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The Yahoo view: Truist is a competitive mortgage lender for first-time home buyers, with down payment assistance and lender credits to eligible borrowers. However, it has a below-average score for customer satisfaction.
Truist is a study in contrasts, excelling in some areas and then disappointing in others. Its home equity line of credit is easy to apply for — but only available to customers in about half of the nation.
It sets the standard for showing mortgage rates with or without discount points, then falls short in revealing the credit approval qualifications on which the interest rates are based.
Still, Truist deserves to be considered among your choices of potential mortgage lenders and mortgage refinance lenders.
Dig deeper: How down payment assistance works
Key benefits
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A Community Homeownership Incentive Program offers low or no down payments, lender credits, and no mortgage insurance to eligible borrowers in qualifying areas. These perks make Truist Bank one of Yahoo’s picks for the best mortgage lenders for first-time buyers.
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Medical professionals may qualify for lower down payments, waived mortgage insurance, and the exclusion of student loans from debt-to-income requirements.
Need to know
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Published mortgage rates default to one discount point to show a more favorable interest rate but can be adjusted to zero points.
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Scores well below average for customer satisfaction, according to the latest J.D. Power Mortgage Origination Satisfaction Study.
Visit Truist's mortgage website to get started.
Truist mortgage home loan product offerings
Truist mortgage offers the following types of home loans:
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Conventional loans
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FHA loans
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VA loans
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USDA loans
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Purchase mortgages
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Refinance loans
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Cash-out refinance loans
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Fixed-rate mortgages
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Adjustable-rate home loans
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Jumbo loans
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Construction loans
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Medical professional loans
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HELOCs
Truist mortgage does not offer the following types of home loans:
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Interest-only mortgages
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Lot loans
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Guest house loans
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Second home loans
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Nonqualified mortgages
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Investment property loans
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Energy efficient mortgages
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Renovation loans
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1% down payment mortgages
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Buydown loans
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Bridge loans
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Manufactured home mortgages
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Piggy-back loans
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ITIN mortgages
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Home equity loans
Dig deeper: How physician mortgage loans can help medical professionals buy a home
Truist mortgage for first-time home buyers
We couldn't find a page dedicated to first-time home buyers, but Truist has an “Affordable Lending Options” tab that is a decent place to start. The “Buy a home” selection under the “Personal mortgage” link sends you to a page with an up-top splash promoting 3% down payment loans, so that'll work, too.
Truist takes a simple layout, combined with logical jumping-off points, to guide you through the learning process.
We particularly like the “Homebuyer's guide,” which promises to help you “See what's ahead in 10 minutes.” The two downloadable PDFs let you think through the home-buying process and how to apply for and close on a mortgage.
One guide is 25 pages long, the other 18. It's probably much more than a 10-minute read.
Learn more: First-time home buyer — What you need to know
Truist mortgage for home equity lending
When you've had your home for a while and aren't looking to sell, you may want to unlock some of the accumulated property value you're sitting on. A cash-out refinance is one option — unless you have a low mortgage rate that you're unwilling to let go of.
In that case, a second mortgage may be the best option. In Truist’s case, a second mortgage comes in the form of a home equity line of credit.
Truist mortgage home equity line of credit (HELOC)
With an application that takes "less than 15 minutes to fill out" and a closing date within 30 to 35 days after the paperwork has been received, a Truist home equity line of credit seems easy enough.
However, a Truist HELOC is only available in less than half of U.S. states.
Payments can be structured with interest-only, variable-rate, or fixed-rate charges.
Truist mortgage HELOC fees
Truist discusses HELOC fees using sample interest rates and without offering anything too specific. "Other fees may be charged at origination, closing or subsequent to closing, ranging from $0 to $10,000, and may vary by state."
See what we mean? Not a lot of details.
Dig deeper: What is a home equity line of credit, and how does a HELOC work?
Truist home mortgage loan rates 2025
This is one of the best mortgage rate pages we've seen. The reason? Right at the top of the page, you can choose whether your estimated rate will include one discount point — or zero points. Smart. Very smart.
When shopping lenders, we suggest asking for zero discount points in any loan estimate. That way, you're comparing equal offers. You can always decide to buy points later if you wish.
Truist shows rates for a handful of mortgage terms — literally, five. That's plenty to get a sense of where rates are.
The disclaimers for these advertised rates are at the bottom of the page but don't really divulge much. You've selected the points, so that's a given. However, we couldn't find mention of a credit score, debt-to-income ratio, or even the down payment used to formulate the interest rates.
Without knowing that, these rates aren't very useful.
Read more: How to get the lowest mortgage rates
How Truist scores on mortgage rates and loan costs
Yahoo Finance uses 2023 Home Mortgage Disclosure Act data of 10 million home loan applications to score mortgage lenders on issued mortgage rates and total loan costs. We score each lender on a scale of 1 (lowest) to 5 (highest).
For example, regarding mortgage rates, a lender with a lower score charged a higher-than-median mortgage interest rate for loans issued in 2023. A higher score would indicate that a lender granted lower-than-median home loan interest rates in 2023.
