Truist emerges as a competitive option for first-time home buyers, especially with its offerings like down payment assistance and lender credits. However, customer satisfaction ratings remain mediocre, indicating a mixed experience for borrowers. Truist’s strengths shine in its user-friendly online application process and the transparency in displaying mortgage rates with and without discount points. Conversely, there are notable shortcomings, such as the limited availability of its home equity line of credit (HELOC) to only about half of U.S. states. Overall, while Truist presents a viable choice among mortgage lenders, potential borrowers should weigh its pros and cons before deciding.
Navigating through Truist’s website reveals various options tailored for first-time home buyers, though it lacks a dedicated section for this demographic. Instead, users can explore the “Affordable Lending Options” tab, which serves as a helpful starting point. The site features the “Buy a home” section under “Personal mortgage,” showcasing 3% down payment loans prominently. The organization of information is relatively straightforward, facilitating the educational journey for new buyers. The highlighted “Homebuyer’s guide” provides two downloadable PDFs designed to guide users through the home-buying process, although the reading time estimates may be overly optimistic compared to actual page counts.
For those interested in applying for a Truist HELOC, the procedure appears simpler than many competitors, with applications reportedly taking less than 15 minutes. However, the limitation of its availability to select states poses a challenge for potential borrowers nationwide. The month-long closing process and flexible payment options, including interest-only payments, are attractive features. Yet, the significant geographical restriction on the HELOC may prevent many interested homeowners from taking advantage of this product.
When it comes to mortgage rates, Truist’s rate presentation sets a high standard by allowing potential borrowers to toggle between rates including discount points and those without. This approach is strategic; it enables users to compare offers on equal terms. However, Truist’s transparency falters as it does not disclose critical factors—such as credit score requirements, debt-to-income ratios, or down payment specifics—essential for understanding how rates are determined. Consequently, although they advertise competitive rates, the lack of detailed criteria could lead to confusion for prospective borrowers.
The preapproval process with Truist calls for potential borrowers to engage directly with a loan officer via contact forms or calls, marking a departure from the often seamless online preapproval experiences offered by many competitors. Once the application is officially submitted, customers do benefit from a fully online experience, facilitating document uploads and progress monitoring through the online system used by various lenders. While tools like the home affordability calculator and mortgage payment calculator are available, users may find it challenging to locate them, indicating room for improvement in site navigation.
Moreover, Truist’s competitive position is bolstered by its low and no down payment options for eligible borrowers and the absence of mortgage insurance in certain cases. These offerings position it similarly to institutions like PNC Bank, which also provides favorable terms, particularly for first-time buyers and medical professionals. An assessed comparison between lenders can yield increased leverage for consumers as they navigate the mortgage landscape. Though Truist represents a solid option and carries valuable loan programs, potential borrowers should consider various options, including regional competitors, to ensure they secure the best possible financing for their home.