Expert advice. A better home buying experience.
BB&T dedicated mortgage professionals will match you with the right mortgage and provide the service you deserve throughout the life of your loan. The Refinance, Buying a Home and Loan Option at-a-glance guides below will help you get started.
Research refinancing benefits. Rates 5/8 percent (or more) lower than your current rate are a good sign refinancing may benefit you.
Do a cost analysis. Include refinance closing costs and how long you plan to stay in your home.
Get prequalified. Prepare your reason for refinancing and income, assets and credit information.
Calculate home equity. Subtract your current loan balance from a current home appraisal amount. (Generally at least 20% equity is required to qualify for refinance)
Review rate and loan options. Meet with a mortgage professional to get started.
Think future savings. Roll refinance closing costs into your new mortgage to avoid out-of-pocket expenses.
Prequalification – Determine what you can afford. Evaluate income, debt, credit and assets.
Home Search – Create a requirements list and work with a real estate agent to find a home.
The Offer – Find the home you want, work with your agent to develop an offer.
Mortgage Application – Apply for preapproval with your mortgage professional.
Home Checkpoint – Schedule a home inspection. A home appraisal and title search will be ordered for you.
Mortgage Review – Get homeowner’s insurance. Proof of insurance is required for closing.
Closing – Review your closing statement. Get the amount you will need to bring to closing in a certified check.
First-Time Home Buyer
Low down payments. Help first-time buyers and buyers with limited credit or income.
Fixed Rate Mortgage
Fixed interest rates. Offer loan payments that remain the same for the life of the loan.
Adjustable rates. Mortgages that offer lower initial interest rates that adjust annually to a new rate.
Financing for the lot, construction and mortgage covered in a single loan.
Veteran’s Administration Loan
Residential mortgages for qualified veterans, active duty, reserves and National Guard.