Truist Home Equity Review: Rates, Features and How It Compares
Written by
Ana Gotter
Edited by
Emily Gadd
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Truist is a strong option for homeowners looking to leverage a HELOC, especially if you’re already a customer or want flexible repayment options during the draw period.
In this guide, we’ll cover what Truist offers, how its rates and fees stack up, who qualifies and how it compares to other lenders.
Is Truist the Right Fit for You?
Ideal for:
- Customers who want flexible repayment options during the initial draw period.
- A long introductory offer, which comes with a lower rate for nine months compared to some other lenders’ six-month offer.
Not ideal for:
- Borrowers who want to leverage home equity on an investment property.
- Those without “excellent” credit, with a minimum credit score of around 660.
Pros and Cons of Truist Home Equity Products
There are both pros and cons of Truist’s home equity lines of credit, and it’s important to weigh them carefully when deciding if this lender is right for you.
Pros
- There are flexible repayment options during the draw period.
- Strong introductory offer that lasts nine months, with a competitive interest rate.
- Competitive interest rate range compared to some other lenders, who have higher potential interest ranges.
Cons
- They do charge closing costs, though these costs can be added to the value of the loan.
- $50 annual fee in some states.
- Early closure fees may apply if you pay off the balance within three years of opening the line of credit.
What Types of Home Equity Products Does Truist Offer?
Truist offers a home equity line of credit, which comes with the following terms:
- Variable rate for the lifetime of the line of credit after the introductory period ends.
- 10-year draw and 20-year repayment periods.
- Flexible payment options during the initial draw period, including fixed-rate payments, variable rate payments, or interest-only payments options.
- There’s a $50 annual fee in select states.
What Rates Can You Get?
It’s important to keep in mind that HELOCs have variable interest rates, which can fluctuate quickly depending on current economic conditions and prime rates. Current starting offers may change over time, too.
That said, here is the rate information you need to know:
- Typical APR Range: Currently 7.50% to 15.00% APR.
- Intro Offer: 5.99% APR for nine months from the date of account opening.
No rate discounts are publicly disclosed on Truist’s site.
Are There Fees or Closing Costs?
Yes, Truist has several fees to keep in mind:
- There are closing costs, but they can be added to the value of the loan if you don’t want to pay them upfront.
- Origination fees may be charged, ranging from $0-$10,000 depending on your loan.
- Early closure fees apply if you pay off the line of credit within the first 36 months.
- There’s a $50 annual fee in select states.
Who Qualifies for a Home Equity Product?
In order to qualify for a home equity line of credit through Truist, you’ll need to meet the following eligibility criteria:
- Credit score: “Excellent” score is required, with a minimum of 660.
- Equity requirement: While not stated online, most lenders require you have 15-20% equity to qualify for a HELOC.
Additional requirements may include:
- Proof of income through bank statements, tax returns, paystubs and more.
- Low debt-to-income ratio, often under 43% as a general rule.
If you’re self-employed, you may be required to submit additional documentation to verify your income, including two to three years of tax returns.
What’s the Application Process Like?
- How to apply: You can apply online here, or you can apply at a local branch if you don’t want to supply your email address or phone number.
- Prequalification: A credit pull occurs when you submit the application.
- Funding time: Not disclosed online.
- Documents needed: Proof of income, property tax information, current mortgage statement, and additional collateral property information.
How Does Truist Compare to Other Lenders?
Table Suggestion:
| Lender | Credit Score Min | APR Range | Closing Costs | Relationship Discounts |
|---|---|---|---|---|
| Truist | “Excellent” credit score | 7.50% to 15.00% APR | Yes | None disclosed online |
| Bank of America | Not disclosed online | 5.99% introductory APR for six months, 8.9% variable APR after six month | None | Yes |
| Citizens | 680 for HELOC 620 for GoalBuilders |
2.5-21% | None | Yes |
Final Verdict: Should You Choose Truist?
Choose Truist if:
- You want flexible repayment options during the draw period, giving you more control.
- You want to take advantage of their strong introductory offer period.
Look elsewhere if:
- You have lower credit.
- You prefer a fully fixed-rate product.
- You want to take advantage of other lenders’ discounts (like auto-pay discounts).
- You can find a better deal without origination fees, early closure fees, or annual fees.
Key Takeaways
- Truist offers HELOC products with competitive rates and flexible repayment periods.
- Minimum credit score: 660.
- Online tools and customer support are strong, though they don’t have much information disclosed online on their website.
Best for: Borrowers with good credit who want flexible repayment options.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
