However, the bank does give detailed explanations of the various offers it has available. Unfortunately, Truist does not disclose the interest rates and APRs for its refinancing loans. Refinancing interest rates differ from lender to lender, with no specific formula available to determine what you'll receive. They can be used for many purposes, mort notably to shrink your monthly mortgage payments or to shorten the term of your overall loan. View more mortgages Refinancing With TruistĪlthough you'd ideally like to pick the right mortgage for you and your finances the first time around, a refinance loan could be a safeguard in case things don't go as planned. As is evident above, though, the majority of Truist’s rates are in line with Wells Fargo’s, indicating that you could find better rates elsewhere.

While Rocket Mortgage, and even Chase to some extent, are known for good mortgage interest rates, Wells Fargo generally isn’t. This is true regardless of the type of loan, with fixed-rate, adjustable-rate and VA mortgages all showing the same issue in the table below. When it comes to down to exact interest rates, Truist’s offers run a bit high. Here’s a detailed analysis of four of Truist's most popular loans: These payment calculations do not include homeowners insurance, property taxes or closing costs. For the jumbo loan, the home value is $750,000 with a down payment of $150,000. That would make your down payment $50,000 and your mortgage $200,000. That’s because there are so many personal factors that go into how your loan is structured, including your credit score, the value of your new home and the ratio of your down payment versus the remaining balance.Īs a way to standardize these projections and provide an example, below it’s been assumed that the overall value of the home for the conforming mortgages is $250,000. What Your Monthly Mortgage Payments Could Be With TruistĪccurately predicting what your monthly mortgage payments could look like is easier said than done. Doctor Loan program - designed for doctors, dentists, fellows, licensed residents and other types of medical professionals.USDA loans - an incentive loan for moving to a rural area no down payment.FHA loans - good for those with less-than-ideal credit and not enough money for a typical down payment can be fixed-rate or an ARM.VA loans - reserved for past and present members of the military and certain members of their family available for up to a $1 million loan.High Cost Home Financing - an alternative to jumbo loans for primary, secondary and vacation homes in designated high-cost areas around the U.S.Agency Affordable Financing - requires just a 3% down payment, and Truist will lower your insurance costs.Jumbo loans - used for purchases that exceed the limitations of the above conventional loans good for loans up to $1.5 million and 80% of the home’s value.Adjustable-rate - Truist features 10/1, 7/1 and 5/1 ARMs.Fixed rate - your payments stay the same each month for a 30- or 15-year term.In fact, you’ll find the following types of loans: MortgageĪt Truist, you should have no shortage of mortgage loans to choose from. While similar to jumbo loans, the High Cost Home Financing program is intended to aid those who live in high-cost neighborhoods get a home. As you might expect, the Doctor Loan program is for dentists, physicians and other medical personnel, and it can help take some of the pressure off of your finances when you add in a mortgage on top of student loans.

Truist also features the Doctor Loan and the High Cost Home Financing programs. In fact, you could find yourself eligible for a down payment of just 3% of your home’s value. The HomeReady®/Home Possible® program is specifically designed for clients who may not have much to put toward a down payment and other extraneous costs. But while the bank lacks in interest rates, it excels in its loan offerings. The mortgage rates at Truist Bank are fairly high, especially when it comes to fixed-rate and adjustable-rate mortgages (ARMs).

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