Is Truist Bank a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Truist Bank with other lenders for comparable mortgages. Nationally, here is what we find:
|Interest Rate||similar to average (-0.06%)|
|Loan Related Closing Costs||lower than average (-$358)|
|National Rate and Closing Cost Rating||(4.0)|
On average, Truist Bank’s interest rates were similar to those of other lenders (-0.06%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$358. Overall, combining interest rates and closing costs we estimate that Truist Bank tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.
Truist Bank’s Rates by Area
Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Truist Bank was most active in:
Furthermore, Truist Bank is our top ranked mortgage lender in terms of interest rate and closing costs in:
- Greenville, NC, overall
- Goldsboro, NC, overall
- Jacksonville, NC, for Jumbo mortgages
- Wilson, NC, for FHA mortgages
- Spartanburg, SC, for Jumbo mortgages
- Bowling Green, KY, for Jumbo mortgages
- Stafford Courthouse, VA, for Jumbo mortgages
- Beckley, WV, for Jumbo mortgages
- Princeton, WV, overall
- Roanoke Rapids, NC, overall
- Warner Robins, GA, for Jumbo mortgages
- Swanton, MD, for Jumbo mortgages
- South Boston, VA, for Jumbo, and VA mortgages
- Glasgow, KY, overall
You can click through to check out Truist Bank’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.
Truist Bank’s Rates by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Truist Bank originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.
|New Purchase Mortgages||Conforming||FHA||Jumbo||USDA||VA|
|Interest Rate Difference||-0.11%||-0.07%||-0.03%||-0.02%||-0.06%|
|Loan Related Closing Cost Difference||-$347||-$86||-$150||-$44||-$241|
|Cost Adjusted Rate Difference||-0.14%||-0.08%||-0.04%||-0.03%||-0.07%|
|Interest Rate Difference||-0.02%||-0.01%||-0.00%||-0.00%||+0.01%|
|Loan Related Closing Cost Difference||-$472||-$37||-$248||+$6||-$135|
|Cost Adjusted Rate Difference||-0.07%||-0.02%||-0.01%||-0.00%||+0.00%|
As a summary, Truist Bank is cheap for Conforming, FHA and VA purchase mortgages. It is similar to other lenders for Jumbo and USDA purchase mortgages. For refinancing, Truist Bank is cheap for Conforming mortgage refinance. It is similar to other lenders for FHA, Jumbo, USDA and VA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.
Other information about Truist Bank:
Registered city and state: Charlotte, NC, 28202-2104
Regulator: Consumer Financial Protection Bureau (CFPB)
Top holder: TRUIST FINANCIAL CORPORATION
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Truist Bank’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.