Mortgage Truist Review | the ascent

0

Main advantages

Low down payment mortgage options

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

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

Transparent mortgage rates

We love that Truist publishes mortgage interest rates on their website. Even better, you can see how the rate could change if you opt to purchase mortgage discount points. Points are prepaid interest. You pay fees up front in exchange for a lower interest rate for the term of your mortgage. The price of one point is 1% of your loan amount (so if you borrow $300,000, one point will cost you $3,000). When we checked, Truist offered about 1/4 of a percent off your fare in exchange for a point.

What we don’t like is that Truist doesn’t show you how the rate might change based on your credit score or the amount of your down payment. The rate you see online is reserved for the most qualified candidates. Figure that you will need a credit score of at least 740 to get this 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 offers a home equity line of credit (HELOC). A HELOC is a great alternative to a credit card or personal loan if you need access to cash (as the rate is usually much lower). And you only have to tap into the amount of money you need – and no more (unlike a cash refinance). The size of your HELOC will depend on the value of your home and the amount of equity you have.

Financial advice and information

Truist 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.

Specialized loans

Truist offers a few harder-to-find home loan options.

Doctor loan: a mortgage for healthcare professionals who have high salaries but may not have saved a big down payment yet. Qualified borrowers can get up to 100% financing (zero down payment) without mortgage insurance.

Ready to build: a mortgage for borrowers building a new home. This loan only requires interest payments during construction. Truist 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

Flexible pre-approval

At Truist, mortgage pre-approval is based on unverified information and does not constitute a commitment to lend. It might be more appropriate to call this pre-qualification instead of pre-approval. Since the lender does not verify your information, you cannot be sure that you will be approved, or for how much.

Limited rate tool

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

Share.

Comments are closed.