Branch Bank &Trust (BB&T)
Branch Bank &Trust (BB&T) has a mission to make the world a better place to live by helping its clients achieve economic success, creating a place where their employees can learn, grow and be fulfilled in their work, optimizing long term return to their shareholders, and making the communities in which they work a better place to be. Their vision is to be the best financial institution possible and just be the best of the best.
Branch Bank & Trust Mortgage Loan Options
BB&T offers many home loan solutions. One of them is the home equity mortgage which they offer in 15 and 30 year terms. Home equity loans are also offered with terms from 36 to 360 months. This is for the home owner who wants the security of having some extra cash available, whether for immediate use or to save for a rainy day.
BB&T also offers many other types of mortgages. They offer fixed rate (the interest rate stays the same for the life of the loan) mortgages with 10,15, 20, 25, and 30 year terms. A 5/25 and 7/23 fixed rate option is also available. These loans have a payment schedule based on a 30 year mortgage, but come due in either 5 or 7 years. They then are paid off by refinancing or selling. Adjustable rate mortgages are also offered. In this type of loan the interest rate stays fixed for a certain term and then returns to the market rate. These are offered in 1, 3, 5, 7, and 10 year options.
BB&T FHA Loans
BB&T also funds FHA loans. These are insured by the Federal Housing Authority and generally have less strident requirements than conventional loans. A first time buyers plan and loans for those with less than perfect credit are also available. BB&T offers the single close construction loan which allows you to turn your construction loan into a mortgage upon completion of construction without having to undergo more closing costs. BB&T funds Jumbo loans which exceed the limits set by Fannie Mae.
History of BB&T
In 1872, shortly after the close of the Civil War, Alpheus Branch and Thomas Jefferson Hadley founded the banking institution of Branch and Hadley in North Carolina. In 1887 the name was changed to Branch and Company Bankers and a period of expansion began. In 1913 the name was changed to Branch Banking and Trust and BB&T was born. The bank grew and prospered throughout North Carolina, selling war bonds during WWI, opening an insurance division in 1922 and a mortgage department in 1923. When the Great Depression hit many banks were forced to close. By the end of 1931 BB&T was the only bank left in Wilson, North Carolina where it had begun in 1872. The end of WWII saw an era of economic prosperity that continued into the 60’s. By 1994 BB&T had grown to 263 offices in North and South Carolina. A merger in 1995 gave BB&T a presence in Virginia and more acquisitions brought them into West Virginia, Maryland and Washington D. C. The 2000’s saw mergers which brought BB&T into the states of Georgia, Tennessee, Kentucky and Florida. Today BB&T serves 11 states (the Carolinas, Virginia, West Virginia, Kentucky, Georgia, Maryland, Tennessee, Alabama, Indiana, Florida)and Washington D. C. and employs more than 28,000 people. BB&T had assets of $100509 million in 2005 and posted a pretax earning of $2322 million for the year.
BB&T offers a wide variety of funding choices and is always willing to work with its customers. Online applications are accepted, but the client is always welcome to talk to a loan professional face to face.
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