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Truist mortgage review

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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 requirements

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.

Documentation

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:

SunTrustBB&T
  • Refinance. You can reinvest your equity in the house or choose a cash-out refinancing option.
  • Agency Affordable program. For lower income borrowers, SunTrust offers both HomeReady and Home Possible loans by Fannie Mae and Freddie Mac with smaller down payment options.
  • Doctor mortgage. With this program, medical doctors can get up to 100% financing with no PMI. Interns, residents, fellows and dentists are also eligible.
  • Refinance. Refinance for a better rate or terms, or choose a cash-out refinance to use your equity however you want.
  • Community Homeownership Incentive Program (CHIP). This mortgage program allows for down payments as low as 3% with no mortgage insurance. To apply, you have to complete an online homebuyer education course.
  • HomeNow. This mortgage offers down payments as low as 3% for qualified borrowers who complete an online homebuyer education course.
  • Construction-to-permanent loan. This loan allows you to convert your construction loan to a permanent mortgage without paying an additional set of closing costs.
  • Home equity loan. Use the equity of your home as collateral for a loan.
  • Home equity line of credit (HELOC). Use your home’s equity as collateral for a line of credit.

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.

Compare mortgage lenders

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SoFi
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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 March 2021, has an A+ rating for addressing 1,062 complaints in the last three years. The bank also has 1.06 out of 5 stars with 248 customer reviews, but those reviews address all banking services, with very few focused on mortgages directly.

Pros and cons of Truist

Pros

  • 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.

Cons

  • 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.

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Heather Petty is a writer at Finder specializing in banking, investments and insurance. She's a self-proclaimed word nerd who worked as a technical writer and editor for the casino systems industry and is an internationally published young adult mystery author. Heather earned a bachelor’s degree in English from the University of Nevada, Reno.

Expert review

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.

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