Truist offers a home equity line of credit that homeowners can use to finance upcoming projects or consolidate debt.
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The sixth-largest bank in the U.S. following its 2019 merger with Suntrust and BB&T, Truist offers a wide variety of banking, credit, home loan, investment, and even personal insurance products. It operates in 18 states and the District of Columbia.
A financial institution focused on bettering communities and improving social responsibility, Truist’s Community Benefits Plan directs funding toward low- and moderate-income and minority borrowers. The bank supports home heritage initiatives in North Carolina and Georgia and those aimed at affordable housing, small business growth, and nonprofits across the U.S.
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| Rates (APR) | 5.99% to 13.49% |
| Loan amounts | Starting at $15,000 |
| Repayment terms | 10-year draw period followed by a 20-year repayment term |
| Minimum credit score | Not disclosed |
In this review:
Over time, you can expect your home equity to grow as your property increases in value and market home prices rise. Rather than letting that equity sit untouched, Truist allows you to access it with the help of a home equity line of credit (HELOC). You can use those funds to cover everyday expenses, consolidate other debt, pay off a large purchase, renovate your home, and more.
Unlike a home equity loan (which Truist does not offer at this time), a HELOC gives you an open-ended line of credit to pull from as needed during your 10-year draw period. Once that draw period ends, your line of credit enters a 20-year repayment term, during which you can no longer borrow against your line of credit unless you renew it.
Truist allows for a fixed-rate term on its HELOCs. With this option, you can lock in a fixed interest rate for anywhere from five to 30 years.
| Truist HELOC terms | |
| Rates (APR) | Fixed: 7.70% to 12.25% Variable: 5.99% to 13.49% |
| Rate discounts | None advertised |
| Loan amounts | $15,000 and up (minimum draw of $5,000) |
| Draw period | 10 years |
| Repayment period | Five to 30 years (20 years is standard) |
| Max. LTV | Not disclosed |
| Min. credit score | Not disclosed |
| Min. income | Not disclosed |
| Fees | Origination and closing costs may apply: $0 to $10,000. Annual fee: $50 (in select states)* Fixed-rate setup fee: $15 |
| Early repayment penalty | You may need to reimburse closing costs if you pay off your HELOC within 36 months. |
| Eligibility | You can take a HELOC on owner-occupied, single-family, primary and secondary homes, or condominiums. Rental properties, manufactured homes, and co-ops are not eligible. |
*$50 annual fee is charged if you live in AL, AR, CA, FL, GA, IN, KY, NJ, or OH.
| Source | Rating | Number of reviews |
| Better Business Bureau | 1.11 out of 5 stars | 1,847 |
| Trustpilot | 1.1 out of 5 stars | 846 |
Ratings collected on October 12, 2022
It’s helpful to know how a bank looks on paper and what products they offer. But how customers view experiences with that bank can be more valuable.
Truist’s consumer reviews on credible sites such as Trustpilot and the Better Business Bureau (BBB) are lacking. Despite its A+ accreditation with the BBB, the average rating of its 1,800-plus consumers in October 2022 is 1.11 out of 5.
The bank has a Bad rating on Trustpilot as of October 2022, with just 1.1 stars out of a possible 5, averaging from more than 800 reviews.
Consumers report issues including:
Homeowners may be able to take out a Truist home equity line of credit against their home as long as they meet certain eligibility requirements. To qualify, you must:
Expect to spend about 20 minutes completing the online application. Your credit isn’t pulled until you click “submit” on your application, when the bank conducts a “hard” credit check. This gives the bank access to your full credit report, and it reports the inquiry to the credit bureaus.
Because Truist doesn’t offer “soft” credit checks or prequalification for HELOCs, rate shopping and comparing lenders can be more difficult. A soft credit check gives a lender access to a limited credit history without reporting a hard inquiry so it knows whether you’re likely to qualify for a HELOC and what terms it may offer.
To apply for a Truist HELOC, the bank needs your:
The bank requires a phone number and email address to submit an online application. If you’d rather not disclose this information, you can visit a local Truist branch in person.
Eligible homeowners can use a HELOC to pull from their home’s established equity, but how much of it you can borrow is limited.
Your maximum home equity line of credit depends on several factors:
Many lenders will require a new home appraisal before approving a home equity loan or line of credit. This gives them the most accurate and up-to-date information on your home and its market value.
Truist will order an appraisal through a licensed and certified third party if required. This individual will conduct a thorough walk-through and analysis of your home, noting its size, features, condition, and add-ons.
They will also look at comparable recently sold local homes (called comps). They can determine your home’s current market value with this information.
Truist can use the numbers from the appraisal to adjust your HELOC borrowing limit and finalize your line of credit.
Fees to keep in mind when considering a HELOC from Truist include:
You have two options for reaching out to a Truist customer service representative:
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