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Trustmark National Bank mortgage review
You can get help with your mortgage costs, but you need a loan officer to apply.
Trustmark National is a regional bank serving five southern states, and its mortgage offerings mostly include traditional conventional and government-backed loans. The bank does offer a few programs to help low-income borrowers with down payments and closing costs. However, you need to connect with a loan officer before applying for a home loan or see any rates.
Details
| Loan products offered | Conventional, Jumbo, Refinance, FHA, VA, USDA, HELOC |
|---|---|
| Minimum credit score | 620 for Conventional |
| Minimum down payment (Conventional) | 0% |
| State availability | Only available in: AL, FL, MS, TN, TX |
| NMLS # | 449605 |
Our take on Trustmark National Bank mortgages
Trustmark National’s mortgage products are pretty standard. But if you’re looking for low-income financing or help as a first-time homebuyer, Trustmark’s Home Advantage programs provide a few options to lower your down payment, waive private mortgage insurance (PMI) or finance new home improvements with no closing costs.
But you have to be comfortable working with a loan officer because you can’t find out the lender’s requirements, loan rates and fees or even apply for a loan without connecting with one. And that lack of transparency can mean wasting time on starting the process only to find that this bank can’t offer terms you’re comfortable with. It also means you need to be vigilant as you go through the process to ensure you’re clear about lender requirements up front.
Trustmark National Bank requirements
Mortgage requirements vary based on the loan you choose and the area where you’re buying a home, but this lender doesn’t provide its requirements online. Once you’ve provided your financial information to Trustmark, your loan officer will use that information and your credit score to determine how much you can finance.
Documentation
You’ll need to have the following information ready before you apply:
- Name and date of birth
- Social Security number
- Two years of residence history
- Two years of employment or freelance income history
- Asset information
- Information on all your monthly expenses, such as loans and revolving credit accounts
Costs and fees
Trustmark doesn’t charge an application fee. Once you’ve finished your application, you choose whether you want to take the next step and pay for the appraisal and credit report fees. While this bank doesn’t provide its closing costs up front, they do list the types of fees you can expect to pay as part of the mortgage process.
- Lender fees. These are fees included in closing a mortgage, such as points, underwriting, documentation and loan processing fees.
- Third-party fees. These include fees for appraisals and credit reports, the settlement and survey fees, tax service fees, title insurance, flood certification and courier or mailing costs. You will also have to pay state and local taxes and recording fees to the government.
- Prepaid and ongoing fees. These fees include per diem interest, initial escrow deposit and recurring costs like private mortgage insurance, homeowners insurance premiums and homeowners association (HOA) dues. Depending on your loan’s terms, you may also have early repayment fees or late fees if you miss a mortgage payment.
How to apply for a mortgage with Trustmark National Bank
You can apply for a mortgage online, but you are required to have a Trustmark loan officer first. Once you have your loan officer’s name, you can complete the application by following these steps.
- Select Apply Now from the Trustmark Mortgage page, which will direct you to a search for a loan officer in your area.
- Your loan officer should direct you back to the site to apply, but if they don’t, you can select Finish Applying in the Related Links section.
- Select Start new application and choose Next.
- Choose Next again to start the application, then enter your email address, answer questions and name your loan officer to continue. Select Next.
- Step through the pages, entering your personal information, answering questions about your property, assets, expenses and income.
- Submit your application. Your loan officer should contact you for any documentation needed to complete your application.
What types of mortgages can I get through Trustmark National Bank?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Other mortgage products Trustmark National Bank offers
Trustmark offers the following specialty home loan products:
- Construction loans. Get a loan to finance your construction product.
- Home Advantage mortgage loan. Borrowers who qualify can get a loan for $300,000 or less with a down payment of 0% to 3%.
- Home Advantage Plus. This added loan, for those who qualify for the Home Advantage mortgage, can cover up to $6,500 of closing costs and down payment.
- Home equity line of credit (HELOC). Allows you to access your home’s equity with a revolving line of credit. Trustmark offers an introductory interest rate of .98% APR for the first six billing cycles.
How Trustmark National Bank’s mortgage products compare to other lenders
Trustmark offers all the traditional mortgage loans you’d expect to see at a bank this size, plus a few specialty loans to help low-income borrowers and those building their own home. Most of its specialty loans center around its Advantage products, which consist of three loans for borrowers who need financing help.
In addition to the main mortgage loan, which includes a low or no down payment, you can get a small loan to cover closing costs or the True Advantage product, which offers a no-closing-costs loan to help buy appliances or make home improvements.
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Trustmark National Bank reviews and complaints
Trustmark National has been accredited by the Better Business Bureau (BBB) since 1964, and as of August 2021, has an A+ rating for resolving 12 complaints in the past three years. Online customer reviews are hard to find — even on the BBB, where the bank has only two — with an average rating of 3 out of 5 stars. Only one of the reviews is about Trustmark mortgages, and the customer gave 5 stars.
Trustmark National Bank pros and cons
Pros
- Help for low-income borrowers. The Home Advantage mortgage products offer low and no down payment options as well as smaller loans to help cover closing costs.
- Mortgage recasting. While Trustmark doesn’t offer bridge loans, the bank does allow you to recast your loan by paying a lump sum against the principal to reduce your monthly payments.
- Online educational resources. Trustmark offers user guides, articles and calculators to make sure you know what to expect throughout the mortgage process.
Cons
- Loan officer required. You can’t complete an online application on your own and must connect with a loan officer to get started.
- Lacks transparency. Trustmark’s focus on loan officers means you won’t find interest rates or fee schedules on its website, and some customers have complained that its loan requirements aren’t always spelled out, even after you’ve met with a loan officer.
- Limited availability. This bank is only licensed to originate mortgages in five southern states.
What is Trustmark National Bank?
Trustmark National was founded in 1889 as Jackson State National Bank in Jackson, Mississippi. The bank has since expanded its service area to include locations in Alabama, Florida, Tennessee and Texas. Trustmark Corporation has over $13.5 billion in assets across the bank, Trustmark Investment Advisors and Fisher Brown Bottrell Insurance.