/fixed term HELOC: 5 to 20 years
Home equity loan: not specified
Average time to approval HELOC: 1 hour
Home equity loan: not specified

Benefits

BB&T’s home equity products offer several benefits:

  • Fixed-rate option: In addition to its variable-rate HELOC, BB&T gives customers the option of a HELOC with a fixed interest rate. It’s a great option if you want the flexibility of a line of credit without the possibility of having a higher interest rate later in your loan term.
  • No prepayment penalty: You won’t be charged any fees for paying your home equity loan off early.
  • Flexible payment options: HELOCs let you choose between paying interest only or paying 1.5 percent of the outstanding balance during the draw period.
  • May waive closing costs: With a HELOC, you can have the bank pay closing costs in exchange for a higher interest rate.

Drawbacks

Despite all the benefits, there are drawbacks to BB&T’s products:

  • Lack of transparency: Interest rates and qualification criteria are not published on the BB&T website. This information is only available by contacting the company.
  • Limited availability: BB&T is only available in 15 states and Washington, D.C.

Types of fees charged

In some states (Alabama, Florida, Georgia, Indiana, Kentucky, New Jersey and Ohio), BB&T charges a $50 annual fee on HELOCs. There is also a $50 setup charge for your HELOC if you choose the fixed-rate option. BB&T’s HELOCs do not have application or origination fees or prepayment penalties. Customers can choose to pay the closing costs for their HELOCs or have the bank pay them for a slightly higher interest rate. There is no prepayment penalty for a home equity loan.

Loan products offered

BB&T’s home equity loan offers a competitive fixed interest rate with flexible repayment terms and no prepayment penalty. BB&T pays the appraisal fee. However, you must call your local branch to find out the current APR, maximum loan amounts, closing costs, repayment terms and average time for approval.

BB&T’s home equity line of credit offers a low variable interest rate, although a fixed-rate option is available. Variable rates start at 3.9 percent (prime plus 0.65 percent). This rate is limited to people requesting a minimum credit line of $100,000 with a maximum combined loan-to-value ratio of 70 percent. From there, rates can go up to 8.85 percent. The variable-rate HELOC has a 10-year draw period and a 15-year repayment period. During the 10-year draw period, you can choose to make interest-only payments or pay 1.5 percent of the outstanding balance.

You can also choose a fixed-rate/fixed-term HELOC. Unlike a traditional HELOC, the fixed-rate/fixed term HELOC doesn’t have a draw period and a repayment period. Instead, you can choose a term between 5 and 20 years. The amount you can borrow is based on the amount you have available in your line of credit. You can have up to three of these fixed draws at any time. Based on the term chosen, rates range from 3.99 percent to 9.94 percent.

The minimum amount a customer can request for either type of HELOC is $5,000. The maximum amount depends on how much you qualify for.

How to quality for a home equity loan with BB&T (Truist)

BB&T’s website does not provide information on criteria such as minimum credit score, combined loan-to-value ratio, debt-to-income ratio, membership requirements or income. However, the bank does look at your credit score, income, employment and outstanding debt.

How to get started

For a BB&T HELOC, you must apply in person at a BB&T branch. You’ll need your Social Security number, the property’s address, an estimated value of the property and the amount of the credit line you’re requesting. You’ll also need to supply proof of income through pay stubs or a recent tax return.

You can apply for a home equity loan online, in person at a BB&T branch or over the phone by calling 855-895-8228

How Bankrate rates BB&T (Truist)

Overall Score 3.6
Availability 3.4
Affordability 4.0
Customer Experience 3.5

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

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