Home Equity Loan, Line of Credit or Refinance?

The equity in your home is a valuable asset that can be used to consolidate debt or fund everything from home renovations and vehicle purchases to college tuition and other educational expenses.

But what if you don’t have a substantial amount of equity in your home, or are simply looking to reduce your monthly payments? Refinancing your current mortgage with BB&T may allow you to qualify for a lower interest rate, allowing you the opportunity to keep more of your money in your pocket each month.

Home equity loans offer:

  • Fixed interest rates
  • Longer repayment schedules
  • One-time access to funds
  • Potential tax savings on interest paid
  • No prepayment penalty

Home equity lines of credit offer:

  • Variable interest rates
  • Ongoing access to funds
  • Potential tax savings on interest paid
  • Opportunities to fund recurring or unplanned expenses

Refinancing offers:

  • Financial savings (with lower interest rates)
  • Opportunities to change mortgage type and/or length of loan
  • Potential tax saving on interest paid

Use our Home Equity Calculators to help you explore potential savings that may come from refinancing, getting a BB&T home equity loan or line of credit.

For more information, or to receive current home equity or refinance interest rates in your area, contact your local BB&T financial center.