- Written by Tarunima Ghosh
- Category: Bank Reviews USA
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Is Truist a Good Bank for Mortgage Loans?
A Deep Dive into Rates, Service, and Trust
If you are planning to buy a new home, then you must be wondering about is Truist a good bank for mortgage loans? After all, mortgages require the combination of convenience, trust and finding a loan which syncs with your financial goals. Today we are going to walk you through the entire process especially if you are planning on taking a mortgage loan from Truist. We will dive deep into their customer service, interest rates, mortgage offerings, digital tools and more so that you can compare it easily with all competitors.
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Taking A Look At The Background Of Truist Bank
Before delving into is Truist a good bank for mortgage loans, its pivotal to have a clear understanding of its background. The bank was formed back at 2019 following the merger of SunTrust and BB&T. Since then Truist has been catering to millions of customers across Mid-Atlantic, Southwest and other parts of America. The main aim of the merger was to benefit from the synergy delivered in the form of a broadened branch network, strong customer service and modern digital banking tools. Currently, Truist has secured its name in the top 10 commercial bank list of United States earning high reputation from customers for its reliability and stability. Homebuyers specially swear by the large number of mortgage products offered by Truist bank alongside dependable financial guidance and access to rich resources.
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Types Of Loans Offered By Truist Bank
- Home Purchase Loans: You can take your pick among an array of mortgage solutions ranging from conventional to government-backed loans offered by Truist Bank.
- Qualified borrowers can start with 0% down courtesy all VA and USDA loans.
- A 3.5% down payment is required for FHA loans making them the handpicked choice for first time home buyers acting on limited savings.
- Last but not the least comes Conventional loans under affordable programs like Home Possible and HomeReady requiring just 3% down payment.
- Truist has a minimum of 5% down payment requirement on conventional loans in case if you don’t qualify for the above-mentioned ones. Homebuyers can choose between conforming conventional loans within the loan limit of $806,500 and jumbo loans exceeding this threshold.
If you are planning on taking a conventional loan from Truist Bank, then you need to have a minimum FICO score of 620. However, there have been multiple instances where the bank has sanctioned loans to home buyers with limited or no credit history provided they display a responsible payment record of utility bills or rent.
- Refinancing: Wondering about is Truist a good bank for mortgage loans? Homeowners can refinance their mortgages through rate and term refinance. Under this borrowers get to either alter the loan’s tenure or secure a lower rate. There is also cash-out refinance which helps cater to expenses like debt consolidation, home renovations or education.
- Jumbo Loans: Building your dream home gets easier with the Jumbo loans offered by Truist Bank up to $3 million. These special loans go above the maximum threshold of $806500. The Jumbo loans are specially crafted for qualified borrowers and offer special terms like flexible down payment choices, no private mortgage insurance, competitive rates and more.
- Affordable Mortgage Programs: Truist strives to turn the dream of owning a home into reality for home homebuyers. Its Community Homeownership Incentive Program aims at lowering down payment requirements and offering a variety of other advantages. The loan officers from Truist constantly try enlisting their clients with state house finance agency (HFA) programs for offering cost assistance and helping with down payment.
- Home Equity Line of Credit: Homeowners can easily borrow against the equity in their property courtesy of the Home Equity Line of Credit offered by Truist bank. This service is currently available in multiple states including California, Carolina, Alabama, Ohio, Texas, and more.
- Construction-to-Permanent Loans: Truist bank offers construction-to-permanent mortgages especially for buyers planning to build their own house. These loans bring under its wing construction expenses and finally convert into a permanent mortgage once the construction process is over. Rather than having to juggle with multiple loans, it amalgamates everything under one roof with a single closing for making the process easier.
- Doctor Loans: Just as the name signifies, this loan programme has been specially crafted for medical professionals including dentists and physicians. These loans can boost the early career of doctors juggling with high level of student loan debt and having limited savings for making a large down payment. The terms of Doctor Loans might include flexible underwriting, no PMI and up to 100% financing for qualifying amounts.
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Interest Rates & Other Fees Charged By Truist Bank
Learning about the rates and fees can help cater to a common query of is Truist a good bank for mortgage loans? Let’s take a look at some important pointers:
- The mortgages rates offered by Truist bank vary according to the credit profile of borrowers, their loan type, down payment size and geographical location. The bank publishes a segment titled “Todays Mortgage Rates” at its website alongside down payment and credit assumptions to help you get an idea.
