Truist Mortgage Review 2022

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Feb. 28, 2022

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At a glance

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4.5

Bankrate Score

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

Nationwide availability

Available in all U.S. states except Alaska, Arizona and Hawaii

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

Citibank mortgage review: Another financial giant that offers mortgages throughout the country
Chase Home Lending review: A top 10 mortgage lender with high customer satisfaction scores in origination and servicing
Bank of America mortgage review: Nationwide availability for mortgages and expansive in-person branch network
PNC Bank mortgage review: Mortgages available everywhere and in-person banking services offered in 25 states
U.S. Bank mortgage review: Massive bank that offers existing customers $1,000 savings on closing costs

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.