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Truist Mortgage Review 2023

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At a glance

Truist

Editor's take

Truist is good for borrowers who want to work with a financial giant or are already customers of the bank.

Bankrate Score
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4.5
Rating: 4.5 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing

Credit Good

Min. credit score required

620 for conventional loans

Location

Nationwide availability

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

Dollar Coin

Min. down payment

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

At a glance

Truist

4.5

Rating: 4.5 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing

Location

Nationwide Availability

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

Credit Good

Min. credit score required

620 for conventional 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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    Huge bank with a branch network in several states and Washington, D.C.

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    Latest mortgage rates available online

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    Above-average rating from J.D. Power

Cons
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    Higher rates compared to some other banks

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    Minimum borrower requirements not disclosed online

Our Editor’s Take on Truist

Truist is good for borrowers who want to work with a financial giant or are already customers of the bank.

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.

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.

Compare Truist to other lenders

Truist

Rating: 4.5 stars out of 5
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4.5

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LoanDepot
Rating: 4.4 stars out of 5
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4.4

Bankrate Score
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Read full review
Rocket Mortgage
Rating: 4.5 stars out of 5
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4.5

Bankrate Score
Info
Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term

Min. credit score required

620 for conventional loans

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans

Min. credit score required

620 for conventional loans, 680 for jumbo 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

3.5% for FHA loans

Down payment

3% for conventional loans; 10%-15% for jumbo loans; 3.5% for FHA; none for VA loans

Nationwide availability

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

Nationwide availability

Available in all U.S. states

Nationwide availability

All U.S. states