Truist: 2022 Home Equity Review

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Resulting from a merger between BB&T and SunTrust, Truist offers a wide range of financial services to customers in 15 states on the East Coast and the South of the United States, as well as Washington, DC. Based in Charlotte, North Carolina, the company provides home equity lines of creditor HELOCs, but not home equity loans.

Truist: at a glance

Types of home equity loans

Home equity line of credit at fixed and variable rates

APR

Fixed rate starts at 5.99% and variable rate starts at 7.70% APR

Loan amounts

From $5,000

Credit score requirements

N / A

Repayment Terms

5, 10, 15, 20 and 30 year options

Average approval time

A few days

As such, we think Truist is best suited for people looking for a simple HELOC, who live in one of the states that Truist serves, and who have good or excellent credit.

When considering borrowing against your home equity, it’s important to weigh the main pros and cons of each lender. Here is an overview of the main pros and cons of borrowing from Truist.

What we like

  • Variable and fixed rate options: The ability to convert part of your variable rate loan to a fixed rate loan can protect borrowers when rates rise.
  • Reduced closing costs: Truist will waive most of your closing costs as long as you keep your account open for at least three years.
  • Easy access: Truist customer service is available in person or by phone Monday through Saturday.

What we don’t like

  • Less transparency: Detailed information on loan eligibility and terms is hard to find on the Truist website, so you’ll need to connect with customer service or dive into the application process to learn more.
  • Limited Availability: Truist will only service loans for properties located in the 15 states it covers.
  • Some homes not covered: To qualify for a HELOC, your home must be owner-occupied, single-family, primary residence, vacation home, or condo. Investment properties, mobile homes and manufactured homes are not eligible.

Home equity loan options

Although Truist offers a variety of loans and mortgages, its primary home equity product is HELOC, which allows you to borrow against the equity in your home to finance home improvements or pay off interest-bearing debt. of high interest. Lenders generally allow you to borrow up to a certain threshold, usually between 75% and 90% of your total capital.

Truist’s offers variable and fixed interest HELOCs with rates starting at an annual percentage rate of 7.70%. You’ll need excellent credit to qualify for the lowest interest rate.

Costs

Truist offers closing cost options. You can pay them or Truist forgoes them as long as you keep your account open for at least three years. Otherwise, you are responsible for origination fees and closing costs, which vary by state but typically cost between 2% and 5% of your loan amount.

How to qualify

Eligibility for a HELOC Truist depends on a variety of factors, including your credit score, the amount of equity in your home, and your debt-to-equity ratio, as well as your assets, debts, and collateral. No single factor will determine eligibility, but if you are approved, having a good credit rating will often translate to a lower interest rate.

Truist does not provide details of the specific credit scores needed to qualify for their products on its website. You can call or visit your local branch for specific requirements for that region. And if you have questions when a branch is not open, you can always contact customer service by phone.

Begin

Applying for a HELOC or a loan with Truist is quite simple and can be done online. However, if you are not a US citizen or are under 18, you cannot apply online and must visit a branch in person to apply. You can also submit an application in person if you prefer that to the online process.

Apply on the HELOC page from the company’s website should take about 20 minutes. You will be required to provide certain personal information, including:

  • Social Security number
  • Phone number
  • Address and employment history within the last two years
  • Financial history, including income and debts
  • List of collateral

Truist will not perform rigorous credit checks once you submit your application. Once you are approved, it usually takes 30-35 days to close.

Customer service

You can contact Truist by visiting a branch (call for local times) or by calling 844-4TRUIST Monday through Friday, 8 a.m. to 8 p.m. ET and Saturday, 8 a.m. to 5 p.m. ET. Automated support is available 24 hours a day. If you are looking for general information, you may be able to find answers about the company Help Center.

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