Truist Mortgage Review 2024
600 to 640
0% to 3.5%
Conventional, FHA, VA, USDA, jumbo, HELOCs
See how we reached our verdict below.
- Mortgage rates published online for easy lender comparison
- Physical branches available for borrowers who prefer to apply in person
- Doctor Loan program for medical professionals comes with no down payment
- Mortgages not available in all 50 states
- Branches limited to the Northeast and South
- Borrowers cannot see customized rates without preapproval
Truist mortgage overview
Truist was founded as a result of the merger between Suntrust and BB&T banks in 2019 and is headquartered in Charlotte, North Carolina.
- Areas of service: All states but Alaska, Arizona and Hawaii
- Digital service: Online lender with physical branches mostly in northeastern and southern states
- Headquarters: 214 N. Tryon St., Charlotte, NC 28202
- Website: Truist.com
Truist rates, terms and fees
Rates
Truist publishes current mortgage rates online for some loan options, but you’ll have to get preapproved to see rates customized to your location, credit score and other financial details.
Truist’s average mortgage rate in 2023 was 0.71 percentage points above the average prime offer rate (APOR), which is what a lender would charge a typical well-qualified borrower. This is in line with other lenders we reviewed, whose average rate spread in 2023 was 0.78 percentage points. But for Truist, this is an increase from 2022, when its average rate spread was 0.11 percentage points below the APOR.
Fees
The average origination fee for a Truist home loan was $2,521, according to 2023 data required by the Home Mortgage Disclosure Act (HMDA), which is within the standard industry range.
Other than points, Truist does not list fee details online, so you’ll need to contact the lender to learn more.
What discounts does Truist offer?
Truist home equity line of credit (HELOC) borrowers can get a lower rate if they decide to pay the closing costs for the line of credit.
Truist also offers special pricing for doctors. Its Doctor Loan provides mortgages with 100% financing, lower down payments and no mortgage insurance to recently graduated physicians and other medical professionals.
What types of mortgage loans does Truist offer?
Truist offers a variety of home loans including:
Conventional loans
Truist offers fixed-rate mortgages, adjustable-rate mortgages (ARMs), rate-and-term refinancing and cash-out refinancing.
Conventional loan qualification requirements
- Minimum 620 credit score
- Minimum down payment of 3%
FHA loans
Truist offers loans backed by the Federal Housing Administration (FHA), including purchase, refinance and FHA cash-out refinance loans. FHA loans typically have more accessible eligibility requirements than conventional loans.
FHA loan qualification requirements
- Minimum 600 credit score for FHA loans
- Minimum down payment of 3.5%
VA loans
Truist offers loans backed by the U.S. Department of Veterans Affairs (VA), including purchase, VA cash-out refinance, interest-rate reduction (IRRRL) and jumbo VA loans.
VA loan qualification requirements
- No down payment required for borrowers with a full VA loan entitlement
- No minimum credit score is set by VA loan requirements, but Truist has options for borrowers with credit scores starting at 640
USDA loans
Truist offers loans backed by the U.S. Department of Agriculture (USDA) for borrowers in rural areas, including purchase and refinance loans.
USDA loan qualification requirements
- Minimum 640 credit score for USDA loans
- Income cap ensures loans go to borrowers with low to moderate incomes
- Home must be located in a designated rural area; check the USDA’s eligibility map
Jumbo loans
Truist’s jumbo loans are available at fixed rates for up to 30 years for home purchase or refinance.
Jumbo loan qualification requirements
- Loan amounts of up to $3 million
- Minimum credit score not disclosed
Home equity lines of credit
Truist’s HELOCs are available with a draw period of 10 years and a 20-year repayment period. These terms are relatively standard in the industry.
Home equity line of credit qualification requirements
- $50 annual fee in some states
- Maximum combined loan-to-value ratio (CLTV) not disclosed
Truist mortgage qualifications
| Credit score minimum | 600 to 640 |
| DTI ratio Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. maximum | Conventional: 45%FHA: 43%VA: 41%USDA: 41% |
| Down payment minimum | Conventional: 3%FHA: 3.5%VA: 0%USDA: 0% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
How to boost your loan approval odds
Truist doesn’t disclose the exact minimum requirements it uses to approve or deny your application.
