The mortgage rates at Truist Bank are fairly high, especially when it comes to fixed-rate and adjustable-rate mortgages (ARMs). But while the bank lacks in interest rates, it excels in its loan offerings.
The HomeReady®/Home Possible® program is specifically designed for clients who may not have much to put toward a down payment and other extraneous costs. In fact, you could find yourself eligible for a down payment of just 3% of your home’s value.
Truist also features the Doctor Loan and the High Cost Home Financing programs. As you might expect, the Doctor Loan program is for dentists, physicians and other medical personnel, and it can help take some of the pressure off of your finances when you add in a mortgage on top of student loans. While similar to jumbo loans, the High Cost Home Financing program is intended to aid those who live in high-cost neighborhoods get a home.
|30-Year Fixed-Rate||6.375%||0||Compare Rates|
|30-Year Fixed-Rate FHA||5.75%||0||Compare Rates|
|30-Year Fixed-Rate Jumbo||5.365%||0||Compare Rates|
|15-Year Fixed-Rate||4.99%||0||Compare Rates|
Overview of Truist Mortgages
At Truist, you should have no shortage of mortgage loans to choose from. In fact, you’ll find the following types of loans:
- Fixed rate - your payments stay the same each month for a 30- or 15-year term
- Adjustable-rate - Truist features 10/1, 7/1 and 5/1 ARMs
- Jumbo loans - used for purchases that exceed the limitations of the above conventional loans; good for loans up to $1.5 million and 80% of the home’s value
- Agency Affordable Financing - requires just a 3% down payment, and Truist will lower your insurance costs
- High Cost Home Financing - an alternative to jumbo loans for primary, secondary and vacation homes in designated high-cost areas around the U.S.; no prepayment penalty
- VA loans - reserved for past and present members of the military and certain members of their family; available for up to a $1 million loan
- FHA loans - good for those with less-than-ideal credit and not enough money for a typical down payment; can be fixed-rate or an ARM
- USDA loans - an incentive loan for moving to a rural area; no down payment
- Doctor Loan program - designed for doctors, dentists, fellows, licensed residents and other types of medical professionals
What Your Monthly Mortgage Payments Could Be With Truist
Accurately predicting what your monthly mortgage payments could look like is easier said than done. That’s because there are so many personal factors that go into how your loan is structured, including your credit score, the value of your new home and the ratio of your down payment versus the remaining balance.
As a way to standardize these projections and provide an example, below it’s been assumed that the overall value of the home for the conforming mortgages is $250,000. That would make your down payment $50,000 and your mortgage $200,000. For the jumbo loan, the home value is $750,000 with a down payment of $150,000. Here’s a detailed analysis of four of Truist's most popular loans:
|These payment calculations do not include homeowners insurance, property taxes or closing costs.|
|Mortgage||Interest Rate||Loan Size||Your Payments|
|30-Year Fixed||6.1%||$200,000||$1,212/month for 30 years|
|30-Year Fixed Jumbo||4.975%||$600,000||$4,735/month for 30 years|
|15-Year Fixed||4.9%||$200,000||$1,571/month for 15 years|
How Truist Compares to Other Lenders
When it comes to down to exact interest rates, Truist’s offers run a bit high. This is true regardless of the type of loan, with fixed-rate, adjustable-rate and VA mortgages all showing the same issue in the table below.
|Mortgage||Truist||Rocket Mortgage||Chase||Wells Fargo|
|30-Year Fixed Jumbo||4.975%||-||5.125%||4.500%|
While Rocket Mortgage, and even Chase to some extent, are known for good mortgage interest rates, Wells Fargo generally isn’t. As is evident above, though, the majority of Truist’s rates are in line with Wells Fargo’s, indicating that you could find better rates elsewhere.
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Refinancing With Truist
Although you'd ideally like to pick the right mortgage for you and your finances the first time around, a refinance loan could be a safeguard in case things don't go as planned. They can be used for many purposes, mort notably to shrink your monthly mortgage payments or to shorten the term of your overall loan.
Refinancing interest rates differ from lender to lender, with no specific formula available to determine what you'll receive. Unfortunately, Truist does not disclose the interest rates and APRs for its refinancing loans. However, the bank does give detailed explanations of the various offers it has available. The three areas of focus include shortening your loan’s term, lowering your monthly payments and taking equity out on your home for cash.
Should You Get a Mortgage from Truist?
Truist's mortgage rates hover right around average for the market. So while it would ill-advised to avoid Truist altogether, there really isn’t much of a reason to choose it over any other similar lender. Unfortunately, any residents of Oregon, Arizona, Alaska and Hawaii will have to mark Truist off of their list automatically, as the bank does not originate loans in any of those four states.
Truist offers credit cards, multiple types of bank accounts, investment management and wealth management. This makes it a great candidate to combine all of your accounts and assets into one place, possibly making you eligible for in-brand relationship perks.
Tips for Getting Comfortable With Mortgages
- For anyone who’s unfamiliar with the mortgage and lending process, it can seem daunting, especially when you’re forced to take into account all the other equally important facets of your financial life. If this describes you at all, the SmartAsset matching tool could be a welcome source of help. This will match you with up to three financial advisors who serve your area depending on how you answer a few questions designed to identify what you’re looking for out of an advisor.
- Research is the best way to gain knowledge about any subject, and mortgages are no different. Information sources like SmartAsset with no products to offer are the most reliable, as there are no ulterior motives hiding behind the guise of education.