Editorial Review

BB&T Mortgage Review 2020

Ideal 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.

NerdWalletFebruary 26, 2020

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Our Take

4.0

NerdWallet rating 

The bottom line: BB&T Mortgage offers flexibility in lending, but with a limited presence outside the Southeast.

BB&T

BB&T: NMLS#399803

Min. Credit Score

620

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.

  • Offers construction loans to build a home or make significant renovations to an existing home.

  • Flexible borrowing and payment options for home equity loans and lines of credit.

  • Full suite of online capabilities.

Cons

  • Branches limited to mostly the Southeast.

Compare to Other Lenders

Better.com
NBKC
Min. Credit Score

620

Min. Credit Score

620

Min. Down Payment

3%

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

Loan Types and Products

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

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Full Review

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.

Both BB&T and SunTrust will offer independent products for a “period of time,” the SunTrust website states. “This may include differing underwriting guidelines, product features, terms, fees and pricing.”

Let’s see how BB&T measures up as a mortgage lender.

BB&T mortgage process

You can start the mortgage process with BB&T either by phone, in person or online. If you want to apply online, you’ll have to create an account. Once you have an account, you’ll be able to take advantage of a full suite of online capabilities, from application status checks to submitting documentation in BB&T’s Mortgage Status and Document Management Center.

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.

BB&T mortgage products

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. VA loans are available for qualifying borrowers as well.

BB&T also offers renovation and construction loans. A construction-to-permanent loan is an option if you’re building your home. This loan combines mortgage and construction financing into one loan, and when your home is complete, your construction financing switches to a permanent mortgage at a fixed or adjustable rate.

If you want to fix up your current home, a construction-to-permanent renovation loan is another option. 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 company pays for your home appraisal. The home equity line of credit option comes with a variable or a fixed rate. With the fixed option, you can lock in a rate, a term and a payment amount. Fees are associated with both of these loans and can vary by state.

Low-down-payment options

BB&T has a handful of low-down-payment mortgage options. The HomeNow and CHIP programs 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 program.

The 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 require no down payment.

BB&T customer service

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 for information.

Plenty of educational material is available on the BB&T mortgage website, such as articles listing reasons to refinance and where to find down payment assistance.

Customer satisfaction research firm J.D. Power gave BB&T a score of 792 out of 1,000 in its 2019 customer satisfaction study of mortgage originators. That was below the industry average of 850 and at the bottom of 20 ranked lenders. On its Power Circle Ratings scale, J.D. Power gave BB&T two out of five circles, which rounds out to among “the rest” of lenders, the lowest rating. Rating factors included overall satisfaction, billing and payment, mortgage fees and communications.

NerdWallet's star ratings for mortgage lenders are awarded based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.