In 2019, SunTrust, Inc. merged with the Branch Banking and Trust (BB&T) Corporation to change into Truist Financial Corporation. Today, Truist Bank offers a comprehensive suite of monetary products, including mortgage refinance loans.

Homeowners can restructure their current mortgage through a mortgage refinance loan. Such a loan is popular with homeowners who wish to lower their rate of interest or monthly mortgage payments. Still, a home-owner may wonder: Is now an excellent time to refinance?

Your possibilities at higher loan terms than your current mortgage are directly related to your financial situation. For instance, when you’ve made significant payments to your mortgage and your credit rating has improved, you’re more prone to see improvements through a mortgage refinance loan. Read on to learn more about what Truist Bank offers as a mortgage refinance lender.

Best for newcomers to mortgage refinancing

Truist provides one-on-one guidance for mortgage refinance loan borrowers, which might be especially helpful for people unfamiliar with how a mortgage refinance works. The bank offers fixed-rate mortgage refinance loans, cash-out mortgage refinance loans, the Veterans Affairs (VA) Interest Rate Reduction Refinance Loan (IRRRL) and a cash-out version of the VA IRRRL.

You could find example rates on Truist’s website, but fees corresponding to closing costs aren’t disclosed. If you happen to’re a newcomer to mortgage refinance, consider making the most of the access to personalized help.

An appointment for a phone call with a representative — who will have the option to offer you rates specific to your financial situation and explain necessary details corresponding to fees and the loan closing process — is simple to schedule via the Truist website.

Pros explained

Upsides of selecting Truist (SunTrust) as your mortgage refinance loan provider include transparent pricing on its website and its emphasis on education and guidance for borrowers.

Today’s mortgage rates available on the web site

The Truist website lists starting rates of interest for its various mortgage products, including its mortgage refinance loans.

Current refinance rates can be found for:

• 15-year fixed mortgage refinance loan
• 30-year fixed mortgage refinance loan

Rates are presented with either one discount point or zero discount points purchased. Annual percentage rates (APRs) are also listed. Note that your actual APR will differ from the rates listed depending on various aspects, corresponding to your credit rating, annual income and whether or not you buy any discount points.

Moreover, the APRs listed on the Truist site don’t reflect the fee of other potential charges, corresponding to title insurance and appraisals.

To receive more accurate Truist refinance rates based in your specific financial information, Truist recommends calling or emailing a service representative.

Personalized guidance and academic resources

Truist provides multiple options so that you can study mortgage loan refinancing. On its website, you’ll be able to access a variety of articles about what mortgage refinancing is and the way it really works.

Moreover, Truist encourages borrowers to talk directly with a loan skilled for personalized guidance. You may reach a representative by phone or use the web site to schedule a call or in-person appointment at a Truist branch.

Straightforward online application process and loan management

Applying for a mortgage refinance loan through the Truist website is a straightforward process. All the application process — including uploading documents — could be done online. Truist also has a mobile app to make managing your mortgage loan or refinance convenient. The app allows you to view statements, arrange electronic payments, activate account alerts and go paperless.

Cons explained

SunTrust (Truist) mortgage refinancing also has some negative facets. Some areas that Truist can improve include its availability, because it’s not available in every state, the high rate of customer complaints and issues with its website.

High credit rating requirement

The minimum credit rating requirement for mortgage refinance loans through Truist is 720, in response to a representative contacted by phone. Other mortgage refinance lenders make loans available to borrowers with lower credit scores.

Fees and eligibility requirements will not be publicly available

While Truist does provide an academic post about potential mortgage refinance fees, the bank doesn’t disclose its exact fees on the web site. Subsequently, borrowers looking for the perfect mortgage refinance rates can’t estimate charges, corresponding to loan origination fees or closing costs, without starting the appliance process or talking to a Truist Bank representative.

Limited branch availability

While Truist Bank does have a lot of branches, they’re only present in select states and Washington, D.C. The states which have branches are mostly within the eastern and southern regions of the U.S.

Truist branches could be present in:

• Alabama
• Florida
• Georgia
• Indiana
• Kentucky
• Maryland
• North Carolina
• Recent Jersey
• Ohio
• Pennsylvania
• South Carolina
• Tennessee
• Texas
• Virginia
• Washington, D.C.

Moreover, Truist Bank will not be available in Alaska, Arizona, Hawaii or any U.S. territories.

Truist mortgage refinance offerings

If you happen to’ve undergone the mortgage refinance steps checklist and have decided you need to refinance, it’s value checking your potential rate with Truist. The financial institution offers fixed-rate refinance loans at 15 and 30 years, in addition to the VA Interest Rate Reduction Refinance Loan (IRRRL).

Fixed-rate refinance

Truist offers fixed-rate mortgage refinance loans with 15- or 30-year terms. With either of those loan terms, you should purchase discount points to assist reduce your rate of interest. Each point costs 1% of your loan size and, on average, will reduce your APR by 0.25%.

Truist doesn’t disclose loan minimums, maximums and charges (e.g. closing costs). This information can only be acquired in the course of the application process.

Money-out refinance

Money-out mortgage refinance loans allow borrowers to secure additional funds along with the funds that can cover the outstanding balance of their original mortgage. Truist’s eligibility requirements include a minimum credit rating of 720 and a 70% loan-to-value (LTV) ratio.

