Truist Mortgage Review 2021

Truist overview

Headquartered in Charlotte, North Carolina, Truist is the seventh-largest bank in the U.S. with $289 billion in loans and $398 billion in deposits. Those massive numbers are thanks to the fact that Truist (officially Truist Financial Corporation) represents 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, which is expected to be completed in early 2022. In the meantime, borrowers can still apply for a mortgage online via BB&T or SunTrust until home loans are officially available through the Truist website.

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

BB&T’s and SunTrust Bank’s lender fees are not disclosed online. Note that the fees can differ between the two institutions, so it might be smart to compare options from both to identify any cost-saving opportunities. There is relationship pricing and special incentives for existing customers, according to a bank spokesperson.

Rates 

While the merger is ongoing, you can view daily mortgage rates on BB&T’s and SunTrust’s websites. The rates are identical between the two institutions and tend to be just under Bankrate’s national average (as of August 2021). 

Reputation

Truist is accredited by the Better Business Bureau and has an A+ rating. The customer reviews on the BBB’s site, however, are less than favorable: 1.06 out of five stars, based on more than 300 submissions. The two halves (BB&T and SunTrust) of the newly-formed bank have also each appeared in J.D. Power’s recent rankings. In terms of servicing mortgages, SunTrust weathered the major challenges of the pandemic and scored a 792 in the organization’s 2021 Primary Mortgage Servicer Satisfaction Study, just above the industry average of 787. BB&T scored a 778. On the origination side, BB&T performed under the average of 856, scoring 829 in the 2020 origination version of J.D. Power’s study.

Online services

The Truist website is currently incomplete as far as accommodating customers, but both the BB&T and SunTrust websites offer robust digital tools for borrowers. Online prequalifications are available via BB&T, and SunTrust goes one step further with its proprietary ConfidenceNOW preapproval tool. 

Minimum borrower requirements

You won’t find either bank’s credit score or debt-to-income (DTI) ratio requirements online. Notably, however, BB&T’s current 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

BB&T and SunTrust offer 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. Both banks worked to accommodate clients in the midst of the pandemic by extending refinance rate-locks to 90 days.

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

• Citibank mortgage review: Another financial giant that offers mortgages throughout the country; ranked fourth for customer satisfaction in J.D. Power’s mortgage origination rankings
• 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: 14.75/15
• Availability: 15/20
• Borrower experience: 9/10

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.