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Truist Mortgage Review 2024

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At a glance

Truist

Editor's take

Truist can be a good choice for mortgage borrowers who are already customers of the bank (or want to be). It offers home loans in most states, but being a bank, it might not provide as much underwriting flexibility. This can be limiting for those with unique credit or financial circumstances.

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4.2
Rating: 4.2 stars out of 5
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Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

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Min. credit score required

620 for conventional loans

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Nationwide availability

Available in all states (except Alaska, Arizona and Hawaii)

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Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Truist overview

Headquartered in Charlotte, North Carolina, Truist is the seventh-largest bank in the U.S., representing the union of two banks: BB&T and SunTrust, which merged in 2019. You can visit Truist online to explore different home loan options, which notably often come with promotional closing cost discounts. Truist was the nation’s 19th most-active lender in 2022, according to federal data.

Pros and cons of Truist

Pros

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    Branch network in several states

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    Latest mortgage rates available online

Cons

  • Higher rates compared to some other banks

  • Need to contact loan officer to learn loan requirements

How Bankrate scored Truist

  • Affordability: Truist’s mortgage rates were well above Bankrate’s averages as of this review, so shop around with a few other banks or lenders to compare costs. If you’re a Truist banking customer, you might be eligible for some discounts.
  • Availability: The bank offers mortgages, including lower-down payment government loans, in the majority of states in the U.S.
  • Borrower experience: The bank’s website features a wealth of resources for homebuyers, including calculators and videos.

Affordability: 6.8/10

In terms of interest rate, a mortgage from Truist might cost you more than it would at some other banks. You can compare the bank’s rates on its website and adjust each loan with different discount point scenarios. The bank doesn’t disclose its fees online, but there’s relationship pricing and special incentives for existing customers, according to a bank spokesperson.

Availability: 10/10

Truist works with home loan borrowers in almost all states, offering the types of mortgages you’d expect from a big bank: conventional (conforming and non-conforming options); FHA, VA and USDA loans; and a lender-paid mortgage insurance option for first-time homebuyers that cuts the mortgage insurance premiums in exchange for a higher rate. The bank can also help with refinancing when rates drop.

Borrower experience: 8.3/10

Truist is one of the largest financial institutions in the U.S., accredited by the Better Business Bureau with an A+ rating. (The customer feedback with the BBB, however, is less than favorable: approximately one out of five stars.) The bank also fell below average in J.D. Power’s 2023 lender rating of mortgage origination customer satisfaction. The Truist website offers robust digital tools for borrowers, including the ability to obtain an online prequalification or preapproval and crunch the numbers with a mortgage payment calculator.

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Bankrate staff insights

"The APR and rate were the best."

- Red Ventures staffer (Bankrate parent company)

How to apply for a mortgage with Truist

You can apply for a mortgage with Truist in person at a branch location, online or by phone at 855-257-4040. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Truist

Truist offers both rate-and-term and cash-out refinancing options.

Compare mortgage lenders

Truist

Rating: 4.2 stars out of 5
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4.2

Bankrate Score
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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

620 for conventional loans

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

Available in all states (except Alaska, Arizona and Hawaii)

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

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