However, HMDA data for 2023 shows:
- The average home purchase loan that Truist approved had a loan-to-value (LTV) ratio of nearly 80%
- More than half of customers approved had a debt-to-income (DTI) ratio below 40%
- Truist denied nearly 45% of applications for all home loan types but just above 17% of purchase loan applications. Most other large lenders have denial rates in the low teens up through the mid-thirties.
How to apply for a Truist mortgage
1. Choose your loan type
From the Truist.com homepage, navigate to the “Mortgage” tab and select “Buy a home” or “Refinance.”
2. Get preapproved
Select the button labeled “Get preapproved.” You’ll need to supply some financial and personal information, and a hard credit pull on your credit report will be required (unlike prequalification, which results in a soft pull only). Preapproval is the surest way to see Truist mortgage rates you can qualify for.
3. Submit a loan application
A preapproval is valid for 120 days. Once you find a home, identify the mortgage type you want and gather the required documentation, you’ll formally apply for a mortgage. After you’re approved, Truist will lock in your rate for 90 days.
Documents you’ll need for prequalification or preapproval
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.Is it safe to get preapproved with Truist?
Yes, it’s safe to get preapproved with Truist. According to Truist, preapproval results in a hard pull on your credit, which could lead to a small and temporary drop in your credit score. Prequalification with a soft inquiry only is not an option through this lender. Despite the potential credit score impact, it’s best to get preapproved before you start shopping for homes to ensure sellers will take your offer seriously. Plus, your real estate agent might not be willing to show you homes if you don’t have a preapproval letter.
Truist’s customer service experience
You can contact Truist for mortgage details Monday through Friday from 8 a.m. to 8 p.m. EST, and Saturday from 9 a.m. to 5 p.m. EST. You can also schedule an appointment with a mortgage adviser from the “Contact” page online. Truist does not offer a live chat option on its website.
- Phone: 800-634-7928
How does Truist compare to other lenders?
|  |  |
|
|---|---|---|---|
| LendingTree's rating | |||
| Minimum credit score | 600 | 580 to 620 | 620 |
| Minimum down payment | 0% to 3.5% | 0% to 3.5% | 0% to 3.5% |
| Rate spread Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan. | 0.71% | 0.49% | 0.86% |
| Loan products and programs |
|
|
|
| Better for: | Home buyers who are comfortable with digital tools and those who prefer to apply in person, particularly if they live in the northeast or south. | Borrowers seeking harder-to-find loan options, including renovation loans and reverse mortgages. | Homeowners who want to take advantage of the value of their properties with extensive home equity options, including loans and lines of credit. |
Truist vs. Fairway Independent
Truist and Fairway each offer a similar package of mortgage options: conventional, FHA, VA, USDA and jumbo loans. Truist has locations mostly in the Northeast and South, while Fairway has locations in virtually every state, including in the west and midwest.
Truist and Fairway each offer loan options for medical professionals, but Fairway has additional options for current homeowners, including renovation loans and reverse mortgages.
→ Read more in our full Fairway Independent mortgage review.
Truist vs. TD Bank
Truist and TD Bank offer a similar slate of loan options — conventional, FHA, VA, jumbo loans and HELOCs — but TD Bank doesn’t offer USDA loans, which can be an option for qualifying borrowers in rural areas. TD Bank branches are limited to a handful of states.
→ Read more in our full TD Bank mortgage review.
Ready to compare lender offers on LendingTree? Get Your Rates TodayHow LendingTree rated Truist
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Truist’s scorecard:
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application
= 0 points = 0.5 points = 1 point
Frequently asked questions
Truist allows you to apply and get approved online. You can also look at current mortgage rates, including APR and points, for easy comparison with other lenders.
Truist is a legitimate mortgage lender that has been in business under this name for five years, and it originates mortgages in 47 states.
You can view more info about Truist’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
The preapproval process will likely affect your credit score, since it initiates a hard inquiry on your credit report. Taking out a mortgage also affects your credit, but in most cases, your score is likely to drop by only about 20 points and rebound fully within a year.
Truist has a rating of 1.09 out of 5 stars with the Better Business Bureau, according to 2,246 reviews. The same is true on Trustpilot, where Truist receives 1.2 out of 5 stars across 1,613 reviews. This means the majority of customers who left reviews on these sites were dissatisfied with the service they received — though most of the reviews were not specific to Truist’s mortgages.
Consumers also have logged more than 2,250 complaints about Truist’s mortgage lending with the Consumer Financial Protection Bureau (CFPB). Of customers who left critical reviews, one common theme was frustration with communication and with delays in the application or closing process.