Truist mortgage review
Once fully integrated, this bank promises to offer new products, but no date has been set.
Truist Bank is the name that eventually will replace SunTrust and BB&T after the banks merge. But while the bank promises new products and services once the integration is complete, there is no posted schedule. So you may be waiting a while to see what mortgage products Truist might offer.
Truist hasn’t listed any mortgage requirements on its website, but mortgage loan requirements typically vary depending on the loan type and the region where you apply. When you apply, you’ll undergo a full credit check and need to provide information about your assets, income and debt.
You may go through a prequalification process where you provide your personal and financial information to determine if you qualify for a Truist mortgage, and for how much.
Typically, you’ll have to supply the following documents for a mortgage loan application.
- Recent pay stubs
- Bank statements
- Retirement and other account statements
- Tax returns
- W-2 forms
- Homeowner’s insurance information
- List of credit cards, plus car, student or home loans
Costs and fees
Truist hasn’t listed its mortgage closing costs and fees, but you can expect to pay fees in the following categories.
- Closing fees. The fees included in closing a mortgage include title insurance, taxes and lenders fees. These can cost between 2% and 5% of your loan.
- Origination fee. Ranging from 0.5% to 1% of your loan, the lender often charges a fee for processing your application.
- Ongoing fees. These fees include recurring costs like PMI, late fees on your mortgage payment or early repayment fees.
How to apply for a mortgage with Truist
Currently, Truist is not accepting mortgage applications, so we don’t yet know what the mortgage application process will look like. In the meantime, borrowers will need to fill out an application with either BB&T or SunTrust directly.
What types of mortgages does Truist offer?
Truist says it will offer a new set of products and services after the merger is complete, but for now your options are limited to BB&T or SunTrust’s individual offerings.
Other mortgage products offered by Truist
In addition to common purchase home loans, the pre-merger banks offer the following specialized mortgages:
How Truist’s mortgage products compare to other lenders
It’s too early to tell what kind of special discounts and loan offerings Truist might provide once the merger is complete. But looking at what SunTrust and BB&T offer, Truist’s specialty mortgage products may include options for lower down payments, refinance, home equity products and possibly other programs.
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Truist reviews and complaints
Truist doesn’t have many online reviews, but the SunTrust and BB&T reviews and complaints have been merged under Truist Bank on the Better Business Bureau (BBB). Truist is accredited on the BBB and, as of August 2021, has an A+ rating for addressing 1,401 complaints in the last three years. The bank also has 1.06 out of 5 stars with 325 customer reviews, but those reviews address all banking services, with very few focused on mortgages directly.
Pros and cons of Truist
- Upgraded digital banking. Truist plans to offer existing and future bank customers as the bank unifies its platform and has spent almost $2 billion in IT expenses in 2020 to do it, with plans to spend even more through 2024.
- Consolidated power. This merger makes Truist the 6th largest US bank holding company, with over $306 billion held in loans.
- Nearly nationwide availability. If SunTrust and BB&T’s licensure remain the same under Truist, the bank’s products will be available in all but four states: Arizona, Arkansas, Hawaii and Oregon.
- No integration schedule. This bank’s merger was first announced in February 2019, with an effective date of December 6, 2019. But as of March 2021, the integration isn’t done, and the bank hasn’t offered a schedule or target date for completion.
- Closing branches. Truist has plans to close up to 800 branches before the merger is complete, which could limit its accessibility in your area.
What is Truist?
Truist Bank is the new name of the recently merged BB&T and SunTrust banks. The merger makes Truist the 6th largest commercial bank in the US. It is headquartered in Charlotte, North Carolina.
Heather Petty is a personal finance writer at Finder specializing in home loans, banking and insurance. After falling victim to a disreputable mortgage broker when buying her first home, she’s on a mission to help readers avoid similar experiences when managing their own finances. A self-proclaimed word nerd, her writing has been featured on MSN, Credit.com and MediaFeed.org, among others. Heather previously worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. She holds a bachelor’s degree in English with a minor in journalism from the University of Nevada, Reno.
More information on Truist Bank’s mortgage offerings will be available as SunTrust Bank and BB&T Bank are more fully integrated under the new name. But with no timeline on the merger, if you need a mortgage, you’ll have to choose a different lender or wait indefinitely to see what kinds of mortgages this bank may offer. And with bank branches closing and limited reviews available, your best bet may be to find an established bank now and check out Truist in the future.