Our Verdict
When it comes to providing a wide range of home loan options, catering to a broad spectrum of buyers, particularly those with lower income, Truist Mortgage stands out among the top lenders. If you’re seeking a versatile and affordable mortgage experience, Truist Bank’s commitment to inclusivity and competitive rates can be enticing. The lender also provides grants in chosen states to help borrowers with down payments and closing costs.
Created in December 2019 and based in Charlotte, North Carolina, Truist offers a wide range of mortgage options. Being a prospective homebuyer who seeks a versatile and affordable mortgage experience, Truist Mortgage is truly a commendable choice to consider.
Given all that has been said, it is important to consider your needs, budget, and preferences, so you can make informed decisions on your mortgage choice.
To get in touch with Truist customer support, call 800-634-7928, or by mail at PO Box 79041, Baltimore, MD 21279-0041. Alternatively, visit Truist.com to get more details on its official website.
Pros
- Comes with assorted loan options such as jumbo loans, construction loans, home equity lines of credit, and others.
- Provides mortgage rates that are lower than the industry average.
- Help borrowers to afford down payment and closing costs through its proprietary grant program.
- Offers discounts for existing customers.
- Allows doctors to be eligible for 100% financing without having to pay for mortgage insurance.
Cons
- Has limited services that are not available in all 50 states.
- Offers customized rates only by contacting the lender directly.
- Has limited branches in the South and East regions.
- Provides no transparent loan fees.
Who Truist Mortgage Loan Is Best For
Consider Truist mortgage loan if you:
- Are a first-time homebuyer, move-up buyer, or someone looking to refinance your existing mortgage.
- Seek low-income loans, including grants.
- Need assistance with down payment and closing costs.
- Seek competitive rates below the industry average.
- Desire personalized assistance as Truist offers direct communication with the lender who provides tailored mortgage terms.
- Live in states that are eligible for grants, because Truist Mortgage offers financial assistance for those struggling with down payment and closing costs.
- Seek a variety of mortgage options.
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Who Truist Mortgage Loan Isn’t Right For
While Truist Mortgage may be a suitable choice, this lender may not be the best choice for you if you:
- Live outside Truist’s service regions, especially outside the South and East regions.
- Seek instant online rate quotes without the need for direct communication.
- Don’t have U.S. citizenship or a permanent residency.
- Have poor credit score or history.
- Are not eligible for grants, especially if you are seeking additional financial assistance through grants for down payment and closing costs.
What Truist Mortgage Loan Offers
Check out Truist’s offerings, covering a range of mortgage products designed to meet your diverse homebuying needs.
Familiarize yourself with what Truist Mortgage loan offers:
Fixed-Rate Loans
Opt-in for Truist’s fixed-rate loans if you’re seeking a stable and predictable financing option. This loan type ensures that your monthly mortgage payments remain consistent over the entire loan period. Not to forget…as your interest rate is locked in at the beginning of the loan term, you are shielded from market fluctuations that could result in higher payments for adjustable-rate mortgages.
A word of caution: Be aware that the initial interest rates for fixed-rate mortgages are often higher than the initial rates for adjustable-rate mortgages, so you don’t get caught in the web of confusion.
Veteran Affairs Loan
If you’re an eligible military personnel seeking a loan that comes with distinct benefits extended to veterans or their surviving spouses, this offering might be your best choice. You get to enjoy competitive interest rate that helps you make homeownership more accessible and affordable. This loan type offers flexibility in terms of down payment amounts. Truist seeks to honor and support those who have served the country by facilitating competitive rates, eliminating PMI requirements, and offering flexibility with down payments.
Federal Housing Administration
Consider yourself lucky if you’re a first-time homebuyer or individual with income limitations because Truist’s FHA loans offer lower down payment requirements compared to many other mortgage options. Being a prospective homebuyer, you can enjoy not only a lower down payment requirement but also the peace of mind that comes with the loan program. When choosing this loan type, engage with Truist directly to understand the specific terms and eligibility criteria associated with its FHA loan offering.
Jumbo Loan
Check out Truist’s Jumbo loan to see if it aligns with your mortgage needs. For starters, Truist’s jumbo loan is a distinct financial tool designed for you who seek a more substantial home than what conventional loans typically accommodate. You can acquire properties valued up to $3 million through its unparalleled flexibility and opportunity. This loan type is distinct for its competitive rates, allowing you to purchase larger property without sacrificing affordability. Also, note that you’re exempted from private mortgage insurance (PMI) requirements.
Truist Mortgage Details
Mortgage Loan Offerings
Truist allows you to choose from a variety of mortgage loan options including HELOC, Doctor loan, FHA loan, VA loan, loan refinance, and construction to permanent loan. So, check your needs, preferences, and budget to choose the right option for you.