- Truist follows an industry average fee of 2-5% of the entire loan amount to cover the cost of credit report, origination, title insurance, appraisal, survey fees, settlement fees, initial escrow deposits and miscellaneous third-party costs.
Borrowers will receive a Loan Estimate a few business days within applying for the loan. This estimate offers a neat break-up of the projected interest rate, closing costs and similar terms. A Closing Disclosure is sent out prior to closing. This document is extremely important allowing borrowers to compare the Truist loan cost with other lenders.
Applying For Truist Home Mortgage
The world is going digital and Truist has been adapting to this changing scenario very well. It allows homebuyers to start a mortgage application online. You will simply have to upload the necessary documents and next you can monitor the status of your loan through its mobile app or online banking portal. Clients can head out to their “Manage Your Mortgage” portal on the app or website to manage all payments, statements, insurance details, taxes and more.
Pros of Choosing Truist for a Mortgage
- Users can choose among an array of home financing products offered by Truist ranging from unsecured personal loans to government backed loans and more.
- You will find physical branches of Truist bank at multiple states, especially around the Northeast and South parts of US. This is extremely helpful for borrowers trying to work with loan officers as they can avail face-to-face counselling and more.
- Truist Bank offers the perfect blend of human help and digital tools. There are dedicated loan officers who can help borrowers with complex products. There is also an online portal and tools allowing borrowers to initiate the process from the comfort of their home.
- Borrowers can avail of either fixed or variable rates and choose amongst different repayment structures with Truist bank.
- Truist Bank ranks higher than its peers in terms of the stellar transparency it offers. It published “today’s interest rates,” mortgage rate info, sample rate sheets and more for borrowers to refer to. There are effective mortgage calculators allowing prospective homebuyers estimate how much they can afford.
Birds Eye Comparison Truist Bank & Its Competitors
| Feature / Bank | Truist | Bank of America | Chase | Wells Fargo | Citi | U.S. Bank | Rocket Mortgage |
| Sample 30-yr fixed | 6.30% (30-yr; sample assumptions: $200k, 740 FICO, 25% down). (Truist) | 6.25% (30-yr — Bank of America sample). (Bank of America) | 6.125% (advertised sample for qualified buyers). (Chase) | 6.25% (Wells Fargo 30-yr published sample). (wellsfargo.com) | 5.875% (Citi sample 30-yr shown on their page). (Citi) | 5.99% (U.S. Bank published 30-yr conventional sample). (U.S. Bank) | Varies by day; Rocket shows live samples — often similar to market (~6.1–6.5%). Use their rate estimator for personal quote. (Rocket Mortgage) |
| Sample 15-yr fixed | ~5.25% (Truist) | 5.125% (Bank of America sample). (Bank of America) | ~5.50% (Chase sample for qualified borrowers). (Chase) | 5.25% (Wells Fargo 15-yr sample). (wellsfargo.com) | 5.125% (Citi sample 15-yr). (Citi) | Rates shown for 15-yr typically assume 740+ FICO & 25% down. (U.S. Bank sample pages). (U.S. Bank) | Rocket’s 15-yr page lists live sample rates (use estimator). (Rocket Mortgage) |
| Representative Jumbo 30-yr | ~7.25% (Truist jumbo sample with relationship incentive). (Truist) | BoA jumbo rates vary by ZIP/size — published samples depend on loan size. (Bank of America) | Chase jumbo varies by region and profile; use Zip/loan estimator. (Chase) | Wells Fargo jumbo samples are published by ZIP; see their jumbo pages. (wellsfargo.com) | Citi jumbo rates vary; published Citi sample pages show higher jumbo spreads. (Citi) | U.S. Bank publishes jumbo tiers on its rate pages; sample higher than conforming. (U.S. Bank) | Rocket provides jumbo pricing online — generally similar to market jumbo spreads. (Rocket Mortgage) |
