Truist Mortgage Review 2024

Truist overview

Headquartered in Charlotte, North Carolina, Truist is the seventh-largest bank in the U.S., representing the union of two banks: BB&T and SunTrust, which merged in 2019. You can visit Truist online to explore different home loan options, which notably often come with promotional closing cost discounts. Truist was the nation’s 19th most-active lender in 2022, according to federal data.

Pros and cons of Truist

How Bankrate scored Truist

• Affordability: Truist’s mortgage rates were well above Bankrate’s averages as of this review, so shop around with a few other banks or lenders to compare costs. If you’re a Truist banking customer, you might be eligible for some discounts.
• Availability: The bank offers mortgages, including lower-down payment government loans, in the majority of states in the U.S.
• Borrower experience: The bank’s website features a wealth of resources for homebuyers, including calculators and videos.

Affordability: 6.8/10

In terms of interest rate, a mortgage from Truist might cost you more than it would at some other banks. You can compare the bank’s rates on its website and adjust each loan with different discount point scenarios. The bank doesn’t disclose its fees online, but there’s relationship pricing and special incentives for existing customers, according to a bank spokesperson.

Availability: 10/10

Truist works with home loan borrowers in almost all states, offering the types of mortgages you’d expect from a big bank: conventional (conforming and non-conforming options); FHA, VA and USDA loans; and a lender-paid mortgage insurance option for first-time homebuyers that cuts the mortgage insurance premiums in exchange for a higher rate. The bank can also help with refinancing when rates drop.

Borrower experience: 8.3/10

Truist is one of the largest financial institutions in the U.S., accredited by the Better Business Bureau with an A+ rating. (The customer feedback with the BBB, however, is less than favorable: approximately one out of five stars.) The bank also fell below average in J.D. Power’s 2023 lender rating of mortgage origination customer satisfaction. The Truist website offers robust digital tools for borrowers, including the ability to obtain an online prequalification or preapproval and crunch the numbers with a mortgage payment calculator.

How to apply for a mortgage with Truist

You can apply for a mortgage with Truist in person at a branch location, online or by phone at 855-257-4040. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Truist

Truist offers both rate-and-term and cash-out refinancing options.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.