Have you heard about BB7T home equity loans? If you are just hearing about BB&T home equity loans for the first time, well you are in the right place online to get all information about it. You just need to read through the information that will be provided for you below.
Are you wondering what BB&T has to do with Truist? Truist Financial Corporation is an American bank holding company headquartered in charlotte, somewhere at North Carolina. They serve in areas of North Carolina, South Carolina, Virginia, Maryland, West Virginia, Kentucky, Tennessee, Georgia, Florida, Alabama, Indiana, Texas, New Jersey, Ohio, Pennsylvania, Washington, D.C.
BB&T Home Equity Loans
BB&T has more than $230.9 billion in assets it was Founded in 1872. They have more than 1,700 branches in 15 states and the District of Columbia. BB&T merged with SunTrust to form Truist, the country’s sixth-largest commercial bank in 2019. Truist is headquartered in Charlotte, North Carolina. Under the BB&T brand for some time, BB&T continued to serve customers. These services have now been transitioned over to the Truist brand.
BB&T Home Equity Loan Rates
A low variable interest rate is offered by Truist’s home equity line of credit, and a fixed-rate option is available. Variable rates start at 3.9 percent (prime plus 1.25 percent). From there, rates can go up to 10.59 percent. The variable-rate HELOC has a 20-year repayment period and a 10-year draw period. During the 10-year draw period, you can choose to pay 1.5 percent of the outstanding balance or make interest-only payments.
BB&T Heloc Rates
This is good news for users you can also choose a fixed-rate/fixed-term HELOC. Unlike a traditional HELOC, the fixed-rate/fixed term HELOC doesn’t have a repayment period or a draw period. Instead, a term between 5 and 30 years can be chosen by you.
Based on the amount you have available in your line of credit that is the amount you can borrow. At any time, you can have up to five of these fixed draws. Based on the term chosen, rates range from 3.99 percent to 9.94 percent. For either type of HELOC, $5,000 is the minimum draw amount.
How to Qualify and Start BB&T Home Equity Loans
Truist’s website does not provide information on criteria such as minimum credit score, combined loan-to-value ratio, debt-to-income ratio, membership requirements, or income. However, the bank does look at your credit score, income, employment, and outstanding debt.
In-person at a Truist branch or over the phone by calling 855-895-8228 You can apply for a home equity line of credit or online. You can apply online through the website we will just need your social security number, the property’s address, an estimated value of the property, and the amount of the credit line you are requesting, for incoming you will need to supply proof through pay stubs or a recent tax return.
BB&T Fees Charged
Truist charges a $50 annual fee on HELOCs in some states as I mention above Alabama, Florida, Georgia, Indiana, Kentucky, New Jersey, and Ohio. for your HELOC if you choose the fixed-rate option there is also a $15 setup charge. Truist’s HELOCs do not have prepayment or application penalties but may have origination fees up to $10,000 varying by state. For a slightly higher interest rate customers can choose to pay the closing costs for their HELOCs or have the bank pay them.
BB&T Bank Review
Nevertheless, BB&T bank is a well know bank according to their availability which is an eligible requirement and other important details are not been disclosed. They are affordable their low starting APR but several fees and their good customer experience which involve 24/7 customer support, online across autopayment, and mobile apps. Through what you have seen consigning the BB&T you can choose if it is the most suitable for you to use.
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