Truist Mortgage Review | The Ascent

Top perks

Low down payment mortgage options

Truist Bank offers a wide selection of low down payment mortgages, including:

  • VA loan (zero down)
  • USDA loan (zero down)
  • Multiple affordable home loan options (3% down)
  • FHA loan (3.5% down)
  • Doctor loan (zero down)

Transparent mortgage interest rates

We love that Truist publishes mortgage interest rates on its website. Even better, you can see how the rate might change if you opt to buy mortgage discount points. Points are prepaid interest. You pay a fee up front in exchange for a lower interest rate for the life of your mortgage. The price for a point is 1% of your loan amount (so if you’re borrowing $300,000, one point will cost you $3,000). When we checked, Truist offered about 1/4 of one percent off your rate in exchange for one point.

What we don’t love is that Truist doesn’t show you how the rate might change based on your credit score or the size of your down payment. The rate you see online is reserved for the most well-qualified applicants. Figure that you’ll need a credit score of at least 740 to get that rate. If your score is lower, your rate will be higher.

Home equity line of credit

For borrowers who want to access the equity in their home, Truist offers a home equity line of credit (HELOC). A HELOC is a great alternative to a credit card or a personal loan if you need to access cash (because the rate is typically much lower). And you only need to tap into the amount of money you need — and no more (unlike a cash-out refinance). The size of your HELOC will depend on your home’s value and the amount of equity you have.

Financial tips and information

Truist dedicates a portion of its website to advice and inspiration centered around finances and your money. You can access planning tools, a mortgage calculator, and lots of educational content that can help you align your budget and financial goals with your values and passion.

Specialty loans

Truist offers a couple of harder-to-find home loan options.

Doctor loan: a mortgage for medical professionals who have high salaries but may not have saved a large down payment yet. Qualified borrowers can get up to 100% financing (zero down) with no mortgage insurance.

Construction loan: a mortgage for borrowers building a brand-new home. This loan requires interest-only payments during construction. Truist offers this as a construction-to-permanent loan, which means the loan will automatically convert to a regular mortgage, and you will only have one loan closing.

What could be improved

Soft pre-approval

At Truist, mortgage pre-approval is based on nonverified information and is not a commitment to lend. It might be more appropriate to call this a prequalification instead of a pre-approval. Since the lender isn’t checking your information, you can’t be certain that you’ll be approved, or for how much.

Limited rate tool

Truist only shows the lowest possible mortgage interest rate, reserved for applicants with excellent credit. It would be nice to see how the rate changes for people with good or average credit.


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