Truist Mortgage Review: Focus on Money Well-Being and Competitive Rates

Truist Bank was formed by the recent merger of SunTrust Bank and BB&T Bank. The new, larger entity aims to bring you all the best from its two predecessors. Also, Truist wants to assist you in developing a positive money mindset by helping you align your financial goals with your values and passion. Truist Mortgage offers a wide selection of home loans, including quite a few options for borrowers looking for a low down payment mortgage. If you live east of the Mississippi or in Texas, you might even have access to an in-person branch.

Check out our full Truist Mortgage review to find out if this might be the best mortgage lender for you.

This lender is a good fit for: Borrowers who want low down payment options, already bank with Truist, or want a construction or doctor loan.

Top perks

Low down payment mortgage options

Truist Mortgage offers a wide selection of low down payment mortgages, including:

• VA loan (zero down)
• USDA loan (zero down)
• Multiple affordable home loan options (3% down)
• FHA loan (3.5% down)
• Doctor loan (zero down)

Transparent mortgage interest rates

We love that Truist Mortgage publishes mortgage interest rates on its website. Even better, you can see how the rate might change if you opt to buy mortgage discount points. Points are prepaid interest. You pay a fee up front in exchange for a lower interest rate for the life of your mortgage. The price for a point is 1% of your loan amount (so if you're borrowing $300,000, one point will cost you $3,000). When we checked, Truist Mortgage offered about one-quarter of 1% off your rate in exchange for one point.

What we don't love is that Truist Mortgage doesn't show you how the rate might change based on your credit score or the size of your down payment. The rate you see online is reserved for the most well-qualified applicants. Figure that you'll need a credit score of at least 740 to get that rate. If your score is lower, your rate will be higher.

Home equity line of credit

For borrowers who want to access the equity in their home, Truist Mortgage offers a home equity line of credit (HELOC). A HELOC is a great alternative to a credit card or a personal loan if you need to access cash (because the rate is typically much lower). And you only need to tap into the amount of money you need -- and no more (unlike a cash-out refinance). The size of your HELOC will depend on your home's value and the amount of equity you have.

Financial tips and information

Truist Mortgage dedicates a portion of its website to advice and inspiration centered around finances and your money. You can access planning tools, a mortgage calculator, and lots of educational content that can help you align your budget and financial goals with your values and passion.

Specialty loans

Truist Mortgage offers a couple of harder-to-find home loan options.

Doctor loan: A mortgage for medical professionals who have high salaries but may not have saved a large down payment yet. Qualified borrowers can get up to 100% financing (zero down) with no mortgage insurance.

Construction loan: A mortgage for borrowers building a brand-new home. This loan requires interest-only payments during construction. Truist Mortgage offers this as a construction-to-permanent loan, which means the loan will automatically convert to a regular mortgage, and you will only have one loan closing.

What could be improved

Soft pre-approval

At Truist, mortgage pre-approval is based on unverified information and is not a commitment to lend. It might be more appropriate to call this a prequalification instead of a pre-approval. Since the lender isn't checking your information, you can't be certain that you'll be approved, or for how much.

Limited rate tool

Truist Mortgage only shows the lowest possible mortgage interest rate, reserved for applicants with excellent credit. It would be nice to see how the rate changes for people with good or average credit.

Truist Mortgage is almost nationwide but not quite. Borrowers can't apply (yet) in Arizona, Alaska, or Hawaii.

Here are three major factors your lender will consider.

Your credit score: Most borrowers will need at least a 620. Some mortgage options might allow a lower credit score, but Truist Mortgage doesn't publish those details on its website. Some lenders allow credit scores lower than 620 for FHA loans, and many require a slightly higher credit score for VA loans, USDA loans, and jumbo loans.

Your down payment: Some loans, like the USDA loan and the VA loan, require no down payment at all. The USDA loan program is for eligible properties (usually in rural areas) and is subject to income limits. The VA loan is for service members, veterans, and some military spouses. If you don't qualify for one of those mortgage types, you might qualify for a 3% down conventional loan. Truist Mortgage offers several 3% down mortgages. These programs are typically either for first-time home buyers or for borrowers whose income is below a certain level.

Your debt-to-income ratio (DTI): It's possible to be approved for a mortgage with a DTI of 50%-55%, but the requirements vary from one loan program to another. If your DTI is very high, you might need a stronger showing with your credit score and down payment. It may be harder to qualify if you have a high DTI, little cash, and a low down payment.

Truist's refinance rates trend a little lower than the national average for a 30-year fixed-rate mortgage. Be sure to check with multiple lenders before you decide that one is the low-rate leader at the time you are shopping for a loan.

Truist Mortgage also offers a lower 15-year mortgage rate for refinances.

Truist's mortgage rates trend about the same as the national average for a purchase loan. As a big, nearly nationwide lender, you can expect Truist Mortgage to be very competitive on pricing.

You want a low down payment option. If a big down payment is an obstacle for you, Truist Mortgage might be able to help. That's especially true if you are a first-time home buyer or your household income is low or moderate, or if you qualify for the doctor loan program.

Truist is convenient for you. If you already bank with Truist (or already had an account with SunTrust or BB&T), or you happen to be in an area served by Truist's physical branches, Truist Mortgage could be a competitive, convenient option.

You need a construction loan or a doctor loan. Truist Mortgage offers these loan types, which can be hard to find.