Home Equity Frequently Asked Questions

The equity in your home is determined by subtracting your outstanding mortgages or liens from the market value of your property. BB&T generally relies on a professional appraisal to determine your home's value.

BB&T will pay closing costs for all applications received online. The only exceptions will be the costs associated with title insurance or a full outside appraisal (these items are typically not required for loans less than $250,000), or any intangible, county, or state taxes. For more information, contact a BB&T Client Service Associate at 888-LOAN-BBT (888-562-6228), option 4.

Ensuring the security of your personal information online is a top priority for us. We use firewalls and encrypt your application using Secure Sockets Layer (SSL) technology. SSL converts sensitive information transmitted between your computer’s browser and BB&T into secure code that cannot be read by unauthorized parties.

For additional assistance, please visit your local BB&T financial center or speak with a BB&T Client Services Associate at 888-LOAN-BBT (888-562-6228), option 4.

A home equity line of credit is an open line that is secured by your primary or secondary residence. It allows you to borrow funds at any time, up to your available credit limit.

In simple terms, refinancing replaces your current mortgage loan with a new one. Homeowners typically refinance to reduce monthly payments (because the current rates are lower than what they are paying), to switch to a different type of mortgage, or to cash out equity in their home.

If mortgage rates are 5/8-percent lower than what you're currently paying, refinancing may offer you savings against what you are currently paying. Use our Home Equity Calculators to explore potential savings.

A 2010 National Association of Realtors study reveals that deck additions (72.8%) provide homeowners with the highest return on investment. Basement remodeling (70%), kitchen remodeling (68.7%), two-story additions (65%) and bathroom remodeling (64.1%) round out the five highest-ranked jobs.

Contact your insurance provider to discuss short-term coverage that will cover materials, workers (especially if you’re doing the job yourself or with friends) and your personal property. In addition, you’ll want to review your current policy to make sure you have enough coverage once construction is complete. BB&T Insurance Services agents are homeowners insurance experts, and are available to answer any questions you may have about your coverage. We’ll not only make sure you have the right amount of protection, since your renovations will increase the overall value of your home, but we’ll make sure you’re protected during construction as well.

Renovations or additions you plan to make (or have made) might cause your home to outgrow the amount of coverage you currently have. If you needed to file a claim, you would only be covered up to the amount of your current policy. A BB&T Insurance Services agent can help you evaluate your needs and choose homeowners insurance coverage that's right for you, your family and your budget.

Through BB&T Insurance Services, we offer homeowners, renters, automobile, flood, life, health and disability insurance. BB&T Insurance Services offers policies from most major insurance carriers, so we can provide you with more options to meet your needs.