Headquartered in Charlotte, North Carolina, Truist Bank was formed in 2019 after SunTrust and BB&T banks merged. 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 aren’t available in every state.
- Truist Bank doesn’t disclose fees online.
- Fixed-rate loans.
- Adjustable-rate mortgages.
- FHA loans.
- VA loans.
- Jumbo loans.
- Construction-to-permanent loans.
- Mortgage refinancing.
- Home equity lines of credit.
Truist Bank also offers special terms for qualified physicians, including up to 100% financing with no monthly mortgage insurance payments. Prospective 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 homebuyers can start their preapproval application by filling out an online form. Once prospective buyers are ready to apply for a mortgage, a loan officer can guide them through the process online, over the phone or in person. The loan officer provides the prospective borrowers with a checklist of required documents, such as pay stubs and bank statements.
Within three business days of submitting their application, prospective homeowners should receive their loan estimate. Loan processing begins after the borrowers confirm their intent to proceed. Then, the lender requests an application fee and orders a home appraisal.
The prospective homeowners need to lock in their rate, and provide a copy of their property insurance policies, at least 15 days before closing. At least three business days before closing, the lender gives the 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 and conditions than conventional mortgages. Veterans or their surviving spouses may qualify for VA loans that don’t require a down payment. Some FHA loans offer up to 96.5% financing and allow 100% of the down payment to come in the form of a gift from a family member or employer.
Specialized mortgage products also include special terms. For example, a construction-to-permanent loan through Truist Bank features one closing – with one set of closing costs – that provides financing for the lot, construction and mortgage. Jumbo loans are available for primary and secondary residences, and the maximum loan amount ranges from $1.5 million to $3 million.
Some Truist Bank products offer discounts, such as an autopay discount for customers who have a Truist Bank checking account.
Truist Bank loan officers can help prospective homeowners learn how to qualify for a particular mortgage product. When determining loan eligibility, Truist Bank takes into consideration factors like credit score and the expected ability to repay the loan.
The minimum credit score needed to qualify for a Truist Bank home loan varies between 620 and 660, depending on the mortgage program
Truist Bank offers its mortgage products in select states, not nationwide.
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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 those complaints related to trouble during the payment process. Truist Bank provided a timely response to all mortgage-related complaints. Of those, 224 were closed with an explanation, 49 were closed with nonmonetary relief and 11 were closed with monetary relief.
Customers can reach a Truist Bank representative by calling 844-487-8478 from 8 a.m. to 8 p.m. Eastern time, Monday through Friday and from 8 a.m. to 5 p.m. Eastern time on Saturdays. If you call outside those hours, you reach Truist Bank’s automated assistance service.
Truist Bank’s website also has a search function that allows users to find a mortgage specialist in their area or locate the closest Truist Bank branch.
Prospective homebuyers can begin the mortgage preapproval 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 who are looking to purchase property in a state where Truist Bank operates.
- Borrowers who qualify for specialized mortgage products, such as loans for doctors.
- Borrowers who are already Truist banking customers or who were customers with SunTrust of BB&T.
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