When BB&T and SunTrust completed their merger in 2019, the resulting lender, Truist, now ranks among the largest banks in the United States. For homebuyers, Truist Mortgage represents a familiar option in the Southeast and beyond. The bank offers a wide range of loans, local branch offices, and a digital platform that makes it possible to start an application from your couch.
Before you spend time with a loan officer, it helps to understand how the lender operates. Truist frequently sells its loans to Fannie Mae or Freddie Mac after closing, though it often keeps the servicing rights. That means you may make monthly payments to Truist even after your loan is sold. This guide looks at the loan products, pricing, and what you can expect during the process.
Who Is Truist Mortgage Best For?
Truist is not a digital-only mortgage company. It pairs online tools with a physical branch network concentrated mostly along the East Coast. That makes the lender attractive if you like talking through your options in person or need help finding first-time-buyer down payment assistance. The tradeoff is that large banks can come with higher closing costs or slower timelines than an online-only lender, so you should shop around no matter which direction you lean.
Loan Products and Programs from Truist Mortgage
Truist offers the usual suite of home loan options, plus a few specialized programs. You can choose anything from a standard 30-year fixed to a government-insured loan with a lower down payment.
- Conventional loans: These include 15- or 30-year fixed rates as well as adjustable-rate terms. Qualified buyers can put down as little as 3%.
- FHA loans: Insured by the Federal Housing Administration, FHA loans allow down payments of 3.5% and often work for borrowers with a credit score below 620.
- VA loans: Available to eligible veterans and active-duty service members, these offer no down payment and no private mortgage insurance.
- USDA loans: For homes in designated rural areas, this product can be financed with zero down payment.
- Jumbo loans: When your purchase price pushes past the conforming loan limit, Truist offers jumbo financing with stricter income and reserve requirements.
- Renovation loans: FHA 203(k)-style products and similar options let you wrap the cost of improvements into your primary mortgage.
First-Time Homebuyer Programs
If you are entering the market for the first time, ask about Truist’s low-down-payment conventional and FHA options. In many states, the bank also partners with housing finance agencies to offer grants and second-lien assistance. Eligibility usually depends on your income, sale price, and whether you have completed a homebuyer education course. A Truist loan officer can pull up what is available in the county where you hope to buy.
How Truist Mortgage Rates Are Priced
Mortgage rates at Truist depend on your credit profile, down payment, property type, and the length of the rate lock. A borrower with a 760 credit score and 20% down will see a different quote than someone buying an investment condo with 10% down. The bank posts sample interest rates on its website, but those numbers are just a starting point.
You can lower your rate by paying discount points at closing. One point costs 1% of the loan amount and generally moves the rate down by a quarter of a percentage point or so. Alternatively, you can take a slightly higher rate and earn a lender credit that reduces your upfront closing costs. Which approach makes sense depends on how long you stay put.
Suppose you are borrowing $325,000. One rate quote might be 6.625% with zero points, while a 6.375% rate costs about $1,625 in discount points. On a 30-year fixed, the lower rate saves you around $55 a month. After about 30 months the numbers are roughly even. If you plan to stay longer, points make sense; if you expect to move in a few years, the lender credit may be the more cost-effective route.
The Truist Mortgage Application Process
Start with a Preapproval
Before you make an offer on a house, online or branch preapproval will tell you exactly what you can borrow. Truist asks for income and asset documents, then runs a soft or hard credit pull depending on the level of review. A preapproval letter from a larger lender carries weight with many real estate agents because the underwriting team is familiar to appraisers and closing attorneys.
Document Collection and Underwriting
After you submit an application, Truist’s mortgage portal gives you a checklist of required paperwork. Expect to upload W-2s, recent pay stubs, bank statements, and possibly tax returns if you are self-employed. The fastest applications are the ones where the borrower reviews the list ahead of time and sends clean statements with no large, unexplained deposits.
Closing Steps
The closing process usually takes 30 to 45 days from contract date. About three days before signing, Truist sends a Closing Disclosure that lists your final interest rate, monthly payment, and cash due. Compare it carefully with the Loan Estimate you received early on. Ask your loan officer to walk you through anything that looks different.
Truist Mortgage Pros and Cons
Every lender has its own balance of strengths and tradeoffs. Truist is no exception.
- Local branch presence: If you value face-to-face service, you can meet with a licensed loan officer rather than dialing a call center.
- Broad product menu: From USDA loans to jumbo renovation mortgages, Truist can keep everything under one roof.
- Digital portal: The online application and document upload process works well and sends automatic status updates.
- Rates and fees can be less aggressive: Big banks often charge more in origination fees than online lenders or local credit unions, so quotes deserve close comparison.
- Regional branch network: Outside the Southeast and mid-Atlantic, Truist’s physical footprint is thinner.
Questions to Ask a Truist Loan Officer Before You Commit
No mortgage quote should be accepted without a few direct questions. Here are the ones that reveal hidden costs or speed bumps:
- Is your quoted rate locked for 30, 45, or 60 days, and what does it cost to extend the lock?
- Do I receive a better rate or a lender credit if I set up automatic payments from a Truist checking account?
- Can you break down which fees are lender charges and which are third-party costs like appraisal and title insurance?
- Will Truist service my loan after closing, or transfer the servicing to another company?
- Are there any prepayment penalties or restrictions on borrowing against my equity in the first few years?
These questions matter more than a glossy brochure. Working through them with a loan officer gives you a clear answer on whether Truist Mortgage matches your timeline and budget. The lender you choose will shape both your monthly payment and your experience for decades, so compare Truist’s offer against a credit union and an online broker. When a specific Loan Estimate lands in your inbox, read it line by line. If everything checks out, you can move forward with confidence and get back to planning your move.