Truist mortgage loans at a glance
- Conventional loans: Yes
- FHA loans: Yes
- VA loans: Yes
- Refinancing: Yes
- Jumbo loans: Yes
- Adjustable rates: Yes
- Fixed rates: Yes (30-year and 15-year mortgages)
Truist is a large national bank formed when North Carolina’s BB&T and Atlanta’s SunTrust Banks merged in 2019. Headquartered in Charlotte, Truist is one of the biggest banks in the country and operates primarily in the Southeast and Mid-Atlantic.
Pros
- Online application
- Wide variety of mortgages, including specialty loans
- HELOCs available
Cons
- Must speak with a loan officer to get a rate quote
- Branches not available in all states
- Few details available on who qualifies for a loan
3 things to know about a Truist mortgage loan
1. Fully online mortgage application
You can apply for a Truist mortgage online and upload documents needed to verify your income and assets. But you may also be able to apply over the phone or in person with a loan officer if that’s more comfortable for you.
2. Variety of mortgages, including specialty loans
Truist offers many common loan options and some specialty loan programs. Alongside traditional loans like conventional loans, VA loans and FHA loans, you’ll also find special programs for physicians (including lower interest rates and no down payment) and construction-to-permanent loans for people building a new home.
Truist loan officers also may offer to help you find a Housing Finance Agency program in your state to help you afford to buy a home.
3. Must speak with a loan officer for a rate quote
While Truist publishes current mortgage rates online for common loan types, the bank also cautions that these are only examples. You’ll need to get in touch with a loan officer for a quote specific to your financial situation.
If you jump right into a loan application hoping for a quote, you’ll be directed to register with the site and provide your contact information.
Who is a Truist loan good for?
If you’re not sure what types of mortgages may be right for you, working with Truist can be a good choice. The bank offers a variety of loan types and promises to help you understand your options and find the best fit for you.
Truist also offers plenty of resources to help you learn more about the mortgage world and calculate your potential monthly payment.
Truist loans are also a good choice for doctors and physicians. The bank’s specialty loan program for doctors has generous benefits, including lower interest rates and no down payment. Truist will also help doctors qualify for a loan, even if they have substantial student loan debt from medical school.
How to apply for a Truist mortgage
Truist offers you two main options for getting started: preapproval or a loan application.
Getting preapproved with Truist involves filling out a contact form and speaking with a loan officer who will collect information about your finances. With this process, your information isn’t verified, and the bank isn’t committing to lend to you.
The Truist loan application is online through a web portal that guides you through the steps toward closing. You’ll need to go through a credit check, which may affect your credit scores. The bank provides little information online about the minimum requirements to be eligible for a loan.
As you work through your application, Truist recommends having the following documents on hand:
- Pay stubs for the past month
- W-2s or 1099s for the past two years
- Tax returns for the past two years
- Federal benefit award letters
- Profit and loss statements for any business you own
- Alimony and child support agreements, including receipts
- Checking, savings and investment account statements for the past two months
- Student loan records
- Rental history for the past two years, if applicable
- Divorce, bankruptcy or judgment documentation
Not sure if Truist is right for you? Consider these alternatives.
If you want to compare rates with several lenders or your application is denied, keep in mind that you have a window of time where multiple hard credit inquiries by lenders only count as one for your credit scores. You typically have 14 days — though it could be longer depending on the scoring model.
- Rocket Mortgage: If you like a fully digital loan application process, Rocket Mortgage has a robust online platform and customer service available by chat as well as by phone.
- Cardinal Financial: Cardinal also has a wide range of loan options and offers the resources you need to choose the right one.