Truist Mortgage Review 2022

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At a glance

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4.5

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Bankrate Score

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Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; home equity line of credit (HELOC), home equity loan; construction and renovation loans
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Nationwide availability

Available in all U.S. states except Alaska, Arizona and Hawaii
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Min. credit score required

620 for conventional loans

Pros and cons

Pros

  • Huge bank with a branch network in 17 states and Washington, D.C.
  • Rates available online
  • Above-average rating for servicing mortgages

Cons

  • Minimum borrower requirements not available online
  • Below-average rating for originating mortgages

Truist overview

Headquartered in Charlotte, North Carolina, Truist is the sixth-largest bank in the U.S., representing the union of two banks: BB&T and SunTrust, which merged in 2019. The two institutions have been going through the lengthy process of converting branches and products to the Truist brand. Borrowers can visit Truist online to explore different home loan options.

Good for 

Borrowers who want to work with a financial giant

Loan types

  • Conventional
  • Jumbo
  • FHA
  • VA
  • USDA
  • Fixed-rate
  • Adjustable-rate
  • Rate-and-term and cash-out refinancing
  • Home equity line of credit (HELOC)
  • Home equity loan
  • Construction and renovation loans

Lender fees

Truist’s lender fees are not disclosed online, but there is relationship pricing and special incentives for existing customers, according to a bank spokesperson.

Rates 

You can view daily mortgage rates on the Truist website, and adjust each loan with different discount point scenarios.

Reputation

Truist appeared in J.D. Power’s recent mortgage origination report, ranking somewhat below average for customer satisfaction.

Online services

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.

Minimum borrower requirements

You won’t find Truist’s credit score or debt-to-income (DTI) ratio requirements online as you browse. Its loan programs include a range of low-down payment options and a lender-paid mortgage insurance option for first-time homebuyers that reduces the monthly PMI in exchange for a higher interest rate.

Refinancing with Truist

Truist offers refinancing options for borrowers looking to lower their rate, change their loan terms or tap their home’s equity. Current refinance rates are available online.

Not sure if Truist is right for you? Consider these alternatives 

Breakdown of Truist overall review score 

  • Affordability: 4.3/5
  • Availability: 4.5/5
  • Borrower experience: 4.7/5

Review methodology

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates 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. Here is our full methodology.

Written by
David McMillin
Contributing writer
David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David's goal is to help readers figure out how to save more and stress less.
Edited by
Mortgage editor