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About Truist Mortgage Reviews
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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.
Pros & Cons
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.
Featured Reviews
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...
Read full reviewI 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.
Truist Mortgage Reviews
ConsumerAffairs has collected 436 reviews and 863 ratings.
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Reviewed Sept. 3, 2023
Our mortgage loan was bought by Truist last year and the transfer seemed to have happened seamlessly until the renewal of property insurance. The property insurance should have been paid by Truist from the escrow (there is sufficient funds in the escrow), however, Truist failed to pay the property insurance. I got a letter from Truist indicating that I failed to renew my insurance. Truist didn't set up the payment when the loan was acquired by them. I recognize that there are several reasons for this but it is unacceptable to send letters like it is the customer's fault. Truist doesn't seem to know how to take care of customer. I wonder if they will set up the property tax payment.
Reviewed June 22, 2023
Frustrating Experience: Truist Mortgage's Inconsistent Customer Service. I recently had the unfortunate experience of dealing with Truist Mortgage's customer service, and I must say, it was nothing short of a nightmare. From start to finish, their representatives displayed a shocking lack of knowledge and consistency, leaving me feeling incredibly frustrated and disappointed.
One of the most aggravating aspects of my interactions with Truist Mortgage's customer service was the constant changes in the information provided. Each time I called, I was given conflicting details and contradictory advice, which only added to the confusion and prolonged my issue. It was as if I was dealing with different companies every time, with no clear standard or procedure in place.
Furthermore, the representatives seemed clueless about how to handle a loyal customer. Despite my repeated attempts to explain my situation, they showed little understanding or empathy. It was evident that they lacked the necessary training and knowledge to address my concerns effectively. Instead of providing solutions or offering alternatives, they seemed more interested in rushing through the conversation and moving on to the next caller.
In addition to their incompetence, Truist Mortgage's customer service failed to prioritize problem resolution or provide timely updates. I was left in the dark for extended periods, waiting anxiously for any progress or response. This lack of communication only exacerbated the frustration I felt, as I had to constantly chase them for updates, wasting my valuable time and energy.
As a customer, I expect a certain level of professionalism and competence from any company's customer service department, especially when it involves something as important as a mortgage. Unfortunately, Truist Mortgage fell far short of meeting these basic expectations. Their representatives seemed ill-prepared to handle customer inquiries, and their inability to provide consistent information or take ownership of issues only added to my mounting dissatisfaction.
In conclusion, my experience with Truist Mortgage's customer service was incredibly disappointing. Their inconsistent information, lack of knowledge, and failure to take care of a valuable customer left me feeling frustrated and let down. I cannot, in good faith, recommend Truist Mortgage to anyone seeking reliable and efficient customer service.
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Reviewed June 3, 2023
Truist bank was a mortgagor in my sale transaction. Their hired appraise made an error of $25,000 that bank refused to correct even though my second corrected appraisal reflected $30k huger value. Their regional VP in Florida Steve Fisher gave it no consideration and Greg Noble ignored their gross misstatement. My family was damaged $25k in that sale due to their actions. Very unethical and unprofessional company. Be aware!
Reviewed May 20, 2023
Truist added a bad check fee to my mortgage the first day after they acquired my loan from another bank. I had no contacts with them until after I was informed of the loan moving. How could I have possibly written them a bad check before they ever sent me a bill. This is just an overbilling scam that shady institutions perpetrate on unwitting customers. Then they make it impossible to deal with their customer service to get anything corrected. I give up. I will just be paying the unfair fee, because it’s easier than calling back again. It’s easier than dealing with their automated responses. They don’t have any option to fill in a form or email to make contact. You have to call, and they make that as unpleasant as possible.
Reviewed May 3, 2023
My mortgage was transferred from Suntrust to Truist and it's been the worst experience I've ever had in dealing with banks. I arranged for bi-weekly payments for my mortgage and instead of only taking half of the mortgage every two weeks they've been taking the whole mortgage every two weeks. I've called them numerous times to get it fixed but the people I get on the line are no help whatsoever. It's truly ridiculous and maddening.
Reviewed March 17, 2023
Worst bank ever Truist! Customer service horrible! Over checking and saving account ….They won’t even close bank accounts the right way and there is 6 overdraft fee …. They won’t give your money back after dispute!!! They have crazy reasons why not …. I mean it. The worst bank ever!!!!
Reviewed Feb. 26, 2023
During loan approval the bank refused for 2 months to correct the calculations, after 2 months they change interest rate and added a point in cost of loan and they without my consent make the loan as locked in. 11 months later they have not responded to my list of questions.
Reviewed Oct. 25, 2022
Calling the mortgage help number is an exercise in self humiliation. The rude representatives act like you're stupid for calling, and barely try to help. I've been trying to order my mortgage contract documents for 3 weeks now and still haven't received a simple email with my documents. Embarrassing customer service.
Reviewed Oct. 21, 2022
I was trying to refinance my house and after all the paperwork was faxed and paid for the appraisal I got turned down. They did too many hard inquiries with my credit and now I am starting over to build credit.
Reviewed March 8, 2022
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.
- 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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