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Truist offers home equity lines of credit (HELOCs), but you need good credit to get the best rates, which now start higher than other lenders offering more competitive introductory rates and relationship discounts. And watch out for poor customer reviews.
Not stated
Minimum credit score
Only available in: AL, AR, CA, DC, FL, GA, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV
State availability
Loan products offered | HELOC |
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Minimum credit score | Not stated |
APR range | 4.72% to 9.70% |
Repayment terms | 10-year draw, 20-year repayment |
Loan limits | Minimum: $10,000 Maximum: $500,000 |
State availability | Only available in: AL, AR, CA, DC, FL, GA, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV |
In 2019, BB&T and SunTrust merged to become Truist, the sixth-largest bank in the US. But despite its large size, Truist’s HELOC rates aren’t that competitive and its service levels appear to be lacking. Its best rate for good credit borrowers currently sits at 4.72% APR — over 1% higher than the introductory rates from AppleTree Credit Union, Figure or Citizens Bank.
And unlike lenders like U.S. Bank or PNC Bank that offer rate discounts of 0.25% to 0.5% for setting up autopayments from a linked checking account, Truist doesn’t have any relationship discounts to help you save on interest. Depending on the amount of your HELOC, even a quarter or half percent off could help you save hundreds in interest over the long term.
On the plus side, Truist doesn’t charge closing costs if you keep the line open for at least three years — although this is pretty standard in the industry. Most concerning about Truist are the thousands of overwhelmingly negative customer reviews it’s garnered on sites like Trustpilot and the Better Business Bureau (BBB), with thousands of complaints registered.
We recommend comparing more lenders to find the best HELOC rates and service levels for your needs.
Truist offers HELOCs with a 10-year draw period and a 20-year repayment period. While a Truist HELOC is a variable-rate line of credit, borrowers have the option of “fixing” all or part of the line to a fixed-interest loan for a $15 fee. Truist doesn’t offer home equity loans.
Like other lenders, Truist uses your credit score to determine your eligibility and interest rate. To get the best rate, you’ll need to have a credit score of 740 or above, in addition to sufficient equity in your home, proof of income and a low debt-to-income (DTI) ratio. A large amount of debt — like a second mortgage or a car payment — can make it harder to qualify for a HELOC.
Unlike many other HELOC lenders that try to entice customers with interest rate discounts, Truist doesn’t offer low introductory rates or relationship discounts. This means you could pay a lot more in interest with Truist HELOC than if you went with a competitor like U.S. Bank, AppleTree Credit Union or PNC Bank.
While other lenders, like Figure for example, charge origination fees on HELOCs, they may also have lower introductory rates and fast turnaround. Whenever you consent to pay origination fees or closing costs on a HELOC — which many lenders waive — make sure any benefits like reduced interest or faster turnaround make the extra cost worth it to you.
On the plus side, Truist doesn’t charge an annual fee on its HELOC in most states. And this fee is only $15 a year in the states where the annual fee applies. Other lenders may charge an annual fee of $50, $75 or more — although this fee is often waived for the first year.
BBB rating | A+ |
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Trustpilot rating | Bad |
Customer reviews verified as of | 30 May 2022 |
Compared to other banks, Truist’s customer reviews are overwhelmingly negative. On Trustpilot, a whopping 98% of online reviewers give the bank a “bad” rating — the worst possible. And while Truist has been accredited by the BBB since 1986 and has an A+ business rating, thousands of customers give Truist a poor customer service rating, with nearly 3,000 complaints filed in the past three years.
Frustrated customers report dismal customer service experiences, including being transferred to multiple departments and waiting on hold for minutes or hours, a lack of response from customer service reps and no email or phone support for certain issues. One customer on the BBB reported making 30 calls to the company and finding no resolution to their problem.
Truist fares better on WalletHub, where it earns an average rating and more mixed reviews — both positive and negative — although nearly all recent reviews are negative. Again, these reviews mention terrible customer service and high levels of frustration when trying to resolve issues.
If you choose to proceed with a HELOC application, here are the steps to take:
Prepare to provide:
Truist also offers these home loans:
Between Truist’s poor customer ratings and relatively high rates compared to other HELOC lenders, we recommend comparing more lenders to find the best deal. The best lenders offer relationship discounts and low promotional rates on their HELOCs and home equity loans that can help you save on interest.
Whichever lender you choose, be sure to read the fine print about closing costs, interest rate caps, the ability to fix the rate on your line and prepayment penalties. For more information on how HELOCs work and eligibility requirements, see our guide to HELOCs.
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Truist is not currently available on Finder
Have you considered First Horizon?
Multiple mortgage programs available in 12 states with no pre-payment fee.