Truist Mortgage Review

Truist Mortgage Ratings at a Glance

Truist offers an impressive range of loan products, making it easy to find one that fits your needs. Here’s a brief overview:

• Conventional Loans: Available in both fixed and adjustable-rate options, these loans are ideal for borrowers with good credit who want flexibility in loan terms.
• VA Loans: Designed for veterans and active-duty service members, these loans come with no down payment and no mortgage insurance requirements.
• FHA Loans: Perfect for first-time homebuyers with lower credit scores, offering low down payments and more lenient credit requirements.
• USDA Loans: For rural buyers, Truist offers zero-down-payment loans backed by the USDA.
• Construction Loans: Truist offers construction-to-permanent loans, ideal for those looking to build and finance their dream home.
• Home Equity Products: Truist provides both home equity loans and lines of credit, allowing homeowners to tap into their home’s value for various financial needs.

Overall, Truist’s extensive loan lineup caters to a wide range of borrowers, from first-time buyers to those building custom homes.

Truist’s application process is a blend of traditional and modern methods. You can start your application online, but you’ll need to visit a branch or connect with a loan officer to complete the process. For those who prefer in-person service and personalized guidance, this hybrid approach is appealing. However, the lack of a fully digital experience could be a drawback for tech-savvy borrowers who want a seamless, end-to-end online mortgage process.

Before applying, make sure you have key documents like:

• Proof of income (pay stubs, tax returns)
• Employment details
• Financial statements (bank accounts, investments)
• Identification (Social Security number, ID)

While Truist provides a strong personal touch, the application process could benefit from more streamlined digital options.

Truist’s mortgage rates are competitive but can vary depending on your credit profile and the loan type. The lender is transparent about fees, which include:

• Origination Fees: Typically 0.5% - 1% of the loan amount
• Closing Costs: Varies based on location and loan type
• Appraisal Fees: Around $300 - $500

Compared to competitors, Truist’s rates are generally in line with the market, but potential borrowers should compare offers to get the best deal. The bank’s proprietary low-down-payment programs also help offset costs for qualified borrowers.

Truist stands out for its extensive branch network and broad loan options, making it an attractive choice for borrowers who value personal service. While the hybrid application process is convenient for those who want a mix of digital and in-person support, the lack of a fully online experience may deter some tech-savvy customers. The merger transition is still ongoing, but Truist’s solid loan offerings and competitive rates make it a strong contender in the mortgage space.

Truist vs Competitors

1. Truist vs. Wells Fargo
   Truist offers more personalized service and proprietary loan programs, while Wells Fargo provides a fully digital mortgage process. If you prefer in-branch support, Truist is the better choice. However, for a tech-driven experience, Wells Fargo takes the lead.
2. Truist vs. Rocket Mortgage
   Rocket Mortgage excels in offering a seamless, all-online mortgage experience with quick approvals, making it ideal for those who value speed and convenience. Truist, however, is better for borrowers seeking hands-on guidance and unique products like construction loans.
3. Truist vs. Chase
   Both lenders offer a wide range of mortgage options, but Chase stands out with its reward programs for existing customers. Truist’s strength lies in its regional expertise and personalized service, which may appeal more to buyers in the Southeast, Midwest, and Mid-Atlantic.

What Others Say About Truist

Truist is ranked among the top U.S. banks by size and has received recognition for its customer service efforts. JD Power consistently ranks Truist’s customer satisfaction above industry averages, particularly for in-person banking. However, some users have noted that the merger caused temporary service disruptions, which Truist has been working to resolve.

Frequently Asked Questions

Methodology

Our evaluation of Truist Mortgage considers several factors, including loan options, application ease, customer service, rates and fees, and overall borrower experience. We also compared Truist to industry competitors, factoring in customer reviews, JD Power rankings, and the quality of digital tools. Ratings are based on how Truist stacks up in providing value, accessibility, and personalized service in today’s mortgage landscape.