Truist Mortgage Review 2022

Good for: first-time home buyers, doctors and other borrowers interested in low-down-payment mortgage options.
Apr 29, 2022

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Our Take

4.0

NerdWallet rating 

The bottom line:

Truist Bank offers a solid variety of home loan options, but you have to start an application to get personalized mortgage rates online.

Truist
Truist: NMLS#399803
Min. credit score
620
Min. down payment
3%
Loan types and products
Purchase, Jumbo, VA, FHA, Refinance, Home Equity

Pros & Cons

Pros

  • Offers a complete suite of online mortgage application tools and loan tracking.
  • Sample rates are easy to find on the website.
  • Offers a wide variety of loan options, including construction loans and programs for doctors.

Cons

  • Customized rates aren't available online without starting an application.
  • For borrowers who prefer to apply in person, branches are limited mostly to the South and East.

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Full Review

Truist mortgage at a glance

Created by the merger completed in early 2022 of BB&T Corp. and SunTrust Banks Inc., Truist Bank is the seventh-largest U.S. commercial bank. Based in Charlotte, North Carolina, it offers a range of mortgage and refinancing options in all states but Arizona, Alaska and Hawaii for borrowers who want to apply online. It’s also possible to apply in person at branches, which are located mostly in the South and East.

Here’s a breakdown of Truist Bank’s overall score:

  • Variety of loan types: 5 of 5 stars

  • Ease of application: 5 of 5 stars

  • Rates and fees: 3 of 5 stars

  • Rate transparency: 3 of 5 stars

Truist mortgage loan types

Truist Bank offers a variety of loans for first-time home buyers as well as repeat buyers. It provides financing for government-backed mortgages, such as FHA and VA loans.

Conventional borrowers can get fixed-rate loans or adjustable-rate mortgages. Additionally, Truist Bank works with borrowers seeking financing for mortgages larger than the Federal Housing Finance Agency's conforming loan limits, known as jumbo loans. Truist also has a doctor loan program. It’s designed to meet the financial needs of medical professionals who have high earning potential but might not have a large cash reserve at hand for a down payment.

Truist Bank’s HELOC: The lender also offers a home equity line of credit, or HELOC. These second mortgages are a way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation. Truist’s HELOC allows borrowers a 10-year draw period and a 20-year repayment period. Borrowers can choose a fixed or adjustable rate.

Truist mortgage ease of application

Truist Bank’s website provides details about the variety of loans it offers, as well as an online application and a tool to find a loan officer near you. You can apply for a loan on Truist’s website and manage your account on its mobile app.

To get started, complete a profile to get personalized rates and compare loan options. If you apply and are approved, you’ll upload documents and get support through closing.

» MORE: Use our mortgage calculator to determine your monthly mortgage payment

Truist mortgage rates and fees

When choosing a mortgage lender, one of the most important things to consider is what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, according to the most recently available Home Mortgage Disclosure Act data:

  • Truist Bank earns 3 of 5 stars for average origination fee.

  • Truist Bank earns 3 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — a fee paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

Truist mortgage rate transparency

You can see current sample purchase and refinance rates that compare how discount points can alter your payments on the Truist website. To get a Truist Bank rate quote that’s customized to your location, credit score and other factors, you’ll have to create a profile or speak with a loan officer.

More from NerdWallet

Methodology

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).