About Truist Mortgage
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Truist Mortgage (NMLS #399803) is the mortgage branch of Truist, a commercial bank based in Charlotte, North Carolina, with over 15 million clients in the U.S. Truist publishes rates on its website and offers an online preapproval and application process for its home loans, which include a mix of conventional and government-backed products. Truist Mortgage is available in 47 states, with mortgage professionals based in select areas.
Overall Satisfaction Rating
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Pros
- Publishes daily rates online
- Digital application
- Low- and no-down-payment options
- Doctor and construction-to-permanent loans
Cons
- Limited physical branches and agents
- No USDA loans
Bottom Line
Truist Mortgage provides conventional, jumbo, FHA and VA loans, as well as HELOCs. You can check current rates, get preapproved and apply online. In select states, loan officers can help you find local assistance programs.
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Over the 25 plus years we have dealt with this mortgage company, there were times we were not pleased. However they made sure the matter was solved to our satisfaction! We would r...
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Christopher of Lawrenceville, GA
I was finally able to secure a HELOC earlier this year. …. The rate they did give me was good, but the loan officer blatantly ignored all my questions and correspondence regarding...
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Truist shows current rates for purchase and refinance loans on its website. You can see current purchase loan rates for 15- and 30-year fixed-rate conventional loans, 30-year jumbo loans, 30-year FHA loans and 30-year VA loans. You can also check refinance rates on 15- and 30-year fixed-rate conventional loans. Truist shows you interest rates and annual percentage rates (APRs) with zero mortgage points and one mortgage point.
Though it doesn’t show current rates for adjustable-rate mortgages (ARMs), Truist does offer this them. As interest rates increase, adjustable-rate mortgages (ARMs) gain in popularity because they start with lower rates. An ARM might make sense if you plan to move before the initial fixed-rate period ends.
In recent years, Truist’s average rate for a home purchase loan has been very close to the national average; in 2021, it was 0.04% below the average.
Truist average home purchase rate vs. national average
| Year | Difference from national average |
|---|---|
| 2021 | -0.04% |
| 2020 | +0.02% |
| 2019 | -0.05% |
Application process
You can start the mortgage process with Truist by seeking preapproval. Preapproval shows you an estimate of how much you can borrow and is based on a soft credit inquiry and an unverified review of your income, assets and expenses.
Once you’ve found a home and have an accepted offer, you’ll work with your loan officer to fill out a formal loan application. Truist will need to verify income, asset and debt documentation, which you can upload electronically. You can also track application progress online.
Truist Mortgage application features
| Features | Availability |
|---|---|
| Online application | |
| Mobile document upload | |
| Physical branches | 17 states |
| Publishes minimum rate on website | |
| Rate lock | At least 15 days |
| Pre-qualification (no hard credit pull) | |
| Certified approval letter |
Loan types
Truist Mortgage offers an array of products: conventional, FHA, VA, jumbo, construction-to-permanent and doctor loans.
In 2021, Truist closed 23,285 home purchase loans out of 32,941 home purchase loan applications (70.7%). It denied 4,519 home purchase applications (13.7%).
Loan applications for home purchases only by year
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase applications | 32,941 | 43,052 | 23,904 |
| Home purchase loans closed | 23,285 | 30,035 | 16,883 |
| Home purchase applications denied | 4,519 | 5,870 | 2,891 |
| Home purchase preapprovals denied | 0 | 0 | 0 |
Refinancing
In both 2020 and 2021, mortgage rates were historically low, leading to an upswing in refinancing across the industry. However, with rates going back up, refinance loans figure to be less popular. Refinancing with Truist may be a good idea if you can get a lower interest rate, change your loan term or take cash out of your home equity with a cash-out refinance.
From 2019 to 2021, Truist made more refinance loans (including both rate-and-term and cash-out types) than home purchase loans.
Home purchase vs. refinance loans by year
| 2021 | 2020 | 2019 | |
|---|---|---|---|
| Home purchase loans | 23.62% | 27.41% | 29.81% |
| Refinance loans | 30.3% | 31.33% | 27.8% |
| Cash-out refinance | 12.11% | 13.11% | 9.72% |
HELOC and home equity loans
Truist also offers home equity lines of credit (HELOCs). If you’re already a homeowner and are interested in using the equity you’ve built up in your home, this option might appeal to you. Truist allows you to choose a HELOC with a fixed or variable interest rate on each draw. At the time of publishing, Truist HELOCs are available in 18 states and Washington, D.C.
