Truist Mortgage Review 2023

How Bankrate scored Truist

To determine Truist’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors:

• 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: J.D. Power ranked Truist above-average for customer satisfaction in mortgage origination in 2022. The bank’s website features a wealth of resources for homebuyers, including calculators and videos.

• Methodology

  Bankrate's expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate's reporters and editors have decades of experience covering the mortgage industry. They're skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here's how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it's like to deal with the lender as a consumer. We look at the lender's application process and availability of customer service support. We also consider the results of J.D. Power's 2022 Mortgage Origination Satisfaction Survey.

  Bankrate's editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate's methodology page spells out our rating process in greater detail.

  Our editorial team confirms the accuracy of data at the time of publication and is dedicated to maintaining the timeliness of information.

Affordability: 4.3/5

Affordability differs from lender to lender, so comparing costs is key. 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: 4.5/5

This factor can make the overall mortgage application process smoother or more challenging. 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: 4.7/5

Know what to expect when you work with a specific lender. 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 made an appearance on J.D. Power’s rankings for mortgage origination customer satisfaction, coming in above industry average. 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.

How to apply for a mortgage with Truist

When you’re ready to apply for a loan, you can start the process online via the Truist website, at a branch or by calling 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 can help you refinance your existing mortgage. Before you start, think about your goals. Are you refinancing to adjust your current mortgage’s rate and term? Do you want to tap into home equity? Do you want to change loan programs, such as refinancing out of an FHA loan into a conventional mortgage? Once you’ve settled on those details, you can apply through the bank’s website, by phone or in-person at a branch location.