Truist HELOC Review 2025
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Our Take
4.5
Truist is one of the largest HELOC lenders in the country by loan volume. It offers an interest rate below prime for the first nine months, and borrowers can get a rate discount by enrolling in autopay. However, you won’t find customized sample rates online.
Pros
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High maximum borrowing limit.
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Offers a fixed-rate repayment option.
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No initial draw requirements.
Cons
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Typical time to close (26 days) is a bit longer than the average among lenders surveyed by NerdWallet (24 days).
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Annual fee of $50.
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Sample rates are not customizable online.
Full Review
💲Truist HELOC Rates
HELOC rates are determined by two things. The first is the prime rate, which is what banks pay to borrow from one another. The second part is a margin, which the lender calculates based on your financial qualifications (including your credit score, existing debts and income). The prime rate plus your margin equals your HELOC rate offer.
Current prime rate | Prime rate last week | Prime rate in the past year — low | Prime rate in the past year — high |
|---|---|---|---|
7% | 7% | 7% | 8% |
Truist does not post sample HELOC rates online; you’ll only find the minimum and maximum HELOC rates available.
👍 Reasons to get a Truist HELOC
Truist was the 11th largest HELOC lender by volume in 2024, according to data from Inside Mortgage Finance. Borrowers can take advantage of an initial interest rate below prime for the first nine months, and can get a rate discount by enrolling in autopay.
Truist’s maximum borrowing limit of 89% is higher than many competitors, and the fixed-rate repayment option will be attractive to borrowers who prefer predictable payments. Truist’s HELOC has a standard 10-year draw period, followed by a 20-year repayment period.
There are no origination fees or initial draw requirements. Truist HELOCs are available for second homes.
» MORE: Best HELOC lenders
🤔 Reasons to pause before applying for a Truist HELOC
Borrowers will pay an annual fee of $50. Truist reported that the typical time to close on a HELOC is 26 days, which is slightly longer than the average of 24 days reported by lenders surveyed by NerdWallet.
📎 Ways to apply for a Truist HELOC
How to Apply | Availability |
Online 🧑💻 | ✅ |
Over the phone 📞 | ✅ |
Mobile app 📶 | ✅ |
In person 🏦 | ✅ |
Borrowers can contact Truist customer service in person, over the phone or via live chat on the lender’s website.
🛒 Alternatives to a Truist HELOC
Wondering if another lender or product might be a better fit? It’s worth it to shop around to learn more about your options.
Borrowers who want an introductory HELOC rate below prime may be interested in FourLeaf Federal Credit Union, which offers this for the first 12 months — the longest introductory period among lenders we surveyed.
If you’re looking for a fixed interest rate, TD Bank is a five-star HELOC lender with a fixed-rate option.
If you need a fast closing and can’t afford to wait, Figure’s HELOC makes funding available in as few as five days.
A HELOC isn’t your only option
You can also explore products outside of HELOCs. Alternatives to home equity lines of credit include a home equity loan, which offers a lump sum with a fixed rate, or a cash-out refinance, which replaces your existing mortgage with a larger loan.
Of these options, Truist offers cash-out refinancing.
Borrow from your home’s equity
NerdWallet’s HELOC star ratings are independently researched and developed by the editorial team based on the following factors: HELOC lending volume, maximum combined loan-to-value ratio, whether a fixed-rate option is available, initial draw requirements, flexibility of draw and repayment terms, average time to close, interest rate transparency, length of any introductory term below the prime rate, lender fees, availability for second homes, application availability and customer support options. Lenders can receive bonus points for offering options for HELOC rate discounts. A recent regulatory action against a lender may affect its HELOC star rating.
