BB&T Mortgage (Truist) Review 2023
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Truist Bank offers a wide variety of home loan options, including for low-income buyers. Borrowers in some states can be eligible for grants that help with down payment and closing costs. Mortgage rates for all borrowers are lower than average, but you have to make contact with the lender to get personalized rates.
Pros & Cons
- Offers a wide variety of loan options, including construction loans, programs for early career doctors, a wide variety of jumbo loans and home equity lines of credit.
- Proprietary grant program can help borrowers afford down payment and closing costs.
- Mortgage rates are lower than industry average, according to the latest federal data.
- Customized rates aren't available without contacting the lender.
- For borrowers who prefer to apply in person, branches are limited mostly to the South and East.
- Mortgages aren’t available in all 50 states.
Compare to Other Lenders
The result of the merger between BB&T and SunTrust, Truist Bank offers a variety of loans for first-time home buyers, repeat and low-income buyers, and those seeking refinancing in all states but Alaska, Arizona and Hawaii. The lender offers a grant that, when paired with a government-backed program, can land a borrower a mortgage with no down payment in North Carolina, South Carolina, Texas and Virginia. It also provides financing for government-backed mortgages, such as FHA and VA loans.
Conventional borrowers can get fixed-rate loans or adjustable-rate mortgages that can even be used for manufactured homes. Additionally, Truist Bank issues jumbo loans, including loans for vacation homes and investment properties. Truist also has a loan program for early career doctors.
» MORE: Read the full Truist mortgage review.
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).