Mortgage
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Truist Mortgage Review

Updated on:
Content was accurate at the time of publication.

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

  Our verdict: Truist Mortgage is a good fit for homebuyers who like the option of an online or in-person mortgage experience.

ProsCons

  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.

Conventional

  • 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

FHA

VA

  • 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

Home equity

  • A HELOC could be suitable for you if you’ve got a series of large expenses coming up, such as medical and education costs

Jumbo

  • 30-year jumbo mortgages — home loans that lend over $647,200 in most cases — are available

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Rates

Compared to other large national banks, Truist’s rates are extremely competitive, and on average came in around 0.11 percentage points below the average prime offer rate (APOR) in 2022. The APOR is a benchmark rate that captures what is, in effect, the lowest APR a bank is likely to offer in the current market. 

Fees

The average total cost of taking out a mortgage with Truist was $4,748 in 2022, according to data from the Federal Financial Institutions Examination Council (FFIEC). That included an average of $1,990 in origination fees.

Mortgage rates published online?
Rate information updated daily or weekly?
Lender fees disclosed?

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.

How to boost your loan approval odds

Truist doesn’t share the exact minimum requirements it uses to approve or deny your application. However, based on nationwide data from 2022, we can say that Truist approved customers who — on average — had:

In that same year, Truist denied about 36% of its mortgage applications. That’s on the higher side, but still well within what we see with other large, national mortgage lenders.

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.

TruistAmeriSaveRocket Mortgage
Lender rating
Minimum credit score580 to 620600 to 700580 to 620
Minimum down payment0% to 3.5%0% to 20%0% to 3%
Loan products and programs
  • Conventional
  • FHA
  • VA
  • Jumbo
  • Refinance
  • Cash-out refinance
  • HELOC
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Refinance
  • Cash-out refinance
  • Conventional
  • FHA
  • VA
  • Jumbo
  • Home equity loans
Rate spread*-0.11%0.34%0.42%

*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) each lender offered to mortgage customers in 2022. The higher the number, the more expensive the loan.

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

 = 0 points   ⭕ = 0.5 points    = 1 point

Today's Mortgage Rates

  • 6.91%
  • 6.87%
  • 7.65%
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