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Truist
Truist is good for borrowers who want to work with a financial giant or are already customers of the bank.
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing
Min. credit score required
620 for conventional loans
Nationwide availability
Available in all states (except Alaska, Arizona and Hawaii)
Min. down payment
3% for conventional loans; 3.5% for FHA loans; none for VA loans
Truist
4.5
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; refinancing
Nationwide Availability
Available in all states (except Alaska, Arizona and Hawaii)
Min. credit score required
620 for conventional loans
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.
Huge bank with a branch network in several states and Washington, D.C.
Latest mortgage rates available online
Above-average rating from J.D. Power
Higher rates compared to some other banks
Minimum borrower requirements not disclosed online
Truist is good for borrowers who want to work with a financial giant or are already customers of the bank.
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 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.
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.
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.
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:
Truist
Rating: 4.5 stars out of 5
4.5
Bankrate Score
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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 |