Truist Mortgage Refinance Review

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

Homeowners can restructure their current mortgage through a mortgage refinance loan. This type of loan is popular with homeowners who want to lower their interest rate or monthly mortgage payments. Still, a homeowner may wonder: Is now a good time to refinance?

Your chances at better loan terms than your current mortgage are directly related to your financial situation. For example, if you’ve made significant payments to your mortgage and your credit score has improved, you’re more likely 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 could 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 can find example rates on Truist's website, but fees such as closing costs aren’t disclosed. If you’re a newcomer to mortgage refinance, consider taking advantage of the access to personalized help.

An appointment for a phone call with a representative — who will be able to provide you with rates specific to your financial situation and explain important details such as fees and the loan closing process — is easy to schedule via the Truist website.

Pros explained

Upsides of choosing 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 website

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

Current refinance rates are available 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 factors, such as your credit score, annual income and whether or not you purchase any discount points.

Additionally, the APRs listed on the Truist site do not reflect the cost of other potential charges, such as title insurance and appraisals.

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

Personalized guidance and educational resources

Truist provides multiple options for you to learn about mortgage loan refinancing. On its website, you can access a number of articles about what mortgage refinancing is and how it works.

Additionally, Truist encourages borrowers to speak directly with a loan professional for personalized guidance. You can reach a representative by phone or use the website 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 simple process. The entire application process — including uploading documents — can be done online. Truist also has a mobile app to make managing your mortgage loan or refinance convenient. The app lets you view statements, set up electronic payments, activate account alerts and go paperless.

Cons explained

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

High credit score requirement

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

Fees and eligibility requirements are not publicly available

While Truist does provide an educational post about potential mortgage refinance fees, the bank does not disclose its exact fees on the website. Subsequently, borrowers shopping for the best mortgage refinance rates can’t estimate charges, such as loan origination fees or closing costs, without starting the application process or speaking to a Truist Bank representative.

Limited branch availability

While Truist Bank does have a large number of branches, they are only present in select states and Washington, D.C. The states that have branches are mostly in the eastern and southern regions of the U.S.

Truist branches can be found in:

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

Additionally, Truist Bank is not available in Alaska, Arizona, Hawaii or any U.S. territories.

Truist mortgage refinance offerings

If you’ve gone through the mortgage refinance steps checklist and have decided you want to refinance, it’s worth checking your potential rate with Truist. The financial institution offers fixed-rate refinance loans at 15 and 30 years, as well as 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 these loan terms, you can purchase discount points to help reduce your interest rate. Each point costs 1% of your loan size and, on average, will reduce your APR by 0.25%.

Truist does not disclose loan minimums, maximums and fees (e.g. closing costs). This information can only be acquired during the application process.

Cash-out refinance

Cash-out mortgage refinance loans allow borrowers to secure additional funds in addition to the funds that will cover the outstanding balance of their original mortgage. Truist’s eligibility requirements include a minimum credit score 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 can reduce the mortgage interest rate. The maximum amount of a VA IRRRL is $750,000. Truist offers a fixed rate on its mortgage refinance loans for up to 30 years.

The minimum credit score for a VA IRRRL loan for properties occupied by the owner is 640 for conforming loans and 660 for jumbo loans. The minimum credit score for properties not occupied by the owner is 720. The maximum loan-to-value (LTV) allowed for this kind 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 more than their original mortgage amount with this type of loan.

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

Truist mortgage refinance pricing

The Truist website lists the current rates and updates them daily to give you the most up-to-date mortgage refinance rates. The website lists the conventional mortgages and mortgage refinancing products that Truist offers with the current interest rates and APR, with either one or zero discount points purchased.

Truist doesn’t charge prepayment penalties on any of its mortgage products. However, other fees aren’t disclosed. For example, no information is available online about origination fees or closing costs, and the representative stated this information is only 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. commercial 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 can access Truist's mortgage refinancing opportunities through its website or by speaking to a representative by phone. There are also over 2,000 Truist branch locations in the U.S., although most are concentrated in the eastern and southern areas of the country.

Availability

Truist Bank’s mortgage loans are available in 47 states, excluding Alaska, Arizona, Hawaii and all U.S. territories, such as Puerto Rico and Guam. Additionally, to secure a mortgage refinance loan from Truist, you must meet the bank's eligibility requirements.

Contact information

To reach Truist’s mortgage department by phone, call 1-855-257-4040. For general inquiries, you can call 1-844-487-8478 if you're in the U.S. or +1-910-914-8250 from outside the U.S.

Truist customer service representatives are available by phone Monday through Friday from 8 a.m. to 8 p.m. ET and Saturday from 8 a.m. to 5 p.m. ET. The bank offers round-the-clock automated assistance during the hours when representatives aren't available.

You can schedule an appointment to speak with a loan officer or representative by phone using a form on the Truist website. If you prefer in person service, you can visit a branch. You also have the option to contact Truist through its multiple social media accounts.

User experience

Customers who have voiced their opinions on online review sites tend 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 bank account funds for long periods of time without providing an acceptable explanation. Many complain about poor customer service, referencing long hold times, outsourced representatives and being shuffled around from person to person, none of whom provided any helpful solutions.

Note, however, that most of these reviews do not specifically mention Truist’s mortgage refinance, but instead refer to other products offered by the bank.

Truist mortgage refinance customer satisfaction

Truist Bank is accredited by the Better Business Bureau (BBB) and holds an A+ rating, despite largely negative reviews. Its BBB review rating, which is based on over 2,000 reviews, is 1.09 out of 5 stars. The complaints in the reviews detail hidden or unexpected fees relating to its credit cards and banking and a lack of communication from customer service.

How we evaluated Truist mortgage refinance

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

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

• Loan terms: We considered the loan term information available via the website. A representative by phone would not provide additional information beyond what is publicly listed online.

• Transparency: We checked the website to see how easy it is to find details regarding the loan pricing and terms.

• Application process: We looked into how the application process works and how easy it is to apply.

• Eligibility requirements: We considered the qualifications that make a person eligible for the financial products. Eligibility criteria information is limited on the site, 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 various sites.

• Customer service: We looked at the available methods of contacting customer service and reviews of the service quality.

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

Summary of Money’s Truist mortgage refinance review

Some of the advantages of working with Truist are its personalized advice and educational resources. For first-time mortgage refinance loan borrowers, this help could be especially beneficial.

Truist’s starting mortgage refinance interest rates and APRs are conveniently listed on the site. However, Truist lacks transparency around fees and eligibility requirements. Additionally, negative reviews from customers of other Truist products are a concern.

If you're interested in learning about other options, check out the best mortgage refinance companies.