Truist: 2023 Home Equity Review
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At a glance
- Customer Experience
Min. credit score
10-year draw period and 20-year repayment term (5-, 10- 15-, 20- or 30-year repayment term for fixed-rate option)
Funds available in
Here's a breakdown of some of the benefits and drawbacks of Truist home equity loans.
Truist is one of the 10 biggest banks in the U.S., a result of a merger between BB&T and SunTrust banks. Based in Charlotte, North Carolina, the bank offers a bevy of banking and financial products and services, including home equity lines of credit (HELOCs) in some states.
|Home equity loan types||Home equity line of credit (HELOC)|
|Credit score minimum||Undisclosed|
|Repayment terms||10-year draw period and 20-year repayment term (5-, 10- 15-, 20- or 30-year repayment term for fixed-rate option)|
|Average time to approval||Undisclosed|
How Bankrate rates Truist
To create our Bankrate Scores, we evaluated lenders based on availability, affordability and borrower experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Borrower experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.
- Compared to some other banks, Truist has a relatively high line of credit maximum, up to $500,000.
- You can convert some or all of your HELOC balance from a variable rate to a fixed rate, up to five times, with flexible repayment terms between five years and 30 years.
- Truist only offers HELOCs on properties in Alabama, Arkansas, California, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, D.C., and West Virginia.
- The bank’s HELOC rates are right in line with Bankrate’s averages, so you might be able to find a better deal elsewhere. It also levies a $50 annual fee in some states.
Types of fees charged
Truist charges a $50 annual fee on HELOCs in some states: Alabama, Arkansas, California, Florida, Georgia, Indiana, Kentucky, New Jersey and Ohio. There’s also a $15 set-up fee if you choose the fixed-rate conversion option, which applies each time you do it. The bank covers other closing costs (you can choose to pay them, however), but if you close your line within three years of opening, you’ll be subject to repayment.
Home equity loan products offered
Truist offers variable-rate HELOCs along with the option to convert some or a portion of the balance to a fixed rate, up to five times. The variable-rate HELOC comes with a 10-year draw period and a 20-year repayment term. With this option, your monthly payments might be interest-only, or equal 1.5 percent of the outstanding balance.
If you take advantage of the fixed-rate option, you can choose repayment terms between five years and 30 years. The minimum draw amount for either type of HELOC is $5,000.
How to qualify for a HELOC with Truist
Truist doesn’t disclose its HELOC qualifying criteria, but does indicate you’ll need “excellent” credit to be eligible for the lowest possible rate.
How to get started
For a Truist HELOC, you can apply online via the bank’s website, in person at a branch or over the phone at 844-4TRUIST (844-487-8478), Monday through Friday from 8 a.m. to 8 p.m. ET or Saturday, 8 a.m. to 5 p.m. ET. It can take as few as 15 minutes to fill out an application, according to the bank.