Truist Mortgage Review 2023
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At a glance
Truist
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), 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 several states and Washington, D.C.
- Latest mortgage rates available online
- Above-average rating from J.D. Power
Cons
- Higher rates compared to some other banks
- Minimum borrower requirements not disclosed online
Truist overview
Truist is good for
Borrowers who want to work with a financial giant or are already banking customers
Breakdown of Truist overall score
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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 banking customer, you might be eligible for some discounts.
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Availability: The bank offers mortgages, including lower-down payment government loans, in the majority of states in the U.S.
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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.
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.
Affordability: 4.3/5
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
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 assist with refinancing when rates drop.
Borrower experience: 4.7/5
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, at a branch or by calling 855-257-4040.
Refinancing with Truist
Truist offers refinancing options if you’re looking to lower your rate, change your loan terms or tap your home’s equity. The bank showcases current refinance rates online.
Alternatives to Truist
- 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
- Bank of America mortgage review – Nationwide availability for mortgages and expansive in-person branch network
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.