Housing Finance Agency Program
Note that a Truist mortgage expert is available to discuss the characteristics, advantages, accessibility, and qualification criteria of state programs.
You can benefit from these programs if you:
- Intend to utilize gifted funds towards your mortgage.
- Harbor concerns about meeting the qualifications for a loan.
- Seek additional support options for your down payment.
- Have a down payment of less than 20% for your home.
- Are a first-time homebuyer.
Truist Mortgage Rates
If you need a rate, Truist offers you the opportunity to apply. The reason is that the rates are not constant, or could change anytime. Preferably, you should find a Truist loan professional close to you, to answer your questions about the current rate, or call 855-257-4040 to speak with a representative.
Minimum Down Payment
If you’re seeking to know the lowest required down payment, Truist offers anything between the range of 0% to 3.5%. With this range, Truist provides options that cater to different financial situations, allowing you to select a down payment that fits your budget and preferences.
Means of Application
When it comes to accessing Truist Mortgage loans, there are different options you can choose from including online, over the phone, or in-person. So, depending on which option is most convenient for you, make your choice.
Truist Mortgage Serviced Areas
You can find Truist Mortgage services in 15 states including Washington, D.C. Check out the list of states:
Truist mortgages are available in 15 states plus Washington, D.C. These states include:
- Alabama
- Florida
- Georgia
- Indiana
- Kentucky
- Maryland
- New Jersey
- North Carolina
- Ohio
- Pennsylvania
- South Carolina
- Tennessee
- Texas
- Virginia
- West Virginia
Where Truist Mortgage Loan Stands Out
Focus on Accessibility
Find the best loan option that meets your mortgage needs, preferences, and budget. Clearly, Truist is intentional in making mortgage loans accessible through its offerings such as FHA loans with lower down payment requirements, grants for down payment assistance, and VA loans tailored to veterans and their families.
Support for Low-Income Buyers
Access Truist’s provision of grants in select states for down payment and closing costs if you’re a low-income buyer. With Truist’s demonstration of commitment to support those with less financial power, you get to ease the burden of upfront costs.
Personalized Service
Note that Truist requires direct communication from borrowers on its mortgage application process. While this may seem like a stringent requirement, the emphasis on personal connections can be beneficial to engage with the lender directly. Also, if you prefer a more hands-on approach to mortgage loan applications, Truist is here to serve you.
Flexibility in Down Payment Requirements
Leverage Truist’s flexibility in down payment requirements. For example, FHA loans from Truist allow you to enter the housing market with a lower down payment compared to many other loan programs. If you’re faced with the challenge of accumulating a substantial upfront payment, then Truist might be your go-to for your mortgage loan needs.
>>>PRO TIPS: How to Find the Best Mortgage Lender
Where Truist Mortgage Loan Falls Short
Limited Service Areas
Note that Truist Mortgage falls short in the fact that its services are only available in a limited geographic scope, particularly in 15 states and Washington, D.C. While Truist offers a range of mortgage products, you should verify whether your state is included in the list of serviced areas, as this geographical limitation can impact your eligibility to apply for a mortgage loan. If you’re residing outside the covered regions, you may want to explore alternative lenders with a broader national presence.
Doesn’t Offer USDA Mortgages
Applying for a mortgage loan backed by the U.S. Department of Agriculture (USDA) from Truist isn’t the best decision reason being that the bank doesn’t offer such a program. In other words, if you’re seeking a loan designed to assist those in rural and suburban areas with moderate incomes, you may have to consider alternative lenders. Take note of this limitation as you choose the best mortgage loan option for you.
Poor Customer Service
Having mixed customer service reviews with some borrowers expressing dissatisfaction is something you must consider when choosing Truist for your mortgage needs. Some of the shortfalls the lender has concerning poor customer service include poor communication, delayed response to customer’s requests, and difficulty reaching customer support. Well, these concerns can be grouped under personal expectations and specific circumstances which are subject to individual differences. This is why you must compare and contrast your findings to be sure you’re choosing the right lender for you.
Communication to Obtain Personalized Loans
Bear in mind that Truist requires direct communication to obtain personalized rates for its mortgage offerings. If you favor a seamless and fully online application process, you may find this policy quite frustrating and inconvenient. Consider alternative lenders who offer instantaneous online rate quotes so you can easily compare mortgage rates without direct interaction. The truth is that sometimes; direct communication adds an additional step that could potentially prolong the rate discovery process. It’s understandable. So, do your research, and check your options.
How to Qualify for Truist Mortgage Loan
For Truist Mortgage loans, you must meet the following requirements:
- Choose your preferred mortgage loan option.
