Truist Mortgage offers a wide range of loan programs, but finding rates online can be time-consuming or confusing.
Truist Mortgage, born from the merger of BB&T and SunTrust, combines traditional banking expertise with modern conveniences. As one of the largest banks in the U.S., Truist offers a range of mortgage products tailored to fit nearly any homebuying or refinancing scenario.
In our Truist Mortgage review, we take a closer look at this company’s home loan offerings. It’s a solid option for those who prefer an in-person experience, but we’ll be focusing much of our review on their online features. We also spoke with a real estate expert to get their take on Truist Mortgage.
Truist Loan Options
Truist offers an impressive range of loan products, making it easy to find one that fits your needs.
Here’s a brief overview:
- Conventional Loans: Available in both fixed and adjustable-rate options, these loans are ideal for borrowers with good credit who want flexibility in loan terms.
- VA Loans: Designed for veterans and active-duty service members, these loans come with no down payment and no mortgage insurance requirements.
- FHA Loans: Perfect for first-time homebuyers with lower credit scores, offering low down payments and more lenient credit requirements.
- USDA Loans: For rural buyers, Truist offers zero-down payment loans backed by the USDA.
- Construction Loans: Truist offers construction-to-permanent loans, ideal for those looking to build and finance their dream home.
- Home Equity Products: Truist provides both home equity loans and lines of credit, allowing homeowners to tap into their home’s value for various financial needs.
- Refinancing: Truist offers rate-and-term refinances for those looking to secure better loan terms and cash-out refinances for those looking to pull cash in exchange for equity in their home.
Who is Truist Best For?
Truist Mortgage is like a one-stop shop for mortgage and home financing needs. There are multiple programs for first-time homebuyers who may need additional funds, low-down payment programs for those who can’t afford a lump sum payment and specialized loan types like construction loans.
The only people we wouldn’t recommend Truist to are those looking for a specific interest rate. While some lenders are upfront about their rates, Truist often doesn’t disclose rates upfront.
How to Apply for a Truist Mortgage
Truist Mortgage offers a blend of traditional and modern home loan application processes. You can either start and complete your application online or start it virtually and visit a branch to complete the process with a loan officer.
Before applying, make sure you have key documents like:
- Proof of income (pay stubs, tax returns)
- Employment details
- Financial statements (bank accounts, investments)
- Identification (Social Security number, ID)
Truist Mortgage Customer Service
Truist Mortgage’s customer service department is available Monday-Friday from 8 a.m. to 8 p.m. Eastern Standard Time and Saturdays from 8 a.m. to 5 p.m. Eastern Standard Time. There is also a 24-hour automated assistant.
They can be reached at 844-4TRUIST (844-487-8478).
Truist Mortgage’s fraud department is available 24/7 and can be reached at (844-487-8478), select option one, then option four.
Truist vs Chase
Both Truist Mortgage and JPMorgan Chase offer a wide range of mortgage options, but Chase stands out with its reward programs for existing customers. Truist’s strength lies in its regional expertise and personalized service, which may appeal more to buyers in the Southeast, Midwest and Mid-Atlantic.
The Bottom Line
Truist Mortgage stands out for its extensive branch network and broad loan options, making it an attractive choice for borrowers who value personal service. The hybrid application process is convenient for those who want a mix of digital and in-person support, but if you’re going fully digital just know that it might be difficult obtaining interest rates on certain loans.
Truist’s solid loan offerings and competitive rates make it a strong contender in the mortgage space.
Why You Should Trust Us
Benzinga has offered investment and mortgage advice to more than one million people. Our experts include financial professionals and homeowners, such as Anthony O’Reilly, the writer of this piece. Anthony is a former journalist who’s won awards for his coverage of the New York City economy. He’s navigated tricky real estate markets in New York, Northern Virginia and North Carolina.
For this story, we worked with real estate investor Sergio Aguinaga, founder and owner of Michigan Houses for Cash.
FAQ
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Truist Mortgage typically requires a minimum credit score of 620, though there are some programs for people with slightly lower credit scores.
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Some Truist loan programs have same- or next-day approval, but some could take 30-60 days.
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Most Truist loan programs do not have an early payoff penalty, but some might. It’s always important to look at the fine print before closing on any loan or refinancing.
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