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Home Equity Loan
A home equity loan is an excellent way for homeowners to finance large projects, purchases and expenses. A BB&T Home Equity Loan has a fixed rate and payment schedule and can be secured by the equity in your primary or secondary residence, and in some cases even investment property. Loans are subject to credit approval.
| Good if you require... | A loan with a fixed rate, term, and monthly payment that lets you borrow money in a lump sum |
| Recommended Uses |
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| Minimum Loan Amount | $10,000 |
| Competitive Interest Rates | Currently as low as 3.49% APR for 60 months or 3.99% APR (4.24% APR in North Carolina) for 180 months1 |
| Tax Advantages | Interest may be up to 100% deductible2 |
| Repayment Options | Fully amortizing, fixed monthly payment |
| Fees and Closing Costs3 |
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| Account Access |
Get account information and make payments:
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| Personal Banking Solutions | A home equity loan may qualify you for an Elite Gold checking account. |
| Payment Protection Plan |
Our optional payment protection plan continues to make payments on your BB&T Home Equity Loan if you are sick, injured, unable to work or if you lose your job. |
Resources
Articles Getting approved
Managing and Consolidating Debt
What is the Application Process?
Home Equity or Auto Loan?
Home Equity Loan, Line of Credit or Refinance?
Adding Value to Your Home
Insuring Your Improvements
Calculators How much can I borrow?
What will my payment be?
Should I consolidate my debt?
What are my tax savings?
Home Equity
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1The rates provided are applicable for first lien requests and may change without notice. Other rates and terms are available, and requests to refinance existing BB&T debt may be higher. For first lien requests where the property value is $1 million or less, the maximum LTV is 80%. To qualify for these rates, client should have a minimum beacon score of 700 and a debt-to-income ratio of 40% or less. Exceptions may involve those clients with a high "BNI" score. This score is provided by the credit bureau, and is used to assess the likelihood of Bankruptcy being declared within a 24-month period. Other qualifications and requirements apply. For purposes of comparison, a consumer who finances $20,000 at a term of 60 months and at an annual percentage rate of 3.49% would remit 60 payments of $363.75. For purposes of comparison, a consumer who finances $50,000 at a term of 180 months and at an annual percentage rate of 3.99% would remit 180 payments of $369.59. For purposes of comparison, a consumer who finances $50,000 after a down payment of $0 at a term of 180 months and at an annual percentage rate of 4.24% would remit 180 payments of $375.89. These payments do not include tax or insurance costs; the total payment obligation may be higher. Property and, if applicable, flood insurance must be in effect on the property being secured. Rates are for owner-occupied single-family residences and not valid for rental properties, manufactured homes, residential lots, cooperatives or properties held in trust.
2Consult your tax advisor for details. A 1098 will be issued as required by law.
3For home equity loans paid out within 36 months of loan origination, the client may be required to remit some or all of the closing costs paid by BB&T on the client’s behalf. For first lien requests, BB&T will currently waive the origination fee on BB&T Home Equity Loans. This offer may not be available when refinancing existing BB&T debt.
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Branch Banking and Trust Company is a Member FDIC and an Equal Housing Lender. 