Truist mortgage overview
Truist, a bank based in Charlotte North Carolina was formed in 2019 as a result the Suntrust-BB&T merger.
- Service areas: All States except Alaska, Arizona, and Hawaii
- Digital Service: Online Lender with Physical Branchs Mostly in the Northeastern and Southern States
- Headquarters: 214 N. Tryon St., Charlotte, NC 28202
- Website: Truist.com
The Pros and Cons of Using Pros
- Compare mortgage rates online to find the best deal
- Customers who prefer to submit their applications in person can visit a physical branch.
- No downpayment required for Doctor Loan Programs to Medical Professionals
You can also find out more about Cons
- Not all states offer mortgages
- Branching limited to Northeast and South
- The borrower cannot view customized rates before preapproval
Rates, fees and terms for Truist
Prices
Truist offers current rates for mortgages online, though you will need to be pre-approved before seeing rates that are tailored to your credit rating, location and other details.
In 2023, Truist’s mortgage rates averaged 0.71 points higher than the average prime rate (APOR), which was what lenders would charge to a well-qualified borrower. It is also in line with the average spread of 0.78 points for other lenders that we examined in 2023. Truist’s average spread is higher than in 2022 when it was only 0.11 points under the APOR.
Charges
According to the Home Mortgage Disclosure Act of 2023, the average origination fees for a Truist mortgage loan were $2,521. This is in line with the industry standard.
Truist doesn’t list fees online other than the points. You will need to speak to your lender for more information.
Truist offers discounts on a variety of products.
Borrowers of Truist Home Equity Line of Credit (HELOC), can receive a reduced rate when they pay for closing costs.
Truist offers a special price for doctors. Truist’s Doctor Loan offers mortgages that are 100% financed, with lower downpayments and mortgage insurance for newly graduated doctors and other medical professionals.
Truist offers what types of home loans?
Truist provides a range of loans for home purchases, including
Traditional loans
Truist provides fixed-rate loans, adjustable rate mortgages (ARMs), term-and-rate refinancing, and cash out refinancing .
Conventional loan qualification requirements
- Credit score Minimum of 620
- 3% Minimum Down Payment
FHA Loans
Truist provides FHA loans, such as purchase, refinance, and FHA Cash-Out Refinance. FHA loan eligibility is usually more flexible than that of conventional loans.
FHA loan qualification requirements
- FHA minimum credit score of 600
- Paying a minimum of 3.5%
Loans for VA
Truist offers VA-backed loans, such as purchase, VA Cash-Out Refinance and Interest-Rate Reduced (IRRRL).
VA loan qualification requirements
- Borrowers with full VA entitlement do not need to pay a down payment
- Truist offers options to borrowers who have credit scores as low as 640.
Also Read: AmeriHome Mortgage Review
USDA Loans
Truist provides loan products backed by USDA to rural borrowers, such as purchase or refinance.
USDA loan qualification requirements
- USDA Loans require a minimum credit score of 640
- Loans are only available to those with incomes between low and moderate
- Check the USDA’s map for eligibility
Jumbo loans
Truist’s Jumbo Loans offer fixed rate options for up to thirty years.
Jumbo loan qualification requirements
- Up to $3 Million in Loans
- No minimum credit score disclosed
Lines of Credit for Home Equity
Truist offers Helocs with draw periods of up to 10 years, and repayment terms as long as 20 years. The industry accepts these terms as standard.
Qualification requirements for home equity lines of credit
- Some states charge $50 for an annual membership
- Not disclosed maximum combined loan to value ratio
What is the Truist Mortgage Application Process?
1. Choose your loan type
On the Truist.com home page, click on the tab “Mortgage”. Select “Buy A Home” or “Refinance.”
2. Pre-approved
Preapproval is the best way to see what Truist a you can qualify for. You will need some personal and financial information and your credit score will be pulled hard (unlike a prequalification which only results in a weak pull). The best way to determine what Truist rates are available is by preapproval.
3. Send a Loan Application
Preapprovals are valid for a period of 120 days. You will formally apply to a mortgage once you have found a house, identified the type of mortgage you desire, and gathered the necessary documentation. Truist will fix your mortgage rate after you are approved.
Also Read: AmeriSave Mortgage Home Loan
Can I get pre-approved using Truist without risk?
Truist’s preapproval is safe. Truist says that preapproval will result in a credit pull, which may cause a temporary and small drop in credit scores. This lender does not offer prequalification via a soft credit inquiry. Preapproval is a good idea, despite the possible impact on your credit score. This will ensure that sellers take you seriously when making an offer. Your real estate agent may not show you houses if you do not have a letter of preapproval.
Truists’ customer service experience
Truist can be contacted for details on mortgages Monday to Friday, 8 am to 8 pm EST and Saturday 9am to 5pm EST. Online, you can schedule an appointment to speak with a mortgage advisor. Truist’s website does not have a live chat feature.
- Phone: 800-634-7928
FAQ
Truist Mortgage offers a variety of online services.
Truist lets you apply online and receive approval. Compare current rates of mortgages, APR, and points to compare with those offered by other lenders.
Is Truist legit?
Truist, a mortgage lender in good standing in the United States that operates under this brand name since five years ago, originates loans in 47 different states.
You can find out more about Truist’s licenses and registrations by visiting the Nationwide Multistate Licensing System and Registry.
How does a Truist mortgage affect my credit rating?
Preapproval will affect your score since it starts a hard enquiry on your report. A mortgage can also affect your credit. However, in many cases your score will only drop about 20 points, and then recover within one year.
Truist Home Loans – Are they good or bad?
Truist received a score of 1,09 stars out of 5, according to 2246 customer reviews. Truist also receives the same rating on Trustpilot: 1.2 stars out of 5, based on 1,613 customer reviews. The majority of those who posted reviews on Trustpilot and other sites are unhappy with their service, even though the vast majority were not Truist mortgage customers.
Consumer Financial Protection Bureau has received more than 2250 complaints from consumers about Truist Mortgage Lending. Customers who gave negative reviews expressed frustration over communication issues and delays during the application process or at closing.
