Based in Charlotte, North Carolina, Truist Bank was formed in 2019 after the merger of SunTrust and BB&T banks. Truist Bank offers a variety of mortgage products, including refinancing and home equity lines of credit.
- The application process can be completed online.
- Truist Bank offers a range of mortgage products.
- Mortgages are not available in all states.
- Truist Bank does not disclose fees online.
- Fixed rate loans.
- Adjustable rate mortgages.
- FHA loans.
- VA loans.
- Giant loans.
- Construction loans to permanent.
- Mortgage refinancing.
- Home equity lines of credit.
Truist Bank also offers special conditions for qualified doctors, including financing of up to 100% without monthly mortgage insurance payments. Potential homeowners can also apply for low down payment options through Truist Bank, including the Fannie Mae HomeReady Mortgage and Freddie Mac Home Possible programs, as well as down payment assistance programs.
Potential buyers can start their pre-approval request by filling out an online form. Once potential buyers are ready to apply for a mortgage, a loan officer can walk them through the process online, over the phone, or in person. The loan officer provides potential borrowers with a checklist of required documents, such as pay stubs and bank statements.
Within three business days of submitting their application, potential homeowners should receive their loan estimate. Loan processing begins after borrowers confirm their intention to proceed. Then, the lender charges an application fee and orders an appraisal of the house.
Potential homeowners must lock in their rates and provide a copy of their home insurance policies at least 15 days before closing. At least three business days before closing, the lender gives buyers the closing disclosure, which the loan processor reviews with the buyer.
Terms, fees and conditions vary.
Federal loans available through Truist Bank have different terms than conventional mortgages. Veterans or their surviving spouses may be eligible for VA loans that do not require a down payment. Some FHA loans offer up to 96.5% financing and allow 100% of the down payment to be in the form of a gift from a family member or employer.
Specialty mortgage products also include special terms. For example, a The construction-to-permanent loan through Truist Bank has a fence – with a set of closing costs – that provides financing for the lot, construction, and mortgage. Jumbo loans are available for primary and secondary homes, and the maximum loan amount ranges from $ 1.5 million to $ 3 million.
Some Truist Bank products offer discounts, such as an automatic payment discount for customers who have a Truist Bank checking account.
Truist Bank loan officers can help potential homeowners learn how to qualify for a particular mortgage product. When determining loan eligibility, Truist Bank takes into consideration factors such as credit rating and the expected ability to repay the loan.
The minimum credit score required to qualify for a Truist Bank home loan ranges between 620 and 660, depending on the mortgage program.
Truist Bank offers its mortgage products in certain states, not nationally.
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Truist Bank has an A + rating from the Better Business Bureau and is BBB accredited.
In 2020, the Consumer Financial Protection Bureau received 284 mortgage-related complaints for Truist Financial Corp. The majority of these complaints were about problems with the payment process. Truist Bank provided prompt response to all mortgage related complaints. Of these, 224 were closed with an explanation, 49 were closed with non-monetary relief and 11 were closed with monetary relief.
Customers can reach a Truist Bank representative by calling 844-487-8478 8 a.m. to 8 p.m. EST, Monday to Friday, and 8 a.m. to 5 p.m. EST, Saturday . Calling outside of these hours will take you to Truist Bank’s automated help desk.
The Truist Bank website also has a search feature that allows users to find a mortgage specialist in their area or locate the nearest Truist Bank branch.
Potential buyers can begin the mortgage pre-approval process online, as well as apply for and check the status of the loan. Homeowners can make mortgage payments online and set up automatic payments.
- Prospective homeowners looking to purchase property in a state where Truist Bank operates.
- Borrowers eligible for specialty mortgage products, such as physician loans.
- Borrowers who are already clients of Truist Bank or clients of BB&T SunTrust.