BB&T RACING
Construction-to-Permanent Loan
When you're building or renovating a home, a BB&T construction-to-permanent loan covers you from the ground up. Financing for the lot, construction and mortgage are covered in a single loan. Since there is one closing, and one set of closing costs, you save time and money.
- Offers the convenience of combined financing
- Saves time and money
- Allows you to stay focused on building or renovating your home
- Construction-to-Permanent
- Renovation Loan
- Online Access
Construction-to-permanent loans offer the following features to home buyers:
- Interest-only payments during construction
- Fixed construction interest rate for 12 months
- At modification, loan options including: fixed rate, adjustable and interest-only loans
Benefits
Construction-to-permanent loans offer home buyers the following benefits:- Provides convenience by combining all financing
- Saves money by requiring only one set of closing costs
- Offers security by including a rate protection option
- Allows you to prepay without penalty
Recommended For
A construction-to-permanent loan may be right for you if you:- Are building a primary residence or vacation home
- Need to buy a lot and build and mortgage a home
- Just need to build and mortgage a home
Eligibility
In order to qualify for a construction-to-permanent loan, you must meet the following requirements:- Residence must be owner-occupied primary residence or a second home
- Property must be a one-unit, single-family detached home
- Builder must be a licensed contractor
Construction-to-permanent renovation loans offer the following features to homeowners:
- Construction period up to 15 months
- No prepayment penalty
- Interest-only payments during construction
Benefits
Construction-to-permanent renovation loans offer homeowners the following benefits:- Allows you to keep the home you love while meeting changing needs
- May improve the value of you home
- Offers convenience by combining all financing
- Saves money by requiring only one set of closing costs
Recommended For
A construction-to-permanent renovation loan may be right for you if you:- Want to stay in your primary home, but need more space or upgrades
- Want to keep a second or vacation home, but want to make modifications
Eligibility
In order to be eligible for a construction-to-permanent renovation loan, you must meet the following requirements:- Residence must be owner-occupied second or vacation home
- Property must be a one-unit, single-family detached home
- Builder must be a licensed contractor
Free to all BB&T mortgage clients, BB&T OnLine® provides 24/7 secure access to your mortgage account, along with your other BB&T accounts. With BB&T OnLine, your mortgage information is at your fingertips.
Complete Self-Service Tasks
- Make a payment
- Set up automatic payments
- Customize email alerts
- Update contact information
Get Loan Information at Your Convenience
- Review loan activity
- Access loan amortization schedule
- Evaluate payoff information
- Review year-end statement
Today's Mortgage Rates
| Product | Rate | APR |
|---|---|---|
| 30yr Fixed | 5.125% | 5.225% |
| 15yr Fixed | 4.500% | 4.600% |
| 7/1 ARM | 4.275% | 4.075% |
| 5/1 ARM | 4.000% | 3.060% |
