Is Truist a Good Bank for Mortgage Loans?

Truist Financial Corporation is one of the major banking companies in the U.S., formed after the merger of SunTrust and BB&T in December 2019. It provides financial services, investments, and mortgage solutions for consumers. But the big question remains: Is Truist a good option if you are planning to take a mortgage loan? In this article, we’ll explore its strengths, weaknesses, customer experience, rates, and alternatives.

Truist Mortgage Offerings

Truist provides a variety of mortgage loan options including conventional loans, FHA, VA, USDA, Jumbo loans, and HELOC (Home Equity Line of Credit). They also offer special programs like the "Doctor Loan," which provides benefits such as low or no down payment and PMI waivers for medical professionals. Truist also supports construction-to-permanent loans and builder financing programs.

Truist publishes current interest rates online, allowing potential borrowers to compare options and estimate monthly payments.

Pros of Choosing Truist for Mortgages

1. Variety of Loan Options

Truist offers almost all major mortgage types, allowing borrowers to choose based on credit profile, down payment capacity, and loan term preferences.

2. Transparency in Online Rates

The bank provides updated mortgage rates on its website, helping borrowers make informed comparisons.

3. Special Programs for Professionals

Doctor Loan programs offer medical professionals attractive terms such as lower down payments and PMI waivers.

4. Support for Construction and Custom Homes

Truist provides financing solutions for custom-built homes and construction projects, making it suitable for buyers looking to build rather than buy an existing property.

5. Hybrid Access – Branch + Online

Truist combines physical branches (where available) with online services, providing flexibility for borrowers.

6. Strong Banking Infrastructure

As a product of a large bank merger, Truist has a robust financial structure and widespread network.

Cons of Choosing Truist

1. Mixed Customer Reviews

Some customers report poor mortgage customer service experiences, citing delays and difficulty in communication between departments.

2. Rates Slightly Above Average

In certain cases, Truist's mortgage interest rates have been found slightly higher than national averages.

3. Service Area Limitations

Truist’s mortgage products are not available in all U.S. states.

4. Partial Fee Transparency

Origination fees, closing costs, and other charges may not be fully disclosed upfront and require direct inquiry.

5. Complex Internal Processes

Some borrowers have reported complex procedures and delays, especially when additional documents or clarifications are needed.

6. Slow Response Time

Document reviews and approvals may take weeks in some cases, especially if multiple departments are involved.

Is Truist a Good Choice?

Whether Truist is "good" depends on your priorities. If you are a medical professional seeking specialized mortgage programs or if you want a bank with a wide range of mortgage products, Truist could be attractive. Their rates and programs are transparent online, and they offer both physical branch and online services.

However, if customer service, process clarity, and fast communication are your top priorities, Truist may not be the best choice. Comparing multiple lenders, checking reviews, and talking to local credit unions or banks is advised before committing.

Tips for Applying for a Truist Mortgage

• Get Pre-Approved: Pre-approval gives a realistic picture of loan eligibility and rates.
• Compare Multiple Offers: Don’t focus only on interest rates; check APR and fees across different lenders.
• Prepare Documents in Advance: Keep tax returns, bank statements, and identification ready to avoid delays.
• Choose a Loan Officer: A dedicated representative helps navigate the process efficiently.
• Understand PMI Removal: Clarify conditions for removing Private Mortgage Insurance once you reach 20% equity.
• Know Timeframes: Some processes may take longer than expected, especially document reviews.
• Check Additional Costs: Review closing costs, appraisal fees, and underwriting charges before finalizing.

Conclusion

Truist can be a solid choice for borrowers looking for variety in mortgage products, specialized programs for professionals, and a hybrid banking experience. However, mixed customer service reviews, limited service areas, and occasional rate concerns suggest that due diligence and lender comparison are essential before committing. By preparing documents, comparing rates, and understanding terms, you can make an informed mortgage decision.