Truist: 2022 Home Equity Review

If you have excellent credit, these HELOCs offer low rates and flexible terms.


The offspring of a merger between BB&T and SunTrust, Truist offers a broad range of financial services to customers in 15 states along the East Coast and southern US, as well as Washington, DC. Based in Charlotte, North Carolina, the company provides home equity lines of credit, or HELOCs, but not home equity loans.

Truist: At a glance

Types of home equity loans  Fixed and variable rate home equity line of credit
APR Fixed rate starts at 5.99% and variable rate starts at 7.70% APR
Loan amounts Starting at $5,000
Credit score requirements N/A
Repayment terms 5-, 10-, 15-, 20- and 30-year options
Average time for approval A few days

As such, we think Truist is best suited to people looking for a straightforward HELOC, who live in one of the states that Truist services and who have a good or excellent credit score. 

When considering borrowing against your home equity, it's important to weigh the major upsides and downsides of each lender. Here's an overview of the major pros and cons of borrowing from Truist.

What we like

  • Variable and fixed-rate options: The ability to convert some of your variable-rate loan into a fixed-rate loan can protect borrowers when rates are increasing.
  • Low closing costs: Truist will waive most of your closing costs as long as you keep your account open for at least three years. 
  • Easy access: Truist customer service is available in person or by phone Monday through Saturday.

What we don't like

  • Less transparency: Detailed information about eligibility and loan terms are hard to find on Truist's website, so you'll need to connect with customer service or dive into the application process to learn more.
  • Limited availability: Truist will only service loans for properties located in the 15 states it covers. 
  • Some homes not covered: To qualify for a HELOC, your home must be an owner-occupied, single-family, primary residence, second home or condo. Investment properties, mobile homes and manufactured homes don't qualify. 

Home equity loan options

Though Truist offers a variety of loans and mortgages, its main home equity product is the HELOC, which allows you to borrow against your home's equity to finance home renovations or pay down high-interest debt. Lenders typically let you borrow up to a certain threshold -- usually between 75% and 90% of your total equity.

Truist's offers variable and fixed-interest rate HELOCs with rates starting at an annual percentage rate of 7.70%. You'll need excellent credit to qualify for the lowest interest rate.


Truist provides options when it comes to closing costs. You can pay them or Truist will waive them as long as you keep your account open for at least three years. Otherwise, you're on the hook for the origination fees and closing fees, which vary by state but usually cost between 2% and 5% of your loan amount.

How to qualify 

Qualifying for a Truist HELOC depends on a variety of factors including your credit score, the amount of equity you have in your home and your debt-to-income ratio as well as your assets, debts and collateral. No single factor will determine eligibility but, if you're approved, having a good credit score will often translate to a lower interest rate. 

Truist doesn't provide details for specific credit scores needed to qualify for their products on its website. You can call or visit your local branch to find out the specific requirements for that area. And if you have questions when a branch isn't open, you can always contact customer service by phone.

Getting started

Applying for a HELOC or loan with Truist is fairly simple and can be done online. However, if you are not a US citizen or you are under 18 years old, you can't apply online and must visit a branch in person to apply. You can also submit an application in person if you prefer that over the online process. 

Applying on the HELOC page of the company's website should take about 20 minutes. You'll need to provide some personal information including:

  • Social security number
  • Phone number
  • Address and employment history for the last two years
  • Financial history including income and debts
  • List of collateral property

Truist won't run a hard check on your credit once you submit your application. Once you are approved, it typically takes between 30 and 35 days to close. 

Customer service

You can contact Truist by visiting a branch (call for local hours) or calling 844-4TRUIST Monday through Friday, 8 a.m. to 8 p.m. ET and Saturday, 8 a.m. to 5 p.m. ET. Automated assistance is available 24 hours a day. If you're looking for general info, you may be able to find answers on the company's Help Center.