Home Equity Loan
Finance large projects, purchases and expenses with a BB&T Home Equity Loan. This fixed-rate, fixed-payment loan can be secured by the equity in your primary or secondary residence and, in some cases, even your investment property.
| Features | Fixed rates, terms, and monthly payments that let 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 2.99% APR for 60 months, 3.24% APR for 84 months, 3.49% for 120 months and 3.74% for 180 months1 |
| Tax Advantages | Interest may be up to 100% deductible2 |
| Repayment Options | Fully amortizing, fixed monthly payments |
| Fees and Closing Costs3 |
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| Payments and Account Information |
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| Personal Banking Solutions | A home equity loan may qualify you for an Elite Gold checking account. |
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
1 The 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 2.99% would remit 60 payments of $359.28. 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. 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.
2 Consult your tax advisor for details. A 1098 will be issued as required by law.
3 Online offers and fees may vary from those available at BB&T financial centers. BB&T will pay the appraisal fee for a non-jumbo loan (less than or equal to $417,000). If you pay off your BB&T Home Equity Loan or Line of Credit within 36 months from the date of loan origination, you may be required to remit the appraisal fee or other closing costs BB&T paid on your behalf. There is no annual fee on a BB&T Home Equity Line of Credit unless you live in the following states: AL, GA, FL, KY, and IN, where there is a $50 annual fee. For first lien requests, BB&T will currently waive the origination fee on BB&T Home Equity Loans.
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