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Home Equity HELOCs

Truist Home Equity Review

The sixth-largest bank in the U.S. following its 2019 merger with Suntrust and BB&T, Truist offers a wide variety of banking, credit, home loan, investment, and even personal insurance products.  It operates in 18 states and the District of Columbia.

A financial institution focused on bettering communities and improving social responsibility,  Truist’s Community Benefits Plan directs funding toward low- and moderate-income and minority borrowers. The bank supports home heritage initiatives in North Carolina and Georgia and those aimed at affordable housing, small business growth, and nonprofits across the U.S.

Truist logo
on Truist’s website
Editorial Rating

Editorial Rating

What we like:

Speak with a dedicated loan officer

Rates (APR)5.99% to 13.49%
Loan amountsStarting at $15,000
Repayment terms10-year draw period followed by a 20-year repayment term
Minimum credit scoreNot disclosed
See how Truist compares to other HELOC options

In this review:

How does Truist help me access my home equity?

Over time, you can expect your home equity to grow as your property increases in value and market home prices rise. Rather than letting that equity sit untouched, Truist allows you to access it with the help of a home equity line of credit (HELOC). You can use those funds to cover everyday expenses, consolidate other debt, pay off a large purchase, renovate your home, and more.

Unlike a home equity loan (which Truist does not offer at this time), a HELOC gives you an open-ended line of credit to pull from as needed during your 10-year draw period. Once that draw period ends, your line of credit enters a 20-year repayment term, during which you can no longer borrow against your line of credit unless you renew it. 

Truist allows for a fixed-rate term on its HELOCs. With this option, you can lock in a fixed interest rate for anywhere from five to 30 years.

Truist HELOC terms
Rates (APR)Fixed: 7.70% to 12.25%

Variable: 5.99% to 13.49%
Rate discountsNone advertised
Loan amounts$15,000 and up (minimum draw of $5,000)
Draw period10 years
Repayment periodFive to 30 years (20 years is standard)
Max. LTVNot disclosed
Min. credit scoreNot disclosed
Min. incomeNot disclosed
FeesOrigination and closing costs may apply: $0 to $10,000.

Annual fee: $50 (in select states)*

Fixed-rate setup fee: $15
Early repayment penaltyYou may need to reimburse closing costs if you pay off your HELOC within 36 months.
EligibilityYou can take a HELOC on owner-occupied, single-family, primary and secondary homes, or condominiums. Rental properties, manufactured homes, and co-ops are not eligible.

*$50 annual fee is charged if you live in Alabama, Arkansas, California, Florida, Georgia, Indiana, Kentucky, New Jersey, or Ohio. 

Pros and cons of a Truist HELOC


  • Simple online application process.

  • Three repayment options, as well as the ability to lock in fixed rates for 5 to 30 years.

  • The bank will advance closing costs and origination fees for certain borrowers, depending on location.


  • Does not offer home equity loans, only HELOCs.

  • Poor consumer ratings.

  • Only available in certain states.

What do Truist’s customers say about the company?

SourceRatingNumber of reviews
Better Business Bureau1.11 out of 5 stars1,847
Trustpilot1.1 out of 5 stars846

Ratings collected on October 12, 2022

It’s helpful to know how a bank looks on paper and what products they offer. But how customers view experiences with that bank can be more valuable.

Truist’s consumer reviews on credible sites such as Trustpilot and the Better Business Bureau (BBB) are lacking. Despite its A+ accreditation with the BBB, the average rating of its 1,800-plus consumers in October 2022 is 1.11 out of 5. 

The bank has a Bad rating on Trustpilot as of October 2022, with just 1.1 stars out of a possible 5, averaging from more than 800 reviews.

Consumers report issues including:

  • lengthy hold times to reach customer service
  • frustrations in resolving account issues
  • the bank marking on-time payments late

Do I qualify for a HELOC from Truist?