VA IRRRL refinance

SunTrust mortgage refinance offers the VA Interest Rate Reduction Refinance Loan (IRRRL). This refinancing option allows veterans to substitute a VA loan with a VA IRRRL, which may reduce the mortgage rate of interest. The utmost amount of a VA IRRRL is $750,000. Truist offers a hard and fast rate on its mortgage refinance loans for as much as 30 years.

The minimum credit rating for a VA IRRRL loan for properties occupied by the owner is 640 for conforming loans and 660 for jumbo loans. The minimum credit rating for properties not occupied by the owner is 720. The utmost loan-to-value (LTV) allowed for this sort of loan is 105%.

VA IRRRL cash-out refinance

Truist mortgage refinance offers a cash-out version of the VA Interest Rate Reduction Refinance Loan (IRRRL). Qualified borrowers can borrow greater than their original mortgage amount with the sort of loan.

Requirements are the identical with VA IRRRL cash-out refinance loans as with conforming VA IRRRL loans, with credit rating minimums starting from 640 to 720 and a maximum loan-to-value (LTV) ratio of 105%.

Truist mortgage refinance pricing

The Truist website lists the present rates and updates them every day to present you the most recent mortgage refinance rates. The web site lists the standard mortgages and mortgage refinancing products that Truist offers with the present rates of interest and APR, with either one or zero discount points purchased.

Truist doesn’t charge prepayment penalties on any of its mortgage products. Nevertheless, other fees aren’t disclosed. For instance, no information is on the market online about origination fees or closing costs, and the representative stated this information is barely available to applicants.

Truist mortgage refinance financial stability

Truist Bank emerged in 2019 when BB&T Corporation merged with SunTrust Bank. Today, Truist is a top 10 U.S. business bank and an FDIC member — you’ll see the “member FDIC” listed on Truist’s website.

Truist Bank’s headquarters are in Charlotte, North Carolina. It had $555 billion in assets and $325 billion in loans in June 2023.

Truist mortgage refinance accessibility

You may access Truist’s mortgage refinancing opportunities through its website or by talking to a representative by phone. There are also over 2,000 Truist branch locations within the U.S., although most are concentrated within the eastern and southern areas of the country.

Availability

Truist Bank’s mortgage loans can be found in 47 states, excluding Alaska, Arizona, Hawaii and all U.S. territories, corresponding to Puerto Rico and Guam. Moreover, to secure a mortgage refinance loan from Truist, it’s essential to meet the bank’s eligibility requirements.

Contact information

To succeed in Truist’s mortgage department by phone, call 1-855-257-4040. For general inquiries, you’ll be able to call 1-844-487-8478 when you’re within the U.S. or +1-910-914-8250 from outside the U.S.

Truist customer support representatives can be found by phone Monday through Friday from 8 a.m. to eight p.m. ET and Saturday from 8 a.m. to five p.m. ET. The bank offers round the clock automated assistance in the course of the hours when representatives aren’t available.

You may schedule an appointment to talk with a loan officer or representative by phone using a form on the Truist website. If you happen to prefer in person service, you’ll be able to visit a branch. You furthermore may have the choice to contact Truist through its multiple social media accounts.

User experience

Customers who’ve voiced their opinions on online review sites are inclined to have a negative view of Truist overall. Some reviewers note that Truist Bank closed their checking accounts without alerting them, and others allege Truist has held or frozen checking account funds for long periods of time without providing an appropriate explanation. Many complain about poor customer support, referencing long hold times, outsourced representatives and being shuffled around from individual to individual, none of whom provided any helpful solutions.

Note, nevertheless, that almost all of those reviews don’t specifically mention Truist’s mortgage refinance, but as a substitute seek advice from other products offered by the bank.

Truist mortgage refinance customer satisfaction

Truist Bank is accredited by the Higher Business Bureau (BBB) and holds an A+ rating, despite largely negative reviews. Its BBB review rating, which is predicated on over 2,000 reviews, is 1.09 out of 5 stars. The complaints within the reviews detail hidden or unexpected fees regarding its bank cards and banking and a scarcity of communication from customer support.

How we evaluated Truist mortgage refinance

To accurately review SunTrust (Truist) mortgage refinance, we checked out several key features and criteria, including:

• Loan pricing: We reviewed the rates of interest and any available discounts offered.

• Loan terms: We considered the loan term information available via the web site. A representative by phone wouldn’t provide additional information beyond what’s publicly listed online.

• Transparency: We checked the web site to see how easy it’s to search out details regarding the loan pricing and terms.

• Application process: We looked into how the appliance process works and the way easy it’s to use.

• Eligibility requirements: We considered the qualifications that make an individual eligible for the financial products. Eligibility criteria information is restricted on the location, although a representative did provide some additional information by phone.

• Accessibility: We checked who could access the financial products based on geographical location.

• Customer reviews: We examined the perspectives of Truist customers and the reviews they submitted to numerous sites.

• Customer support: We checked out the available methods of contacting customer support and reviews of the service quality.

• Third-party rankings: We checked out some third-party sites, corresponding to the BBB, to see how the bank was rated.

Summary of Money’s Truist mortgage refinance review

A few of the benefits of working with Truist are its personalized advice and academic resources. For first-time mortgage refinance loan borrowers, this help might be especially helpful.

Truist’s starting mortgage refinance rates of interest and APRs are conveniently listed on the location. Nevertheless, Truist lacks transparency around fees and eligibility requirements. Moreover, negative reviews from customers of other Truist products are a priority.

If you happen to’re excited by learning about other options, try the best mortgage refinance firms.