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Truist: 2022 Home Equity Review

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At a glance

3.8
Rating: 3.8 stars out of 5
Bankrate Score
  • Availability
    Rating: 3.4 stars out of 5
  • Affordability
    Rating: 3.9 stars out of 5
  • Customer Experience
    Rating: 5 stars out of 5

About Truist

  • Moneybag

    Loan amount

    Not specified

  • Credit Good

    Min. credit score

    Not specified

  • Rates

    APR from

    Starting at 4.50%

  • Funds available in

    Same day

Truist features

Here's a breakdown of some of the benefits and drawbacks of Truist home equity loans.

PROS

CONS

Founded in 1872, BB&T has more than $230.9 billion in assets and more than 1,700 branches in 15 states and the District of Columbia. In 2019, BB&T merged with SunTrust to form Truist, the country’s sixth-largest commercial bank. Truist is headquartered in Charlotte, North Carolina. For some time, BB&T continued to serve customers under the BB&T brand. These services have now been transitioned over to the Truist brand.
Truist offers its customers home equity lines of credit (HELOCs).

Loan types offered HELOC
APR range 4.50%
Loan amount range Not specified
Minimum credit score required Not specified
Repayment terms 10-year draw period and 20-year repayment period
Average time to approval Same day

Lending terms

Truist’s home equity line of credit offers a low variable interest rate, and a fixed-rate option is available. Variable rates start at 3.9 percent (prime plus 1.25 percent). From there, rates can go up to 10.59 percent. The variable-rate HELOC has a 10-year draw period and a 20-year repayment period. During the 10-year draw period, you can choose to make interest-only payments or pay 1.5 percent of the outstanding balance.
You can also choose a fixed-rate/fixed-term HELOC. Unlike a traditional HELOC, the fixed-rate/fixed term HELOC doesn’t have a draw period and a repayment period. Instead, you can choose a term between 5 and 30 years. The amount you can borrow is based on the amount you have available in your line of credit. You can have up to five of these fixed draws at any time. Based on the term chosen, rates range from 3.99 percent to 9.94 percent.
The minimum draw amount for either type of HELOC is $5,000.

Types of fees charged

In some states (Alabama, Florida, Georgia, Indiana, Kentucky, New Jersey and Ohio), Truist charges a $50 annual fee on HELOCs. There is also a $15 setup charge for your HELOC if you choose the fixed-rate option. Truist’s HELOCs do not have application or prepayment penalties but may have origination fees up to $10,000 varying by state. Customers can choose to pay the closing costs for their HELOCs or have the bank pay them for a slightly higher interest rate.

How to qualify for a home equity line of credit with BB&T (Truist)

Truist’s website does not provide information on criteria such as minimum credit score, combined loan-to-value ratio, debt-to-income ratio, membership requirements or income. However, the bank does look at your credit score, income, employment and outstanding debt.

How to get started

For a Truist HELOC, you can apply online via their website. You’ll need your Social Security number, the property’s address, an estimated value of the property and the amount of the credit line you’re requesting. You’ll also need to supply proof of income through pay stubs or a recent tax return.
You can apply for a home equity line of credit online, in person at a Truist branch or over the phone by calling 855-895-8228

How Bankrate rates BB&T (Truist)

Bankrate Score 3.8 Scoring factors
Availability 3.4 Eligibility requirements and other important details are not disclosed
Affordability 3.9 Low starting APR but several fees
Customer experience 5.0 24/7 customer support, online access, autopayments and mobile apps

Methodology

To create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer 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. Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.