Home Equity Line of Credit
Make life easier with a flexible line of credit
Best if you
- Have available equity in your home
- Have a borrowing need such as home improvement, major purchases or debt consolidation
- Want a line of credit that's available when you need it
- Want overdraft protection for your BB&T checking account
- Option to lock in balances with a fixed rate and term1
- Enjoy a line of credit that replenishes as you pay it off
- Borrow at lower interest rates than credit cards
- Choose from flexible payment options: interest only or 1.5% of the outstanding balance
- No closing cost option2
Fixed-rate loan option
With our worry-free fixed-rate loan option, you'll get the security of a fixed rate and term—and the peace of mind that comes with predictable payments.
- Take advantage of competitive rates and a low set-up fee
- Avoid the hassle of getting a new loan for large purchases
- Replenish your available line of credit with each loan payment
- Get up to three loans of at least $5,000 simultaneously
Use your home equity line of credit for any number of large expenses, including:
- Home improvements
- Major purchases or appliances
- Tuition or education costs
- Medical expenses
- Debt consolidation
- Ongoing or unplanned expenses
Ready to get started?
Locate a branch.
What do I need to apply for a home equity line of credit?
Applying for a home equity line of credit (HELOC) is a bit like applying for a mortgage, minus a couple of steps.
With that in mind, you should be prepared to provide the following information to get the process started:
- Full name and Social Security number
- Address of the property you are purchasing or refinancing
- Estimated value of the property
- Line amount requested
Depending on your individual circumstances, you will also need to provide:
- Tax statements
- Copies of pay stubs
- Financial statements (bank, investment etc.)
- Information on additional properties you may own
- Credit history: Your borrowing and repayment history including your credit score will be reviewed. Credit scores range from 300 to 850, and a higher score can increase your chances of getting approved.
- Debt-to-income ratio: Your monthly payments including your HELOC should usually be less than 43% of your monthly income.
- Loan-to-value ratio: The relationship between what is still owed on your mortgage and value of your home. The more equity you have in your home, the better.
What happens once my HELOC is approved?
We'll notify you when your line is approved and schedule a closing date. At the loan closing, you'll review, acknowledge and sign the loan documents, some of which will need to be notarized. You'll be required to bring a valid form of identification to the signing. There is a 3-day right to cancel ("rescission") period required by law during which you can choose to terminate your HELOC application. Once the rescission period has expired, the funds from your HELOC will be available for you to use.