Truist Mortgage

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

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

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

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

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.

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

Truist doesn’t offer USDA loans. For more information about this type of loan, read our guide on USDA lenders.

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.