| Minimum / Typical credit score (conforming) | ~620 for conventional eligibility; best advertised rates assume 740+. (Truist) | Best published rates assume 740+; lower scores increase rate. (Bank of America) | Best rates require good/excellent credit (740+ for top pricing). (Chase) | Best pricing aimed at 740+; eligibility can be lower depending on product. (wellsfargo.com) | Citi: conventional loans often available with 3% down and consider 620+ for some products; best pricing needs higher FICO. (The Mortgage Reports) | U.S. Bank: published rates assume 740+ for lowest tiers; eligibility down to ~620 for some products. (U.S. Bank) | Rocket: offers a range from ~620+ on certain products to 740+ for best pricing; use their estimator. (Rocket Mortgage) |
| Down payment guidance (conforming / FHA / VA) | Conventional: ~3% on agency affordable products; FHA 3.5%; VA/USDA 0% if eligible. (Truist) | BoA samples assume 5%+ for many published rates; FHA/VA rules apply where eligible. (Bank of America) | Chase: best rates assume larger down payments; options for 3–5% on some products; VA/USDA 0% where eligible. (Chase) | Wells Fargo: FHA 3.5%, VA 0% (eligible); published samples vary by down payment. (wellsfargo.com) | Citi: offers 3% conventional programs and VA 0% for eligibility; also closing cost assistance in some programs. (The Mortgage Reports) | U.S. Bank: conforms to agency rules; typical published samples assume large down payments for published “best” rates. (U.S. Bank) | Rocket: offers conforming, FHA, VA — down payments follow program rules; Rocket’s estimator shows exact assumptions. (Rocket Mortgage) |
| Geographic coverage | Broad, but Truist does not offer mortgages in Alaska, Arizona, Hawaii per their disclosures. (Truist) | Nationwide (all 50 states) — BoA operates broadly; rates shown by ZIP. (Bank of America) | Nationwide coverage; rates vary by ZIP and local guidelines. (Chase) | Nationwide; branch network large — rates vary by market. (wellsfargo.com) | Nationwide (Citi offers loans in all 50 states). (The Mortgage Reports) | Nationwide (U.S. Bank covers majority of states; check local availability). (U.S. Bank) | Nationwide (Rocket is a national online lender; coverage varies slightly by product/state). (Rocket Mortgage) |
| Rate discounts / relationship perks | Relationship discounts for deposit/investment balances (tiered discounts up to ~0.75% in published examples). (Truist) | BoA sometimes offers relationship pricing for existing customers (varies). (Bank of America) | Chase offers relationship pricing & limited promotions (periodic refinance sales). (The Truth About Mortgage) | Wells Fargo: occasional discounts/promos, but mostly price by risk & ZIP. (wellsfargo.com) | Citi: rate/closing cost discounts for existing Citi customers and HomeRun features (closing assistance). (The Mortgage Reports) | U.S. Bank: relationship pricing possible for customers with deposit/asset balances. (U.S. Bank) | Rocket: price based on online profile; occasional promotions. Being digital may speed quoting. (Rocket Mortgage) |
| Typical processing / closing speed (published/observed) | Truist: weeks to ~a month typical; progress tracker available. Actual times vary. (Truist) | BoA: processing speed varies; digital tools shorten some steps but closing time depends on documentation. (Bank of America) | Chase: emphasizes digital experience; closing time competitive but depends on docs/inspections. (Chase) | Wells Fargo: mixed reviews — can be slower in some markets; digital calculators available. (wellsfargo.com) | Citi: online processing with some local broker/branch support; timing varies. (The Mortgage Reports) | U.S. Bank: published timelines assume prompt doc submission; 30- to 45-day closings common. (U.S. Bank) | Rocket: historically among the faster closers for purchase/refinance because of end-to-end online process — but speed varies by appraisal / docs. (Rocket Mortgage) |
| Customer satisfaction / servicing (summary) | Mid-range in J.D. Power studies and consumer reviews; mixed borrower experiences. (Truist) | Large bank with mixed reviews; better scores in some servicing surveys vs other big banks. (Bank of America) | Mixed reviews; periodic promotions; customer reviews vary by servicing. (The Truth About Mortgage) | Historically mixed (some reports of slower servicing). (wellsfargo.com) | Citi: mixed; some positive notes on closing assistance programs in reviews. (The Mortgage Reports) | U.S. Bank: mixed but competitive for many borrowers per reviewer data. (U.S. Bank) | Rocket: high marks for speed/UX among tech-savvy borrowers; servicing experiences mixed. (Rocket Mortgage) |
