Truist: 2025 Home Equity Review

Truist overview

Truist Financial Corporation is a relatively young institution, formed in 2019 when BB&T (Branch Banking and Trust Company) merged with SunTrust Banks. One of the top 10 commercial banks in the U.S., Truist serves 15 million customers domestically through a wide range of financial services, including insurance products, wealth management, commercial banking and home equity lines of credit.

Home equity products offered

Truist offers variable-rate HELOCs, along with the option to convert some or a portion of the balance to a fixed rate, up to five times. The variable-rate HELOC comes with a 10-year draw period and a 20-year repayment term. With this option, your monthly payments might be interest-only, or equal 1.5 percent of the outstanding balance.

If you take advantage of the fixed-rate option, you can choose repayment terms for 5, 10, 15, 20 or 30 years. 

How Bankrate scored Truist 

Affordability: 5/5

• APR: At the time of this review, Truist’s APR was more than a point below the national average. 
• Draw minimum: The minimum draw amount for its HELOCs is $5,000, which is lower than the $10,000 that most lenders require. 
• Fees: Truist charges a $50 annual fee on HELOCs in some states: Alabama, Arkansas, California, Florida, Georgia, Indiana, Kentucky, New Jersey and Ohio. There’s also a $15 set-up fee if you choose the fixed-rate conversion option, which applies each time you do it. If your loan amount doesn’t exceed $500,000, Truist may offer to pay your closing costs. If you close your line within three years of opening, you’ll be required to repay those closing costs.

Despite some of its fees, Truist scores a 5 out of 5 due to its competitive APR, low minimum-draw requirements and the lender's coverage of closing costs. 

Availability: 3.2/5 

• Credit score:  Truist doesn’t disclose its minimum credit score requirement, but its website notes at least 50% of approved applicants applying for the advertised rate qualified for it in the period from January–September 2024. 
• Loan minimum: Truist’s HELOC minimum loan is $15,000, which is a bit higher than the typical $10,000 minimum many lenders require. 
• Loan products: Truist offers variable-rate HELOCs and the option to convert all or part of the line of credit to a fixed-rate loan.
• Where to find:  Truist only offers HELOCs on properties in Alabama, Arkansas, California, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, D.C., and West Virginia.

While Truist offers flexible HELOC options, the company only provides loans in select states and you will need good credit to qualify, giving Truist a 3.2 out of 5 for availability. 

Borrower experience: 3.0/5

• Transparency: Truist doesn’t advertise rates on its website, so it’s impossible to see what rate you might qualify for without going through the application process.  
• Convenience: Truist says it takes less than 15 minutes to apply, with the average turnaround time from application to closing listed at 30-35 days.
• Customer service: You can apply for a HELOC online, on the phone or at one of its branches, though availability may be limited if you don’t live in Truist’s service area.  

While the application process can be fairly quick, convenience is hindered by lack of rate transparency and limited branches, giving Truist a 3 out of 5 rating for borrower experience. 

Truist reputation

While Truist is not Better Business Bureau (BBB) accredited, the bank gets an A+ rating. Customers on Trustpilot are less favorable about the company’s customer service, giving Truist a 1.2-star rating. In 2024, Truist was sued by a group of customers in North Carolina federal court. The class action suit charges that a data breach compromised the plaintiffs’ personal information, and that the bank failed to take sufficient precautions to ward off the cyberattack.

What consumers say about Truist 

Overall, customers give Truist strong favorability ratings on Bankrate. One user says the company “was very responsive from day one, and they went out of their way to answer my questions and concerns.” Customers often describe the application process as “simple,” “seamless” and “straightforward,” and say it’s a big plus to be able to lock into portions of the loan at a fixed rate. 

How to qualify for a HELOC with Truist

Truist doesn’t disclose its HELOC qualifying criteria, but it says that having good credit, sufficient equity in your home and a favorable debt-to-income ratio will increase your chance of approval. 

How to apply with Truist

For a Truist HELOC, you can apply online via the bank’s website, in person at a branch or over the phone at 844-4TRUIST (844-487-8478), Monday through Friday from 8 a.m. to 8 p.m. ET or Saturday, 8 a.m. to 5 p.m. ET.