Truist: 2024 Home Equity Review

Benefits

• 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.

Drawbacks

• 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.

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.

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.

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 apply with Truist

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.

How Bankrate scored Truist

• Methodology

  To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 45%; convenience - 35%; customer service - 10%; fixed-rate options - 10%

  Learn more about our methodology.