Truist Mortgage Review 2024

Good for: first-time and low-income home buyers, early career doctors and other borrowers interested in low-down-payment mortgages, especially those in South Carolina, North Carolina, Texas and Virginia.
Phil Metzger
By
Last updated on January 9, 2024
Edited by
✅ Fact checked and reviewed
Alice Holbrook
Edited by
✅ Fact checked and reviewed

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Our Take

4.5

Home loans overall
NerdWallet rating
The Nerdy headline:

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.

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Truist
Truist: NMLS#399803

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

Pros

  • 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.

Cons

  • Customized rates aren't available online 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.
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Full Review

Truist's mortgage loan options

  • 5 of 5 stars

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.

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Truist HELOC

The lender also offers a home equity line of credit (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, both typical for HELOCs. Borrowers can choose a fixed or an adjustable rate.

What it’s like to apply for a Truist mortgage

  • 3.75 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 manage your account on Truist’s 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. The lender does not offer a live chat on its website, but a phone number is available at the top of every page for borrowers to call with questions.

Truist's mortgage rates and fees

  • 3.5 of 5 stars

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

  • Truist Bank earns 4 of 5 stars for average mortgage interest rates.

NerdWallet analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates. We measure annual averages across all loan types, as reported by the lenders. Overall, Truist had origination fees that were typical in the industry, with mortgage interest rates that were lower than average.

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's mortgage rate transparency

  • 4 of 5 stars

On the Truist website, you can see current sample purchase and refinance rates and 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.

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 score of 728 out of 1,000 in J.D. Power’s 2023 U.S. Mortgage Origination Satisfaction Study. The industry average for origination is 730. (Mortgage origination covers the initial application through closing day.)

  • Truist receives a score of 601 out of 1,000 in J.D. Power’s 2023 U.S. Mortgage Servicer Satisfaction Study. The industry average for servicing is 601. (A mortgage servicer handles loan payments.)

Alternatives to a home loan from Truist

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

Flagstar Bank offers similar low-down-payment mortgage options, and PNC Bank offers choices for buyers seeking jumbo loan options.

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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).

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