Home Equity Frequently Asked Questions

Getting Approved

What is in my credit score?

Your credit score is calculated statistically with information from your credit report. The data used to determine your credit score can be grouped into five categories: payment history, amounts owed, length of credit history, new credit and the types of credit used.

How does my score compare to others?

According to FICO, the most commonly used credit-scoring model, the median score was 723 last year. 60% of all scores fell between 650 and 799.

How can I improve my loan-to-value ratio?

To improve your loan-to-value ratio, you will need to apply a greater amount of money toward the principal owed on your home. Applying funds you have in an investment or savings account, or simply increasing the amount of your monthly payment (and applying that to the principal) can help increase your equity and reduce your loan-to-value ratio.

Managing and Consolidating Debt

How do I determine my home's equity?

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.

Will I pay closing costs on a BB&T home equity loan or line of credit?

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.

What is the Application Process?

How do I know if my information is secure?

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.

What if I‘m missing some of the information needed to apply?

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.

Home Equity or Auto Loan

What is a line of credit?

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.

Home Equity Loan, Line of Credit or Refinance

What is refinancing?

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.

At what point might refinancing save me money?

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.

Adding Value to Your Home

What renovations offer homeowners the highest return on investment?

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.

How do I insure my home improvements?

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.

Insuring Your Improvements

I already have homeowners insurance. Why do I need more?

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.

What types of insurance does BB&T offer?

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.