BB&T Mortgage (Truist) Review 2020

Good for: borrowers in the Southeast who want online tools with the option of face-to-face service. BB&T, now part of Truist Financial Corp., offers a full menu of home loans.

NerdWalletAugust 10, 2020
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Our Take

4.5

NerdWallet rating 

The bottom line: BB&T excels in online convenience and offers a good variety of loan types, but has a limited physical presence outside the Southeast.

BB&T

BB&T: NMLS#399803

Min. Credit Score

620

Conventional:

620

FHA:

N/A

VA:

N/A

USDA:

640

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, VA, USDA

Pros & Cons

Pros

  • Offers a variety of low-down-payment mortgages as well as construction mortgages.

  • Website lets users estimate rates online by loan and property type, amount and location.

  • Has an online mortgage application.

Cons

  • Branches limited to mostly the Southeast region.

  • Does not offer FHA loans.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
Min. Credit Score

620

Conventional:

620

Min. Credit Score

620

Conventional:

620

FHA:

660

VA:

660

Min. Down Payment

3%

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable

Loan Types and Products

Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA

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Full Review

Due to the coronavirus pandemic, getting a mortgage may be a bit of a challenge. Lenders are dealing with high loan demand and staffing issues that may slow down the process. Also, some lenders have increased their fees or temporarily suspended certain loan products. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

BB&T mortgage at a glance:

BB&T offers a wide selection of mortgages, has an online application and publishes mortgage rates on its website, but its branches are mostly limited to the Southeast. BB&T Corp. and SunTrust Banks Inc. merged to become Truist Financial Corp., the sixth-largest U.S. commercial bank. The merger was completed Dec. 6, 2019, but the full transition to the Truist brand will occur over two years. In the short term, there will be no changes to many BB&T accounts and services, including mortgages, the company said.

Here’s a breakdown of BB&T's overall score:

  • Variety of loan types: 5 of 5 stars

  • Variety of loan products: 4 of 5 stars

  • Online convenience: 5 of 5 stars

  • Rates and fees: 3.5 of 5 stars

  • Rate transparency: 4 of 5 stars

BB&T loan types and products

Both BB&T and SunTrust will offer independent products for a "period of time," according to Truist. That may include differing underwriting guidelines, product features, terms, fees and pricing.

BB&T offers 10-, 15-, 20- and 30-year fixed-rate mortgages, and 3/1, 5/1, 7/1 and 10/1 adjustable-rate mortgages.

Low-down-payment options include the HomeNow mortgage program and Community Homeownership Incentive Program, or CHIP loans, which are geared to lower- and moderate-income borrowers with down payments as low as 3%. Both programs require borrowers to complete an online home buyer education course. No mortgage insurance is required for the CHIP.

BB&T's First-Time Home Buyer mortgage has no income limits and features a down payment requirement as low as 3% and a reduced mortgage insurance requirement.

USDA loans for rural borrowers and VA loans for eligible military service members and veterans are also available, but FHA loans are not.

BB&T also offers renovation and construction loans. When building a home, a construction-to-permanent loan finances the cost of the lot and the construction in a single loan. When the home is complete, the loan is modified to a permanent mortgage at a fixed or adjustable rate.

A construction-to-permanent loan is also an option if you're planning significant renovations to your existing home. You’ll make interest-only payments during the construction period with both the new construction and renovation loans.

BB&T’s home equity loan option comes with a fixed interest rate, and the lender pays for your home appraisal.

BB&T online convenience

You can start the mortgage process with BB&T by phone, in person or online. The BB&T website offers a tool to find a mortgage professional near you. You can also fill out an online form to have a loan officer contact you, or you can call a general number for information.

If you want to apply online, you’ll need to create an account to be able to take advantage of a full suite of online capabilities, including application status checks, document upload and e-signature.

You can speak with a mortgage loan professional before submitting an application to go over loan requirements and options, and you can get help at any time during the process.

Plenty of educational material is available on the BB&T mortgage website, including where to find down payment assistance.

BB&T mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates:

  • A lender's average origination fee compared with the median of all lenders reporting under the Home Mortgage Disclosure Act. BB&T earns 3 of 5 stars on this factor.

  • A lender's offered mortgage rates compared with the best available on comparable loans. BB&T earns 4 of 5 stars on this factor.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

BB&T mortgage rate transparency

BB&T's website posts current mortgage rates for 15-year and 30-year fixed mortgages for purchase and refinancing. You can also get estimated mortgage rates for a variety of conventional loans and a VA loan, based on loan amount, down payment, property type and location. However, the estimate does not take into account your credit score, which can have a significant impact on your mortgage rate.

More from NerdWallet

NerdWallet’s star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.