Truist Mortgage Review 2023
Truist at a glance
Lender rating: 4 out 5
Minimum credit score: 580 to 620
Minimum down payment: 0% to 3.5%
Available loan products and programs: Conventional, FHA, VA, jumbo, refinance, cash-out refinance, HELOC
Published mortgage rates are updated daily
Offers a range of mortgage purchase programs
Physical branches in most states allow in-person appointments
Limited fee information on the lender’s website
Doesn’t offer USDA loans
No special mortgage programs for first-time homebuyers
Headquartered in Charlotte, N.C., Truist Financial Services is the seventh-largest bank in the nation by assets and provides mortgage loans across the country, except for the states of Alaska, Arizona and Hawaii. The company was formed by the merger of SunTrust Bank and BB&T in 2019.
Truist mortgage products
- Fixed-rate mortgages are available in 15- and 30-year terms
- Refinancing, cash-out refinancing and home equity lines of credit (HELOCs) are available
- Typical requirements for a conventional mortgage include a 620 minimum credit score and 3% down payment
- Adjustable-rate mortgages (ARMs) aren’t available
- Federal Housing Administration (FHA) loans are available in 30-year terms
- FHA mortgages require a minimum 580 credit score and 3.5% down payment
- Truist doesn’t advertise any type of FHA refinancing
- VA loans — mortgages guaranteed by the Department of Veterans Affairs (VA) — are available from Truist in 30-year terms
- Truist doesn’t advertise any type of VA refinancing. VA refinance, cash-out refinance and interest rate reduction refinance loans (IRRRL) are available from other lenders
- The VA doesn’t require a minimum down payment or credit score, but many VA lenders require a score of at least 620
- A HELOC could be suitable for you if you’ve got a series of large expenses coming up, such as medical and education costs
- 30-year jumbo mortgages — home loans that lend over $647,200 in most cases — are available
Truist mortgage rates and fees
Are rates published online? What are the typical lender fees?
|Mortgage rates published online?|
|Rate information updated daily or weekly?|
|Lender fees disclosed?|
Truist’s application experience
You can apply for a home refinance, a mortgage or a mortgage preapproval from Truist online. A mortgage preapproval can give you an edge when you go shopping for a home; a preapproval letter shows sellers that you’re financially able to follow through on an offer you make.
Once your offer is accepted, you can submit a complete application with the bank to receive a hard offer including terms and an interest rate. Make sure you compare the offer to other rates on the market. If you accept Truist’s mortgage offer, you can upload documents digitally.
Truist’s customer service experience
You can call Truist at (855) 257-4040 and talk with a live person from 8 a.m. to 8 p.m. ET, Monday through Friday and 8 a.m. to 5 p.m. ET on Saturday. The live call service isn’t available on Sunday, but that same number also has 24/7 automated assistance.
You could also schedule an in-person appointment with Truist and find the contact information of any loan officers in your area if you prefer to do business face to face.
How does Truist compare to other lenders?
|Minimum credit score||580 to 620||600 to 700||580 to 620|
|Minimum down payment||0% to 3.5%||0% to 20%||0% to 3%|
|Loan products and programs|| |
Methodology: How we 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: 4/5
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application