Truist Mortgage Review: Is It the Right Mortgage Option for You?

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Truist Bank Mortgage Overview

Truist is a top-10 commercial bank created in 2019 with the merger of BB&T and SunTrust banks. Headquartered in Charlotte, North Carolina, it’s a full-service financial institution offering a broad range of services for consumers and businesses.

A traditional bank with over 1,900 branches across 17 states, plus Washington, D.C, Truist makes mortgage loans in every state except Alaska, Hawaii and Arizona.

How the Truist Bank Mortgage Process Works

For many borrowers, the loan process begins with a request for a mortgage preapproval. Although you can request the preapproval online, you’ll have to wait for a call from a loan officer to discuss next steps.

Applying for the mortgage itself is more streamlined, and the best way for many borrowers to do it is online, from the bank’s website or mobile app. The application guides you through the process step-by-step, with interview-style prompts that are customized specifically for your situation.

Whereas some lenders require you to manually upload financial documents like bank statements and tax returns, Truist gives you the option to link accounts to your application for easy document submission and storage. If at any point you have questions or need help, loan officers are available to assist by phone. Alternatively, you can schedule an appointment to meet with a mortgage pro at a local office.

Once you’ve submitted your application, you can track its progress with the online or mobile app. Your dashboard keeps you up to date on the entire process, straight through to closing.

Pros and Cons of Truist Bank Mortgage

Truist Bank is a great option for many borrowers, but consider the drawbacks before you apply.

Pros

• Lower-than-average rates
• Hassle-free application process
• Grants are available to qualified borrowers purchasing a home in eligible areas
• Loan officers are available by phone and, in some states, by appointment at branch locations

Cons

• Must submit a preapproval request and wait for a call from a loan officer
• Can’t get a personalized rate quote online

Truist Bank Mortgage Loan Options

Trust Bank offers the most popular purchase and refinance loan types.

Purchase Loans

• Conventional fixed-rate
• Adjustable-rate mortgages
• Freddie HomeOne and Fannie 97 loans: These allow a 97% loan-to-value ratio and offer lender-paid mortgage insurance.
• FHA with 96.5% or 90% LTV: Depends on credit score, and there is no minimum borrower contribution requirement.
• VA loans: Allows 100% LTV and no mortgage insurance
• USDA: Includes 100% LTV, with no minimum borrower contribution required.
• Community Homeowners Incentive Program loans: Allows 97% to 100% LTV, with no mortgage insurance requirement.
• Jumbo loans: Up to $3 million
• Doctor loans: For primary residence with low or no down payment and no mortgage insurance.

Refinance Loans

• Conventional cash-out and rate-and-term refinance loans
• VA
• FHA
• Jumbo
• Doctor refi loans

Special Programs

Truist has two down payment assistance grant programs available to qualified borrowers who purchase a home in an eligible area. You can use the money toward a down payment, closing costs or as required cash reserves. You don’t have to be a first-time buyer to qualify.

• HomeReady and HomePossible: Up to $1,500 toward a primary home in a targeted market, or up to $10,000 for eligible purchase within certain metropolitan areas
• Community Homeownership Incentive Program: Up to $10,000 toward a primary home within the metros of the District of Columbia and the surrounding areas, Richmond, Va. and Atlanta, Ga.

Truist Bank Mortgage Rates and Fees

Truist publishes rates for 15-year and 30-year fixed-rate conventional loans as well as for 30-year FHA, VA and jumbo loans.

While posted rates are competitive, with conventional annual percentage rates coming in slightly below the national average with one point factored in, Truist doesn’t disclose the assumptions it makes in calculating those rates.

If, for example, it assumes a 780 score and a 20% down payment, the posted rate will be significantly lower than the rate for a borrower with a 680 credit score and just 5% down. The rate you’re offered will depend on these and other factors.

Truist doesn’t provide information about origination and other mortgage-related fees on its website. However, it does note that Premier Banking customers may receive interest rate reductions and have access to exclusive financing options.

Truist Bank vs. Other Mortgage Lenders

The best way to select a mortgage loan is to compare the one you’re considering with the same type of loan from other lenders. Here’s how Truist compares with some of its competitors.

Truist Bank vs. PNC Bank

PNC Bank has branches in 27 states plus the District of Columbia, and it makes mortgage loans in every state, which makes it more accessible than Truist Bank.

It’s also more transparent. You can fill in some basic information to get rate quotes for fixed- and adjustable-rate conventional loans and for FHA and VA loans.

What’s more, you can view the assumptions PNC makes in calculating those rates. Available loan types are comparable to Truist’s, and PNC also offers grants to qualified borrowers in eligible areas.

Truist Bank vs. Rocket Mortgage

Rocket is an online-only lender, so it, like Truist, has a streamlined application process that lets you speak with a loan officer if you want to. Unlike Truist, you can apply online for a preapproval. Rocket also gives you the option of applying for an underwritten preapproval, which is actually an initial loan approval based on a complete mortgage application, and it comes with a closing guarantee.

Available loan types are comparable to Truist Bank’s, and Rocket also has downpayment assistance. In addition, it offers closing credits and rebates to borrowers who use a Rocket Homes partner agent to buy or sell a home, or both.

Truist Bank vs. Other Lenders at a Glance

Here’s a look at all three mortgage lenders side by side.

Who Should Consider Truist Bank?

Truist is a better choice for some borrowers than it is for others.

Best for:

• Current Trust customers, especially those enrolled in Premier Banking
• Borrowers who prefer to talk with a loan officer
• Physicians who qualify for a doctor loan

Not ideal for:

• Those who want a quick preapproval without talking with a loan officer
• Borrowers who live in Alaska, Hawaii or Arizona

What Real Customers Say About Truist Bank

Truist earns below-average ratings for overall customer satisfaction in the J.D. Power 2025 U.S. Retail Banking Satisfaction Study.

Customers posting on consumer sites appreciate Truist’s competitive rates, but they’ve been disappointed by the service they’ve received. Real estate professionals, including an escrow agent and attorney, who’ve worked with Truist have also been frustrated by the experience.

J.D. Power ranks CrossCountryMortgage below average for overall customer satisfaction in its 2024 U.S. Mortgage Origination Satisfaction Study.

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