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Truist Mortgage Review 2022

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When BB&T (founded in 1872) and SunTrust (founded in 1891) merged in 2019, they formed Truist, a far-reaching financial services company based in Charlotte, N.C. A top 10 commercial bank in the U.S., Truist serves approximately 15 million households with branches in 17 states and the District of Columbia. Truist offers a wide variety of mortgage services, including refinancing, home equity lines of credit and special mortgages for doctors and dentists. Truist is a licensed mortgage lender in more than 40 states and the District of Columbia.

Note: SunTrust and BB&T customers’ accounts will be transferred to Truist in February 2022. 

WHO IS THIS LENDER FOR?
  • First-time homebuyers
  • Borrowers with limited down payment funds
  • Service members and veterans seeking a VA loan
  • Families needing a jumbo loan
  • Doctors and dentists
  • Individuals seeking to build a home

9/10 LendingTree’s mortgage lender rating 

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. 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 “standard product offerings” criterion if they offer at least two of the four standard loan programs (Conventional/FHA/VA/USDA). In some cases, additional information was provided by a lender representative.

= 1 pt = 0 pts

  1.   Application online
  2.   Product info online
  3.   Rates listed online
  4.   Helpful articles about mortgages and homebuying
  5.   Standard product offerings
  6.   Special programs
  7.   Info about how to qualify for products offered online
  8.   E-closing availability 
  9.   Licensed in at least 35 states
  10.   After-hours and weekend access to loan officers

Truist pros and cons

Pros

  Step-by-step guide to the mortgage application process. Truist’s online application features a detailed guide to help customers understand the process and complete everything they need for a mortgage.

  Low-down-payment options. Truist has several loan programs with low down payments (0% to 5%) geared toward first-time and low-income homebuyers.

  Robust website. The Truist website is a repository of informational articles, homebuyer checklists and online calculators to help borrowers determine how much they can afford.

Cons

  Not all loan programs are offered nationwide. Doctor loans aren’t available in ​​Alaska, Arizona, Hawaii and Oregon.

  No fixed-rate home equity loans. Truist offers cash-out refinancing and variable-rate home equity lines of credit (HELOCs).

  Custom rates aren’t listed online. Truist lists current mortgage rates online, including with or without discount points. You’ll have to call a Truist mortgage lender for your actual rate, which is based on your creditworthiness and other factors.

  Doesn’t publish its fees online. Unlike BB&T and SunTrust, Truist doesn’t disclose its fees and closing costs online.

Truist borrowing requirements

Minimum credit score620
Minimum credit score 620
Minimum down payment0% for VA 3.5% for FHA loans 3% for conventional loans
Available loan terms 15-year, 30-year, adjustable-rate terms
Available loan types Conventional, FHA, VA, USDA, jumbo, construction and doctor and dentist loans

Truist mortgage rates and fees

Truist publishes the current mortgage rates but doesn’t disclose origination fees for its mortgages. If you need to know the rate specific to your loan product, you must call a Truist mortgage specialist or apply online.

Borrowers can refer to the online list of mortgage fees that apply after closing on their loan.

Truist mortgage products

Purchase and refinance

Truist offers traditional 30-year and 15-year fixed-rate mortgages, refinancing loans and adjustable-rate mortgages (ARMs). Conventional mortgage rates and terms aren’t disclosed online, so interested parties must contact a Truist loan officer.

Truist also offers FHA loans (these typically require a down payment of 3.5%) and VA loans. Families who want to build their dream home can take out a construction-to-permanent loan with interest-only payments during construction, one set of closing costs on the lot, construction and mortgage, and no penalties are assessed for prepayment.

Home equity

Truist offers home equity lines of credit (HELOCs). When you decide on your fixed-rate and fixed-term repayment option, the repayment term you select (60, 120, 180 or 240 months) will determine your minimum monthly payment.

The annual percentage rate (APR) on your HELOC is calculated based on various factors, including credit score, loan-to-value (LTV) ratio, credit line amount and location of the property securing the credit line.

Truist’s variable rates could be as low as 4.50% for applicants with excellent credit, and a HELOC application may take less than 15 minutes to complete online. Your closing date, according to Truist, could average 30 to 35 days after submitting your application.

Special programs

Truist offers a doctor mortgage loan available to medical doctors and dentists that features 100% financing and doesn’t require the buyer to pay for mortgage insurance.

Fannie Mae HomeReady and Freddie Mac Home Possible loans are also available from Truist for eligible buyers.

How does Truist compare to other lenders?

TruistRocket MortgageBMO Harris
Lender reviewRocket MortgageBMO Harris Bank
Minimum credit score 620 (conventional)580 (FHA and VA)
620 (conventional)
580 (FHA)
660 (conventional)
640 (Housing Finance Agency programs)
Minimum down payment 0% for VA loans
0% for USDA loans
3% for conventional loans
3.5% for FHA loans
0% for VA loans
3% for conventional loans
3.5% for FHA loans
0% with down payment assistance programs
1% for all others
Loan products and typesConventional
FHA
VA
USDA
Jumbo
Construction
Conventional
FHA
VA
Jumbo
Conventional
FHA
Jumbo
Special programs offered Doctor loans
Fannie Mae Home Ready
Freddie Mac Home Possible
Community Homeownership Incentive program (CHIP)
Rural development
Personal loans
Custom loan terms ranging from eight to 29 years
Low-down-payment programs
Construction
Multifamily
Investor
Condo

 

Today's Mortgage Rates

  • 5.34%
  • 4.55%
  • 3.31%
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