Top Tips to Get Prequalified for a BB&T Loan (FAQs Answers)

The Branch Banking and Truist (BB&T) bank was formed in 1872. It recently merged with another leading US bank, Sun Truist, founded in 1891.

BB&T is now a Truist bank since 2019 after the merger. The Truist bank offers its customers a wide range of personal loans, commercial loans, mortgages, and credit cards.

Truist bank has branches in 17 states in the US. It offers mortgage services in 40 states across the US.

An Overview of BB&T Loans

Currently, BB&T is still offering loan and mortgage products independently as before. In the future, all customers of BB&T will see Truist branding on their products and services.

BB&T offers different types of personal and commercial loans, including:

  • Personal loans
  • Auto loans
  • Boat and RV loans
  • Home Equity Line of Credit
  • Small Business Loan
  • Mortgages
  • Loan/Mortgage Refinancing options
  • Credit Cards
  • Special loans for Builders and Realtors
  • Correspondent and Warehouse Lending

BB&T also offers specialized mortgage programs like VA loans, FHA loans, ARMs, and Fixed-Rate Mortgages.

What Does it Mean to Prequalify for a BB&T Loan?

Prequalification for a loan or home mortgage makes the process easier for borrowers. It is not a loan approval, but still, it means your chances of loan approval are higher.

Some lenders use the terms prequalification or preapproval interchangeably. Both terms have similar impacts on the borrower.

However, some lenders would offer preapproval as the first step and prequalification as the second step.

Prequalification for a loan means as a borrower; you can check the loan terms, compare different types of loans, check the APR, and other important information.

Borrowers can check this information without paying any fees. A prequalification at BB&T or any other lender comes only with a soft inquiry on your credit report.

Applying for a loan and going through a prequalification process does not harm your credit score.

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However, the prequalification or preapproval loan process cannot guarantee loan approval.

The formal process of your loan application and the final decision may differ from your prequalification process.

What are BB&T Borrowing Requirements?

The exact requirements for a loan or mortgage would depend on the lender. Lenders require different types of documents and information for evaluating loan applications.

Most lenders do not require a physical copy of documents from applicants for the preapproval process.

However, you may need to present some hard copies of your documents when you reach the branch to sign the loan contract.

You’ll need the following information for prequalification at BB&T (Truist):

  • The city, County, or ZIP in the area of your new home
  • Social Security Number or Government-issued ID
  • Your contact and residence information
  • Your employment status and general financial information

The pre-approval process at BB&T is online. This process will only take around 15 minutes, and you can process it to the next step easily.

You’ll need the following information when you move to the next step:

  • Your employment and income details (Form W-2 or recent pay stub)
  • Property address and details (for a mortgage)
  • Detailed asset information

BB&T will assess your loan application in detail in this step. You’ll see a hard inquiry on your credit report at this stage.

Lenders have different credit score requirements depending on the loan or mortgage type you are applying for.

At BB&T (Truist), you can expect a loan approval with a credit score of 620 or higher. However, a lower credit score would mean a higher APR and stricter loan terms.

Top Tips to Get Prequalified for a BB&T Loan

Most borrowers get rejected at the prequalification stage. If you are one of them, you can work towards improving your prequalification chances for your next attempt.

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Prequalification does not assure you of a loan, but it lets you compare different loan packages, APRs, and loan terms without affecting your credit score.

Here are a few tips to get prequalified at BB&T (Truist).

Check Your Credit Score

At BB&T, you can expect a prequalification approval with an average or even bad credit score. If your other metrics are satisfactory or improving, you can get preapproved with an average credit score.

The exact credit score requirement cannot be estimated. However, you can feel secure with a credit score of 620 or more.

Evaluate your Debt-to-Income Ratio

Your debt-to-income ratio should be below 50% for increased chances of preapproval at BB&T (or any other lender).

If more than 50% of your current income is already going towards interest payments, your chances of prequalification will lower.

Therefore, if you already have a credit card or other outstanding loan, you can work to lower your debt-to-income ratio by repaying or refinancing the existing loan terms.

Increase your Income

Find ways to boost your monthly gross income. It will increase your chances of prequalification for a loan or mortgage.

Also, increasing your gross income means your debt-to-income ratio will be lower. It will further increase your chances of preapproval.

BB&T and other lenders are particularly keen to observe your repayment abilities.

Do Not Apply for Other Loans

While you plan to apply for a loan at BB&T, you should avoid applying for other loans within six months of this application.

If you have outstanding young loans, your total debt amount will soar. Also, new loans will lower your debt-to-income ratio and credit score.

Why is It Important to Get Prequalified?

Prequalification helps a borrower in many ways. Mortgage borrowers can use prequalification proof to secure a good mortgage offer.

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We mentioned some advantages of getting prequalified for a personal loan. Similarly, borrowers can get a prequalification letter from BB&T and use it for their benefit.

Your prequalification letter should show the following information:

  • Loan amount and type of loan
  • Anticipated purchase price
  • Loan term
  • Interest rate

What’s the Next Step after Prequalification?

Not all lenders offer a prequalification process. Therefore, you can utilize this option at BB&T to compare different loan terms.

Once you are prequalified for a loan or mortgage program, your next step is to choose the right loan type.

You can then apply for that particular loan with BB&T. The lender will process your loan application and request further information and documents, as mentioned above.

Remember, your credit score hard inquiry will appear once your lender starts evaluating your loan application in detail.

Once the lender is satisfied with the information provided, your income, credit score, and other approval criteria, your loan will be approved.

After formally signing the contract, your loan funds will be disbursed to your bank account.

What if You Cannot Prequalify for a BB&T Loan?

Since prequalification does not harm your credit score with a soft inquiry, you can apply again at a different time.

You should reach out to BB&T to ask for the rejection reason. Then, you can work to improve your credit score, gross income, and other qualification metrics in due time.

Also, you can apply again for a different type of loan with different loan terms.

Another way is to apply through a cosigner with a good credit score and a clean credit history. It will boost your chances of prequalification and loan approval.