Requirements
Truist doesn’t share specifics about borrower qualifications, other than saying it weighs six general factors when considering applicants: income, income stability, credit history, how your new mortgage payment compares with your current housing costs, whether you have enough money for a down payment and closing costs, and the property appraisal.
Even before applying for preapproval with Truist, you can use its online calculator to figure out how much you can afford to pay for a home and a monthly payment. If you have questions about whether you meet the minimum requirements for a mortgage, speaking with a Truist mortgage professional over the phone should help. A local professional — available in some states — can also help you determine if you qualify for any down payment grants or assistance.
National mortgage requirements by type
| Min. credit score | Min. down payment | Compare with other lenders | |
|---|---|---|---|
| Conventional | Typically 620 | Typically 3% | Mortgage lenders |
| FHA | 500 | 3.5% with 580 credit score | FHA lenders |
| VA | Set by lender (often 580) | 0% | VA lenders |
Truist doesn’t offer USDA loans. For more information about this type of loan, read our guide on USDA lenders.
Cost and fees
Costs and fees on a Truist Mortgage home loan vary based on factors such as your location and the type of loan. Closing costs may include lender fees (e.g., points, origination fees), third-party vendor fees (e.g., appraisal fee, title insurance), government fees (e.g., recording fees, transfer of taxes) and prepaid escrow deposits (e.g., taxes, insurance).
Once you complete your application with Truist, it will send you a Loan Estimate within three business days. This form includes the costs and fees that are part of your loan. You’ll then see finalized numbers at least three days before closing in the Closing Disclosure form.
FAQ
- How does Truist Mortgage work?
Truist Mortgage offers an online process for getting preapproved and applying. Loan officers are available by phone and in person in some areas to guide you and answer questions. Once you apply, you can track the progress of your loan online.
- Is Truist Mortgage legit?
Truist Mortgage is a legitimate lender that originates tens of thousands of home loans each year. Truist formed in late 2019 after the merger of BB&T Corporation and SunTrust Banks.
- Where is Truist Mortgage available?
Truist Mortgage loans are available in all states except Alaska, Arizona and Hawaii. HELOCs are available in 18 states and Washington, D.C.
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Hold times on phone over two hours to speak to a customer service representative when you are trying to register to pay your new mortgage. Customer service agent quickly passed the buck and sent to me another extension with another expected 50 minute hold time for the next representative. Do not do business with this mortgage company. Their mobile apps and alternative registration options do not work.
We did a VA refinance thru Suntrust in 2021 only because a lot of banks do not have VA refinance loans. It took 6 months to complete when I was told 60 days at the start. Never do a VA refinance thru Suntrust if you want a professional experience. We ended up paying thousands more because they took 6 months instead of 2 like they promised.
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Absolutely HORRENDOUS/non-existent customer service. 6+ months of routine calls attempting to get answers to important questions regarding my mortgage, my forbearance status, etc. Dead-end phone options that state "this is no longer a working number" and automatically end the call, completely non-existent Home Preservation "Specialist" that does not return calls or answer emails - might as well be a ghost. Of all the things for which to provide terrible, atrocious customer service... a MORTGAGE should not be one of them. I will avoid SunTrust/Truist for the rest of my life.
Of all the banks that I have ever dealt with, this bank has the WORST customer service ever. Their wait times are 1-2 hours long, they operate on EST, which for someone in CA is pointless, and their customer service agents hang up on customers. They bought over 17,000 new mortgages and then sent out threatening letters and emails saying that we were delinquent in our accounts and threatening to send us to collections in violation of state and federal laws! They weren't even sorry about that and just said that the letter went out "in mistake"!
This company should be investigated and punished for that gross violation and abuse of customers. When I asked them to sell off my mortgage and transfer it to another bank they laughed and said that they wouldn't do that because I have great credit and that they didn't want to do that. This is by far my worst experience with a bank, especially with a mortgage by far. Do NOT do business with this bank and pray that they never buy your mortgage.
