Truist Mortgage Review 2024
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- Objective, comprehensive star rating system assessing 120+ categories and 5,000+ data points.
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Our Take
4.0
Truist stands out for its range of accessible mortgage products, including government or conventional loans with flexible credit and down payment requirements. However, interest rates are on the higher side, according to the latest federal data. Most likely to appeal to borrowers who are able to put down 5% or less.
Pros
- Offers mortgage options focused on affordability.
- Convenient online application.
- Offers a HELOC and construction loans.
Cons
- HELOCs are not available in every state.
- Borrowers must reach out for customized rates.
Lender | Min. credit score | Min. down payment | |
|---|---|---|---|
620 | 3% | Visit Lenderat NBKC at NBKC | |
580 | 3% | Visit Lenderat New American Funding at New American Funding | |
580 | 3.5% | Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC | |
620 | 3% | Visit Lenderat GO Mortgage at GO Mortgage | |
620 | 3% | Visit Lenderat Veterans United at Veterans United |
Full Review
Truist is a large national bank based in Charlotte, North Carolina. It was formed in 2019 by the merger of BB&T and SunTrust. Mortgages are available nationwide, with the exception of Alaska, Arizona and Hawaii.
🏠Popular loan types include: 30-year fixed conventional; 15-year fixed conventional; jumbo; FHA; VA; refinance (rate-and-term and cash-out); USDA.
🔑 Specialty loan options include: HomeReady; HomePossible; Fannie Mae 97% LTV option; Freddie Mac HomeOne; Community Homeownership Incentive Program (CHIP); doctor loans; construction loans.
đź’µ Home equity borrowing options: HELOC.
Truist is partnered with title and settlement services providers, which may appeal to borrowers interested in the convenience of a one-stop shop.
» MORE: How to apply for a mortgage
How we score Truist
Every year, NerdWallet writers and editors use the latest data and independent research to score lenders on an overall rubric, reflecting factors that are most important to mortgage borrowers. Select Why This Category Matters below to learn more.
Truist has a NerdWallet home loans rating of 4 stars overall. Here’s a breakdown of this year’s score.
Category | Star rating |
|---|---|
Average mortgage rates and fees | |
Mortgage rate transparency | |
Variety of loan types | |
Customer experience |
- Why This Category Matters
Average mortgage rates and fees (30%)
Our team analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates, measuring annual averages across all loan types, as reported by the lenders. The lowest combination of average rates and fees earns the highest star rating in this category. (It’s worth noting that loans considered higher risk, including those such as FHA loans that are easier to qualify for, often have higher interest rates and fees.) Pro tip: In some cases, paying upfront fees may lower a borrower’s mortgage interest rate.
Mortgage rate transparency (25%)
We check how straightforward it is to comparison-shop rates online. NerdWallet’s transparency ratings are higher for lenders that post sample rates on their sites, and highest for sites with self-serve tools that allow shoppers to see what rates might be like for their particular loan. Pro tip: Borrowers who compare customized rate quotes by applying to three or more lenders could save thousands of dollars over the life of their loan.
Variety of loan types (25%)
Finding the right mortgage is different for each borrower. The highest star ratings in this category are awarded to lenders that our research shows offer a wide range of loan types, improving the odds that a borrower will find the best match for their needs: options for purchase and refinance; fixed-rate and adjustable-rate loans; government-backed FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.
Customer experience (20%)
How easy is it to interact with this lender? The highest-rated lenders in this category offer features that are convenient and clarifying for borrowers, such as: an online application, multiple customer service options, a helpful mobile app and candid closing timeline communications.
» MORE: How to get the best mortgage rate
Truist also earned bonus points for expanding homeownership opportunities through first-time home buyer assistance and offering loans for manufactured homes.
What borrowers say about Truist
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To help you understand borrowers’ subjective experiences, NerdWallet has gathered customer satisfaction ratings from J.D. Power. We also contacted Truist customer support.
→ Slightly below-average score in J.D. Power’s 2023 U.S. Mortgage Origination Satisfaction Study. Mortgage origination covers the initial application through closing day.
Score: 728 out of 1,000. Industry average for origination is 730.
→ Below-average score in J.D. Power’s 2024 U.S. Mortgage Servicer Satisfaction Study. A mortgage servicer handles loan payments.
Score: 587 out of 1,000. Industry average for servicing is 606.Â
🤓 Our Nerds say…
Borrowers can contact a Truist home lending specialist by phone or in person at a branch location. Branches are currently in Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Maryland, Mississippi, North Carolina, New Jersey, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, D.C. and West Virginia.
When we called, we were connected with an agent after being placed on a brief hold.
Alternatives to a home loan from Truist
We recommend comparing mortgage rate offers from three or more lenders.
Borrowers interested in no- and low-down-payment mortgages may want to explore options from Rate.
Borrowers who are a fit for an FHA or VA loan may want to apply with NBKC.
» MORE: Best mortgage lenders
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).
