BB&T Mortgage, Loan Types, Mortgage Approval Process

With its headquarters in North Carolina, BB&T Bank serves 13 states of the Southeastern United States, offering its wide range of mortgage products and services to a large number of homebuyers. The states where the bank has branches include North Carolina, South Carolina, Maryland, Virginia, Kentucky, West Virginia, Georgia, Tennessee, Alabama, Florida, Texas, Indiana and Washington, D.C.

Mortgage Loan Options at BB&T Bank

Here is an overview of the current home mortgage products at this leading Southeastern lender.

  • Fixed-Rate Mortgage: The convenience of a predictable payment every month might give you a reason to spend extra on interest rates and other costs. You need a very good score to qualify for a BB&T fixed rate mortgage loan.
  • Adjustable-Rate Mortgage: If you do not plan to live in your house for a long time, then you may be able to take the risk associated with an adjustable-rate mortgage. Under this loan option, you can make fixed payments for a few years in the beginning of your loan term. After that the interest rates begin to adjust annually depending on prevailing market conditions.
  • Construction-to-Permanent Loan: This loan program can help you build a new home or renovate a house you already own. With a construction-to-permanent loan, you can finance land, construction and even home mortgage.
  • VA Loan: If you are a qualified veteran, you can take advantage of BB&T Veteran’s Administration loan, which can help you buy a new home or refinance an existing one at attractive rates and terms.
  • Loan Options for First-Time Home Buyers: BB&T offers a range of options for people who wish to buy their first home. Such programs take care of your credit, income, down payment and other relevant issues.
  • Loan Options for Homeowners: At BB&T, you may qualify for a second mortgage (also known as a home equity loan) to meet large expenses. The second mortgage is secured by the equity in your primary or secondary residence.

How to Begin Home Hunting with a BB&T Mortgage

Things will become easy if you know the different steps involved in a mortgage application process. You must begin with a review of your budget. Take the help of a calculator to know how much home you can afford. You can seek the help of a BB&T mortgage professional also to determine your debt-to-income ratio and several other factors governing your chances of mortgage approval.

Once ready, use online resources or call a BB&T mortgage professional to begin the process of prequalification. Wait until you prequalify, then hire a licensed real estate agent to hunt for a property that you can call home. The loan amount you are preapproved will help you select a suitable home in an ideal neighborhood.

Your agent will help you make an offer for the home you have selected and get a copy of the contract, which is necessary to initiate the process of application. The BB&T professional will offer you a range of mortgage products to choose from and put together a good faith estimate. Several other documents may be needed to complete the application.

The application will follow an appraisal of your home and you may also need to complete a home inspection. At settlement, you are required to sign a number of documents and put down your portion of loan. The seller will get the money and you will get the key of your new home.

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