BB&T Mortgage offers a broad range of financial solutions for both new and experienced home buyers. They also have several refinancing programs that are worth considering as well. This article is going to explore the technical details relating to the application process with BB&T and cover the main pros and cons associated with them.
BB&T Mortgage – Details and Overview
The banking portion of BB&T Mortgage was founded in 1872. At the moment, the company holds roughly $221 billion in assets. Their banking centers are primarily located on the eastern coast in a total of 16 different states. The states that they currently service include:
- District of Columbia;
- North Carolina;
- New Jersey;
- South Carolina;
- West Virginia.
BB&T Mortgage Loan Process Explained
BB&T currently offers a wide selection of loans for different types of housing. Some of the loan types that they currently offer are prime loans in 15 or 30-year terms, adjustable rate mortgages, HELOCs, VA loans, and FHA loans.
Moreover, the interest rate varies based on the loan program you sign up for. For typical prime mortgages, the interest rate on a 30-year fixed mortgage is 3.875 percent and 3.125 percent for a 15-year option. You can complete the entire process online in a few steps.
1: Gather Your Documentation
Before doing anything on the BB&T website, you need to start by gathering your financial documentation. This includes things like your bank statements, recent pay stubs, and other important financial information.
It also helps if you get in contact with your manager or human resources department. This way, you can verify where you should send verification of employment. You will need all of this information for the next steps with BB&T Mortgage.
2: Get Pre-Qualified
The next step is to get pre-qualified. You can do this from the comfort of your home by creating an account with BB&T. To get started, click the “Get Prequalified” link on the BB&T Mortgage website. You will have the option to continue the process if you left off previously or start a new application.
For your convenience, BB&T will assign a mortgage professional to you randomly during this process. However, you can also find one that is in your area by clicking “Search for a Different Loan Officer” and then “Can’t remember their name? Search for them here.” Once on the search page, you can locate a mortgage broker in your area using a zip code search.
Once you have found a mortgage broker you want to work with, you will create an account with a username and password. After creating the new account, you can upload copies of your pay stubs and other financial documents directly to the website. On top of that, you can sign a lot of the documentation electronically which greatly speeds up the prequalification process.
3: Closing and Beyond
As you get closer to buying the home of your dreams, you can continue monitoring your application process using your BB&T Mortgage account. Simply click the “Get Status” link and enter your login credentials. It will show you where the loan is at in its application stage. By checking back regularly, you can send in updated documents as needed and print and sign important disclosures.
During this process, you can expect one final credit check. It is also common to request updated financial documents as well. The final process involves details like home inspections and equivalent sales comparison checks. If all goes well, you will be ready to make an official offer to the seller and close on the property.
Pros of BB&T Mortgage
- Being able to completely manage your application with BB&T mortgage from the comfort of your home is a big bonus. You can sign disclosures, upload documents, and check the status of your loan with just a few clicks.
- The rates offered by BB&T are very competitive. With standard mortgage rates ranging from 3.125 to 3.875 percent, you will be hard-pressed to find better deals.
- BB&T Mortgage offers a wide range of mortgage types including HELOCs, ARMs, VA loans, and FHA loans. They also offer several loan types for refinancing as well.
Cons of BB&T Mortgage
- One of the biggest cons is that finding a loan officer in your area is a bit difficult. You have to go through two separate screens just to get to the point where you can search for an officer via zip code.
- Another pitfall is that BB&T Mortgage is not nationwide. They currently only service and originate mortgages in 16 states.
BB&T Mortgage Customer Service Review
Contacting BB&T Mortgage for assistance is fairly easy during the application process and after it has closed. For applicants, the hours are typically Monday through Friday from 8 am to 6 pm. For mortgages that have fully funded and successfully closed, the customer service hours are from six am to midnight EST.
In addition to contacting representatives by phone, you can also send a secure message by signing into your online account. The typical turnaround for these types of requests is two to three days. With multiple contact methods and extended hours, the customer service at BB&T is great.
- BB&T Website.
- Customer Service Number for Mortgages in Process:1-888-946-8730.
- Customer Service Number for Current Mortgage Holders: 1-800-295-5744.
- Application Status Page.
- BB&T Facebook.
- Email Address for Customer Complaints: CEOLine@BBandT.com.
Putting It All Together
Overall, BB&T Mortgage is an excellent solution for those of you who live in one of its servicing areas. They offer competitive rates and have several different mortgage solutions to choose from. Their online application process is also very convenient and helps speed up the processing steps. Feel free to try BB&T out for yourself and tell us about your experience with them.