Truist Mortgage Review 2023

Good for: first-time home buyers, doctors and other borrowers interested in low-down-payment mortgage options.
By Phil Metzger 

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Our Take

4.5

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

What borrowers say about Truist mortgage

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power.

  • Truist receives a 718 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Origination Satisfaction Study. The industry average for origination is 716. (Mortgage origination covers the initial application through closing day.)

  • Truist receives 641 out of 1,000 in J.D. Power’s 2022 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 607. (A mortgage servicer handles loan payments.)

Truist mortgage variety of loan types

  • 5 of 5 stars

After merging with BB&T and SunTrust, Truist Bank offers a variety of loans for first-time home buyers as well as repeat buyers and those seeking refinancing in all states but Alaska, Arizona and Hawaii. 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 loan program for doctors.

Truist 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

  • 5 of 5 stars

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

  • 2.5 of 5 stars

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

  • Truist Bank earns 2 of 5 stars for average mortgage interest rates.

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.

Truist mortgage rate transparency

  • 4 of 5 stars

On the Truist website, you can see current sample purchase and refinance rates that compare how discount points can alter your payments. 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.

Alternatives to Truist mortgage

Here are some comparable lenders we review that borrowers can consider.

Flagstar Bank offers similar low-down-payment mortgage options, and Northpointe Bank offers choices for first-time home buyers.

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

Enter your ZIP code to get started on a personalized lender match.

 

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).