- Keep at least a 5% down payment, unless you’re applying for special loans that offer grants.
- Make sure you’re a U.S. citizen or a permanent resident.
- Keep constant communication with Truist for the latest updates.
- Have a consistent and verifiable income and employment history to ensure you can repay the loan.
- Check your credit score and credit history to ensure you meet the minimum score requirement.
- Consider your debt-to-income ratio, which is the percentage of your gross monthly income that goes towards paying debt, and keep it at 36% or lower.
- Gather all necessary documentation ahead of time.
How to Apply for Truist Mortgage Loan
When applying for Truist Mortgage loans, make sure you meet the necessary requirements. Each loan has specific details and requirements that can vary based on the type of loan and your needs. However, applying for a Truist Mortgage loan involves this general guide to assist you through the application process:
- Prepare your finances by gathering documentation related to your income, employment, assets, and credit report.
- Visit Truist’s Mortgage Page, explore their various mortgage product offerings, and choose the one that aligns with your financial goals and homeownership needs.
- Speak with Truist’s representative through the phone, in person, or simply use online channels.
- Ensure you meet the eligibility criteria.
- Consider getting prequalified so you can have an estimate of the loan amount you may be eligible for, and set a realistic budget for your home search.
- Complete your application.
- Submit the required documentation and wait for approval.
- Attend the closing to sign the necessary documents and finalize the mortgage, if approved.
Alternatives to Truist Mortgage Loan
Wells Fargo Mortgage Loan
Wells Fargo is a well-established financial institution offering a variety of mortgage products including conventional fixed-rate and adjustable-rate home loans, FHA loans, VA loans, and jumbo loans. As an alternative to Truist, the lender provides robust online tools and resources, that let you easily prequalify, apply for a mortgage, and access education materials.
Citibank Mortgage
Access diverse mortgage product offerings where you can choose a product that aligns with your specific homeownership goals. As part of the larger Citigroup, CitiMortgage allows integration with other banking and financial services. You also get useful tools and resources such as prequalification tools, mortgage calculators, and educational materials that aid in your overall application process.
Bank of America Mortgage
Leverage Bank of America’s user-friendly online platform that offers tools for prequalification, mortgage rate exploration, and a digital application process. With these tools, you enjoy a convenient and efficient online experience. Keep in mind, also, that the bank has faced legal issues in the past, which probably may influence your perception of the lender. Well, it’s up to you to choose the lender or look further.
Chase Mortgage Loan
Choose Chase for your alternative mortgage loan option to access a comprehensive range of home loan products, including a widespread physical branch network and a strong online presence. The lender also offers competitive rates, and a fast loan application process provided you meet the requirements.
>>>GET SMARTER: Chase vs Citizens Business Loans
Customer Reviews
If you’re seeking a mortgage loan from Truist, you may want to take a moment to review ratings on some of the trusted review platforms.
Truist Mortgage generally reflects a mix of sentiments, highlighting the diverse experiences of borrowers. Just like the two sides of a coin, some customers, on the one hand, express satisfaction with their varied mortgage options, interest rates, terms, and commitment to community support, while others share concerns and frustration.
On Trustpilot, Truist has earned a star rating of 1.2 out of 5.0, based on 1,300+ reviews as of February 2024, while having a 2.5-star rating on ConsumerAffairs with 400+ reviews.
As much as checking reviews is important in your mortgage expedition, you must put into consideration, your goals, needs, preferences, and budget, as you choose your lender.
Pro Tips
- Understand your financial situation such as credit score, debt-to-income ratio, and budget before considering a mortgage loan.
- Take advantage of Truist’s prequalification process to get an estimate of the mortgage amount you may qualify for.
- Familiarize yourself with Truist’s mortgage products including interest rates, and eligibility criteria.
- Compare Truist with other lenders to see the differences in interest rates and terms so you can make an informed decision.
- Leverage grant and assistance programs if available.
- Gather necessary documentation early.
- Clarify down payment requirements for the specific loan product you’re interested in.
- Consider your long-term goals as you seek a mortgage loan.
- Get professional advice from a financial advisor or mortgage broker.
Recap
If you’re pondering a home loan, Truist Mortgage loan offers a variety of choices such as home loan options catering to various borrowing needs, including first-time homebuyers and low-income individuals.
As a prospective borrower, you can benefit from Truist’s conventional, FHA, VA, jumbo, and refinancing options. Truist is committed to providing you with competitive mortgage rates and the provision of grants for down payment assistance in select states.
Nevertheless, you must do some personal research to choose the lender with the most appropriate rates and terms for you. Look up other mortgage alternatives, check their offerings, compare customer reviews, and then make your decision.
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