Truist HELOC at A Glance
Fixed rate or variable: Both
How do I withdraw funds? Unknown
Origination Fee: Unknown but possible
Loan to-value ratio: Unknown
Time to Fund: 30 to35 Days
Truist’s home equity loan of credit (or HELOC) allows borrowers to choose between a fixed or variable interest rate. It also offers flexibility regarding closing costs. However, HELOCs from Truist are not available in all states.
Pros
- Variable or fixed rates
- You have the option to skip closing costs
Cons
- For the lowest rates, you need to have excellent credit
- It may take longer than one month for the application to be processed.
- Only in certain states
5 Things to Know About a Truist HELOC
Here are some key features of Truist’s HELOC.
1. Fixed and variable rates available
You have the option to choose between a fixed or variable interest rate when you draw from your TruistHELOC.
Truist’s minimum draw amount is $5,000 A fixed rate can be chosen with a five-, ten-, fifteen-, or 30-year repayment term. A $15 setup fee is required and you may have up to five rate draw at once.
You have the option to choose the rate type for each draw, allowing you to take advantage of interest rate fluctuations that may work in your favor.
2. Ability to pay closing costs in advance and to waive reimbursement
Closer costs are part of a Truist HELOC. The lender will allow you to pay them upfront. However, the lender may also offer the option of “advancement” for some (or all) of the closing cost. Truist will then pay them on your behalf. You must keep your account open at least for three years. Truist will have to be reimbursed for any advance you receive.
Keep in mind that advancing closing costs can impact your interest rate. This option is not available in all states, or for loans greater than $500,000.
3. Limits on property type
Truist’s HELOCs can only be used for primary residences, condos, or second homes. They must be single-family, owner-occupied homes located in an area where the product can be purchased.
Truist’s HELOC cannot be used by borrowers to finance manufactured or mobile homes, investment properties, or cooperatives.
4. Annual fees could apply
Truist HELOCs can be more expensive for some borrowers than for others. HELOCs in Alabama and Arizona, California, Florida (Florida), Georgia, Florida, Georgia), Indiana, Kentucky, New Jersey, Ohio, and Texas are subject to a $50 annual fee.
5. Only in certain states
Truist’s HELOC can only be used by homes in the 18 states or Washington, D.C., that offer the product.
Do Truist have high HELOC rates
Truist rates are very competitive. However, to qualify for the lowest advertised rates, one must have outstanding credit. HELOCs may also be offered by competitors with lower advertised interest rates and lower introductory rates.
What is a Truist HELOC good at?
Truist’s HELOC is a great option for those who wish to tap into their home equity. It offers a choice of fixed or variable interest rates. This may be a good option if you want to advance your closing costs.
How to Apply for a Truist HELOC
It is easy to apply for Truist’s HELOC. The underwriting process can take some time.
Apply online in 20 minutes. You can also contact Truist by phone or visit a Truist branch. Although Truist will not pull your credit at this stage, it will conduct a credit check after you submit your application.
Once you have been approved, a representative will contact you to discuss your credit decision and provide any additional information.
This information can be helpful in accelerating your application process.
- Contact information, telephone number and Social Security number
- Your employment and address history over the past two years
- Information about your income, debt and personal obligations, as well as other financial information
- For collateral property, details of the property, purchase information and information about mortgage lien
Are you unsure if Truist is right? These are some alternatives.
- Third Federal This savings and loan program offers a “lowest rate guarantee”.
- Bank of America This major national bank offers a HELOC without closing costs, application fees, or annual fees. It also allows you to convert to a fixed-rate option with no additional charges.