I listed my home in Washington, DC for sale the same month the first case of Covid was diagnosed in the US. Secondary, to DC restrictions on activity my condo was not able to be shown, no open houses were allowed and a massive exodus started from the city center. After approximately, 8 months, I opted in to the forbearance while I waited for a buyer.
The house went under contract and the payoff amount they provided was over $45000 more than the payoff shown on the Suntrust website. It increased by not only the forbearance amount BUT they have me no credit for the forbearance funds that were paid on my behalf. The closing was held up for 4 days with the required loan payoff changing and no one at the bank able to resolve the issue. I was forced to pay the loan amount, plus over $45000 which I paid to close even though none of the payments made while in forbearance were ever credited to the amount Suntrust required for payoff.
The payoff could not be reconciled by the bank; they provided varying numbers and had both myself and the law office on hold in excess of 6 hours on 3 days. It was no different than them holding a gun to my head and taking my money. I have had 4 mortgages over my life with SunTrust and always had a positive experience until June of this year. Beware. The banks were got bailed out by the taxpayer for no problem robbing the US consumer and seem to have oversight or punishment that would land a private citizen in jail.
All it took was a few questions to determine the refi wouldn’t work but she ran credit anyways without my permission. Asked very politely for a call back. Never received one. Sarah ** will respond to an email but will not get on the phone. Lack of clarification on the product being offered.
Horrible customer service. The loan representative never returned phone calls or emails. We tried to refinance our loan we've had with SunTrust for 18 years and we were put off for several months before we could even submit our paperwork. We were told they were just too busy to take the paperwork. Then when we were finally able to submit a request for refinance, that took months before we had any feedback except for their requests for more information. We were finally told we qualified and the loan was moving forward then suddenly, we were sent an email saying we didn't. I tried to call and ask how we may continue to pay the higher monthly payment at a higher interest rate but we didn't qualify to pay a smaller monthly payment with a lower interest rate. They never responded. Horrible company. We just refinanced thru a different company. Stay away from SunTrust.
I was finally able to secure a Home Equity Line of Credit earlier this year after banks weren't offering them at all this time last year. The rate they did give me was good, but the the loan officer blatantly IGNORED all my questions and correspondence regarding my loan. I had to call her multiple times and when she ignored my calls, I had to call someone else to have me transfer me to her. When the appraisal came back as a low ball offer, I tried to contact her for an entire week for some recourse, but again she IGNORED all my voice mails and emails. She wouldn't even send me the the appraisal report. I had to call another rep just to get this. I reluctantly closed not being satisfied with the HELOC amount.
Fast forward a few months later, my home value continues to sky rocket and I decided it may be a good time to request a line increase. So I called back to inquire about this and the next person I spoke to was originally very helpful and told me to call him back when I was ready to proceed. I called him back the very next day, and yet again, my message was ignored. I tried every day for about a week, but NEVER got a hold of him again. I eventually gave up. Luckily, I only have to keep this HELOC for three years before I can close without penalty, but rest assured when three years pass, I will definitely NOT be renewing. Why do Suntrust's reps tell you leave a message and a call back number if they have no intention to return your multiple calls?
I have been a long time customer. As my home loan is with them I checked in to a HELOC. They felt that this would go through so they submitted everything. Multiple attempts to get an answer with HORRIBLE lack of communication or just not responding at all. Then after 2 hard inquiries on my report they say that it was denied because I am a few points away from what score they needed! Could you not have told me this at the beginning so that a lot of time, effort and dings now to my credit report could have been avoided???? I am pulling my checking and savings accounts and going elsewhere!
Our home loan has been transferred to Suntrust Now Truist and this is the first month of mortgage payment which is a huge mess. The mortgage was paid online on August 3rd and I have been getting an email from Suntrust that they have not received the payment. I have called several times and they warn that the wait time is about 25 minutes. I am now on hold for 45 minutes and no one is responding. It is pretty frustrating not being able to connect with customer service in this company.
- Sources
- ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page.
- Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Aug. 29, 2022.
Truist Mortgage Company Information
- Company Name:
- Truist Mortgage
- Formerly Named:
- SunTrust Mortgage
- Website:
- www.truist.com
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