With total home loan costs, a lower score would indicate that a lender charged higher-than-median total home loan costs in 2023. A high rating would mean a mortgage lender offered lower-than-median all-in home loan costs in 2023.
Truist mortgage home loan rates score: 4 out of 5 stars
Truist mortgage total loan costs score: 4 out of 5 stars
What this means: Truist mortgage offered a lower-than-median mortgage rate of 6.6% and a lower-than-median total loan cost of $5,119.33 to borrowers in 2023.
Truist mortgage application
Two buttons on the Personal Mortgage home screen offer a choice of "get preapproved" or "apply now." We thought the preapproval process would launch directly from the first choice — that's not what we discovered.
Truist mortgage preapproval
For a preapproval — an essential first step these days — that button leads you to a contact form. You also have an option to call a Truist mortgage loan officer to get things started.
When you're ready to submit an official application, you'll find a fully online experience. Truist uses the online loan application service many lenders use. You can get a personalized interest rate estimate, upload documents, and check on the progress of your application.
Dig deeper: How to get a mortgage in 2025
Truist mortgage calculators and home-buyer tools
A home affordability calculator is linked midway down the “Personal Mortgage” page, and a mortgage payment calculator is at the bottom. Other calculators and resources are scattered around the site and a bit hard to find.
A “Money and Mindset” page addresses more than buying a home — it's a broad personal finance guide, though worth a look.
Learn more: How much house can you afford? Use Yahoo’s home affordability calculator.
Truist mortgage pros and cons
Pros
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Truist is one of Yahoo Finance's highest-rated lenders. One reason is its wide and deep loan offerings. We give it a 5 in our Affordability category.
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It's also a strong competitor when considering mortgage rates and overall loan costs. It garners 4 out of 5 stars in both of those categories.
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For interest rate transparency, we award Truist 4 stars. We love the ability to adjust discount points to zero; however, the lack of rate disclosure information, including debt-to-income ratio, credit score, and down payment, is disappointing.
Cons
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Truist offers an average library of educational resources and few home loan calculators.
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And for a mortgage lender that we rate so highly, Truist really stumbles when it comes to customer service. It ranks near the bottom in the J.D. Power customer satisfaction survey.
How Truist mortgage compares to other mortgage lenders
Truist mortgage vs. PNC mortgage
Truist offers low or no down payments to eligible borrowers in certain areas, plus lender credits and no mortgage insurance.
PNC Bank has a Community Loan program that offers a down payment as low as 3% with no PMI. PNC also has grants of up to $5,000 that can be applied to closing costs or the down payment.
Both Truist and PNC have compelling loan programs for medical professionals. Putting lenders in a head-to-head competition for your business can give you benefits you haven't uncovered before.
Truist mortgage vs. New American Funding
If you're looking to unlock some of your home equity, Truist has an easy-to-apply-for home equity line of credit. Unfortunately, it's only available in less than half of U.S. states.
It took us a while to uncover, but New American Funding also has HELOCs and home equity loans — and they're available in most states.
New American Funding mortgage review
Truist mortgage FAQs
How do I contact Truist mortgage?
Truist mortgage reps are available by calling (844) 710-3909 or (855) 257-4040. You can also schedule an appointment by using this form. Or, find the location of a home loan professional by using the form about midway down this page.
What credit score do you need for a Truist mortgage?
Truist says a credit score of at least 620 to 640 is usually required for "traditional" mortgages, including FHA, VA, and USDA loans.
Is Truist a Chinese company?
No. Truist Financial Corporation is a bank with over $500 billion in assets headquartered in Charlotte, N.C. It serves 17 states plus Washington, D.C.
Methodology:
Yahoo Finance reviews and scores mortgage lenders with quintile scoring in five primary categories: 1) Interest rates. Using 2023 Home Mortgage Disclosure Act data comprised of 10 million home loan applications, we score mortgage lenders on issued mortgage rates below or above the annual median of reporting lenders. 2) Affordability. A measure of loan product availability and the willingness of a lender to offer government-backed loans, low down payments, down payment assistance, and consideration of nontraditional credit. 3) Loan costs. HMDA data is again analyzed, and lenders are rated based on total loan costs compared to the annual median. 4) Rate transparency. The ability of a website user to obtain a mortgage interest rate estimate. We score lenders based on whether rates are enhanced with discount points or high credit score requirements, disclaimers revealing rate assumptions, sample advertised rates, and whether adjustable or no discount point rate estimates are available. 5) Online features. An analysis of the educational material, calculators, and additional resources available to users.
Review of Nationwide Multistate Licensing System (NMLS) data on regulatory actions can trigger a penalty to the score of any lender with a consumer mortgage-related administrative or enforcement action within the past five years.
Advertisers or sponsorships do not influence ratings.
Editorial disclosure for mortgages:
The information in this article has not been reviewed or approved by any advertiser. The details on financial products, including interest rates and fees, are accurate as of the publish date. All products or services are presented without warranty. Check the lender's website for the most current information. This site doesn't include all currently available offers.
This article was edited by Laura Grace Tarpley.
