Truist Home Equity Loans: Your Ultimate Guide to HELOC and Fixed-rate HELOC Options
Truist, a prominent financial services company based in Charlotte, North Carolina, offers a variety of home equity products to customers along the East Coast and southern US. While Truist doesn't provide home equity loans, it stands out for its competitive home equity lines of credit (HELOCs) and fixed-rate HELOC options.
Products and Rates
Truist offers HELOCs with APRs ranging from 8.50% to 16%, with special introductory offers available on their website. Loan amounts range from $15,000 to $1 million, catering to a wide range of borrowing needs. Credit score requirements are not disclosed, making it accessible to a diverse customer base.
Repayment Terms and Closing Process
HELOCs from Truist come with a 10-year draw period and a 20-year repayment period. For those seeking stability, Truist also provides fixed-rate HELOCs with repayment terms ranging from 5 to 30 years. The average time to close a Truist loan is 30-35 days, ensuring a quick and efficient funding process.
Pros and Cons
Truist's flexible variable and fixed-rate options make it an attractive choice for borrowers looking to manage interest rate fluctuations effectively. Moreover, the company offers low closing costs, with most fees waived for customers who maintain their account for three years. However, some drawbacks include limited transparency on eligibility criteria and loan terms, as well as restricted availability in certain states.
Fees and Qualifications
Truist provides options for closing costs, either waiving them for long-term account holders or charging origination and closing fees ranging from 2% to 5% of the loan amount. Qualifying for a Truist HELOC depends on factors such as credit score, home equity, and debt-to-income ratio, with good credit often leading to lower interest rates.
How to Apply and Customer Service
Applying for a HELOC with Truist is a straightforward process that can be completed online or in person. Personal information required includes social security number, financial history, and collateral property details. Once approved, the closing process typically takes between 30 and 35 days. Customers can reach Truist's customer service team by phone or visit a local branch for assistance.