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. For some time, BB&T continued to serve customers under the BB&T brand. These services have now been transitioned over to the Truist brand.
Truist offers its customers home equity lines of credit (HELOCs).
|Loan types offered||HELOC|
|Loan amount range||Not specified|
|Minimum credit score required||Not specified|
|Repayment terms||10-year draw period and 20-year repayment period|
|Average time to approval||Same day|
Truist’s home equity line of credit offers a low variable interest rate, and a fixed-rate option is available. Variable rates start at 3.9 percent (prime plus 1.25 percent). From there, rates can go up to 10.59 percent. The variable-rate HELOC has a 10-year draw period and a 20-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 30 years. The amount you can borrow is based on the amount you have available in your line of credit. You can have up to five of these fixed draws at any time. Based on the term chosen, rates range from 3.99 percent to 9.94 percent.
The minimum draw amount for either type of HELOC is $5,000.
Types of fees charged
In some states (Alabama, Florida, Georgia, Indiana, Kentucky, New Jersey and Ohio), Truist charges a $50 annual fee on HELOCs. There is also a $15 setup charge for your HELOC if you choose the fixed-rate option. Truist’s HELOCs do not have application or prepayment penalties but may have origination fees up to $10,000 varying by state. Customers can choose to pay the closing costs for their HELOCs or have the bank pay them for a slightly higher interest rate.
How to qualify for a home equity line of credit with BB&T (Truist)
Truist’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 Truist HELOC, you can apply online via their website. 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 line of credit online, in person at a Truist branch or over the phone by calling 855-895-8228
How Bankrate rates BB&T (Truist)
|Bankrate Score||3.8||Scoring factors|
|Availability||3.4||Eligibility requirements and other important details are not disclosed|
|Affordability||3.9||Low starting APR but several fees|
|Customer experience||5.0||24/7 customer support, online access, autopayments and mobile apps|
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