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Published: Jul 05, 2023 9 min read

Truist, formerly BB&T and SunTrust, offers a variety of banking services, including home equity lines of credit (HELOCs).

HELOCs are a type of loan that lets you access your home equity — the difference between your home’s current market value and your outstanding mortgage — by giving an open line of credit you can tap into. These loans typically feature variable interest rates, similar to credit cards, though rates tend to be much lower than cards.

Truist HELOCs, however, offer homeowners fixed-rate repayment options for terms of up to 20 years. Read on our full review of Truist, Money’s top pick for fixed-rate HELOCs.

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Truist Home Equity Lines of Credit Pros and Cons

  • Offers fixed-rate and interest-only HELOC
  • Simple online application
  • Covers closing costs
  • Only offers HELOCs
  • $50 annual fee for some states
  • Investment properties are not eligible
  • Limited availability

Pros explained

Offers fixed-rate and interest-only HELOC

As with most lenders, Truist HELOCs have variable interest rates. However you can choose interest-only repayments or fixed rates for all or portions of your line of credit.

Simple online application

Truist online application is simple and typically takes 15 minutes or less to complete. In most cases, you can expect a response to your application within one business day. Once your application is approved, and all of the necessary paperwork is in order, it can take an average of 30 to 35 days to close from the application date.

Covers closing costs

With Truist you can choose between paying closing costs or having the bank pay them for you. However, you must keep your credit line open for at least three years. If you close your credit line before this time, you’ll have to reimburse the closing costs to Truist.

Cons explained

Only offers HELOCs

Truist’s home equity products are limited to lines of credit. It doesn’t offer home equity lines of credit.

$50 annual fee applies to residents of some states

Truist requires a $50 annual fee for the following states: Alabama, Arkansas, California, Florida, Georgia, Indiana, Kentucky, New Jersey and Ohio.

Investment properties don't qualify

Truist HELOCs are not available for investment properties, mobile or manufactured homes. As with most banks, the property used as collateral must be an owner-occupied home, a single-family unit, a condominium or a primary and secondary residence.

Limited availability

As of this writing, Truist HELOC is only available for properties located in any of the 17 states where the bank operates.

Truist Home Equity Loan Offerings

Truist offers a variety of banking products for consumers and businesses. However, the only home equity product it offers is lines of credit.

Home equity line of credit (HELOC)

Truist home equity line of credit features competitive rates ranging from 8.65 to 15.25% (or the state’s maximum). As of April 2023, you may also qualify for a lower 12-month introductory rate of 7.24%.

Truist HELOCs come with variable rates and the typical 10-year draw period and 20-year repayment period that most lenders offer. However, you can also choose to make interest-only payments, and fixed-rate draws with payment terms of 5, 10, 15 and 20 years.

Here’s how Truist repayment options works:

Fixed-rate repayment

With this plan, your payment interest and terms are determined at the beginning of your contract and will not change throughout the life of your loan. You will select a 60, 120, 180 or 240-month plan which will determine the monthly principal payment. Add interest and applicable fees, and you’ve got your fixed monthly payment.

Variable-rate repayment

With Truist’s variable-rate repayment option, your minimum monthly payment is based on your outstanding balance. It includes both interest and a percentage of your principal balance. Every payment you make will help reduce your principal balance, and paying more than the minimum required will affect the amount of your future payments. The minimum monthly payment with this option is 1.5% of the total outstanding balance of the loan.

Interest-only repayment

With this payment plan, your minimum monthly payment equals the interest accrued on the outstanding balance during the previous month. With Truist’s interest-only repayment, your minimum monthly payment will not reduce the principal balance, and the interest rate is variable.

Truist Home Equity Lines of Credit Pricing

Aside from interest, the costs associated with a Truist HELOC are set-up fees, annual fees and closing costs. As stated above, there are nine states where you will have to pay a $50 annual fee. Truist fixed-rate HELOC may also be subject to a $15 set-up fee, depending on the line of credit terms.

When it comes to closing costs, Truist pays closing costs for lines of credit up to $500,000. Keep in mind that having closing costs covered by Truist may result in higher interest rates. Another cost to keep in mind is prepayment penalties. With a Truist line of credit, you may have to pay origination or closing costs if the account is closed within three years of opening.

Truist Home Equity Lines of Credit Accessibility

Truist has more than 2,500 branches in 17 states and Washington D.C.a. In addition to its brick-and-mortar branches, Truist has a robust website with many resources and a mobile banking application.


Truist products and services are available in the following states:

  • Arkansas
  • California
  • Florida
  • Georgia
  • Tennessee
  • Alabama
  • North Carolina
  • South Carolina
  • Virginia
  • Maryland
  • West Virginia
  • Indiana
  • Kentucky
  • New Jersey
  • Ohio
  • Pennsylvania
  • Texas

Contact information

Truist’s customer service is available Monday through Friday, from 8 am to 8 pm EST and Saturday, 8 am to 5 pm. Through the Truist help center, you can also find branches, advisors or connect with Truist on social media.

Phone: 844-4TRUIST (844-487-8478), outside the U.S.: +1-910-914-8250


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User experience

Truist earns an A+ business rating from the Better Business Bureau (BBB), and it has been accredited since 1986. Although Truist has earned this accreditation, we'll dive into some concerns among customers below. The BBB does not factor in customer reviews when deciding on the grade and credibility of a company.

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Truist Home Equity Lines of Credit Customer Satisfaction

Customer reviews on the BBB give Truist low communication and response time ratings. Many of the reviews note having to speak with multiple representatives before finding a solution to an issue or waiting days for a call back. Other reviews indicate that although Truist has a mobile app, it is often out of service or experiencing glitches.

Many of the negative customer reviews point to the 2019 merger between SunTrust and Truist. The reviews state that banking issues arose after Truist acquired SunTrust, and resolving concerns was difficult and frustrating. Many customers on BBB say they saw issues with their home loans or HELOCs once SunTrust transitioned into Truist.

Truist Home Equity Lines of Credit FAQs

How does the application process work for a Truist HELOC?

The application can be filled out online within 15 minutes and a decision is given within one business day.

What are the eligibility requirements for a HELOC from Truist?

Truist will evaluate your credit, and the company states good credit increases your chances of being approved. A good credit score is one ranging from 670 and 739. The lender will also review your income, assets and other factors to determine loan approval.

Is a HELOC from Truist Bank worth it?

Truist HELOCs may be worth considering if you're looking for a lender with minimal fees and flexible repayment options. It particularly stands out because you can choose between variable rate, interest-only and fixed rate repayment.

How We Evaluated Truist Home Equity Lines of Credit

Our team reviewed information from Truist’s website, customer review sites and the BBB to compile a reliable review of Truist HELOC options.

We considered the following factors:

  • Loan options
  • Price transparency
  • Application process
  • Customer satisfaction

Summary of Money's Truist Truist Home Equity Lines of Credit Review

As with any other financial decision, opening a HELOC or home equity loan has pros and cons.

Truist HELOCs could be a good option for you if you are familiar with online applications and don’t anticipate needing to talk to customer service by phone very often. Truist also has plenty of branches, making it a good option for visiting branches in person.

Truist is accredited by the BBB, but there are some red flags within the consumer reviews online, specifically when it comes to customer service. Even so, because of Truist’s flexible HELOC options, it is work considering when you begin your search for a home equity line of credit.