Homeowners may be able to take out a Truist home equity line of credit against their home as long as they meet certain eligibility requirements. To qualify, you must:

  • Take your HELOC against an owner-occupied home, duplex, townhome, or condominium (primary or secondary); investment properties or manufactured homes are not eligible.
  • Have a property located in one of the states Truist services (AL, AR, CA, FL, GA, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV) or Washington, DC.
  • Meet Truist’s credit score, income, and loan-to-value (LTV) requirements. (These may vary by state and are not disclosed.)

How do I apply with Truist?

Expect to spend about 20 minutes completing the online application. Your credit isn’t pulled until you click “submit” on your application, when the bank conducts a “hard” credit check. This gives the bank access to your full credit report, and it reports the inquiry to the credit bureaus.

Because Truist doesn’t offer “soft” credit checks or prequalification for HELOCs, rate shopping and comparing lenders can be more difficult. A soft credit check gives a lender access to a limited credit history without reporting a hard inquiry so it knows whether you’re likely to qualify for a HELOC and what terms it may offer. 

To apply for a Truist HELOC, the bank needs your:

  • Personal information (name, email address, Social Security number, and phone number)
  • Property address
  • Employment history
  • Financial history (your income, how much you owe on your mortgage or other liens, additional outstanding debts, etc.)

The bank requires a phone number and email address to submit an online application. If you’d rather not disclose this information, you can visit a local Truist branch in person. 

How does Truist determine how much I can borrow?

Eligible homeowners can use a HELOC to pull from their home’s established equity, but how much of it you can borrow is limited.

Your maximum home equity line of credit depends on several factors:

  • Your credit. Your credit score and history will help a lender decide whether to approve your HELOC application and how much they’re willing to lend you. The better your credit score, the more you may be able to borrow, and the better the loan terms you’ll be offered (such as lower interest rates and longer repayment periods).
  • Your home’s value. Equity is the difference between your home’s current value and how much you still owe on the property; we can also express this as the loan-to-value ratio (LTV). Lenders will let you pull from a portion of this equity with a HELOC, but you can’t borrow all of it. Truist doesn’t disclose its limit, but most HELOC lenders’ maximum LTV is between 70% and 90%.
  • Your income. Before approving you for a line of credit, lenders want to know if you can afford the monthly payments on that new debt. They determine this by considering how much of your income you use to pay current debts, called your debt-to-income ratio.
  • Your location. Loan limits and credit score requirements can vary by state.

What does the appraisal process look like?

Many lenders will require a new home appraisal before approving a home equity loan or line of credit. This gives them the most accurate and up-to-date information on your home and its market value.

Truist will order an appraisal through a licensed and certified third party if required. This individual will conduct a thorough walk-through and analysis of your home, noting its size, features, condition, and add-ons. 

They will also look at comparable recently sold local homes (called comps). They can determine your home’s current market value with this information.

Truist can use the numbers from the appraisal to adjust your HELOC borrowing limit and finalize your line of credit.

Does Truist charge any fees?

Fees to keep in mind when considering a HELOC from Truist include:

  • Loan origination or closing costs: Some borrowers are subject to costs ranging from $0 to $10,000 and varying by state. If closing costs apply to your loan, you may be able to pay upfront or have Truist advance them for you. If you pay off your HELOC within 36 months, Truist might require you to repay any origination fees paid on your behalf.
  • Fixed-rate setup fee: A $15 fee may apply if you choose a fixed-rate repayment term. 
  • Annual fee: Borrowers in certain states may be subject to a $50 annual fee on their Truist HELOC. As of October 2022, this fee applies to borrowers in Alabama, Arkansas, California, Florida, Georgia, Indiana, Kentucky, New Jersey, and Ohio. 

Does Truist have a customer service team?

You have two options for reaching out to a Truist customer service representative:

  • By phone: You can call Truist at 844-4TRUIST (844-487-8478) from within the U.S., or +1-910-914-8250 outside the U.S.. Representatives are available Monday through Friday from 8 a.m. to 8 p.m. Eastern time and Saturday from 8 a.m. to 5 p.m. Eastern time. The bank is closed on Sundays.
  • In person: If you need immediate help or want to speak with someone in person, you can visit one of Truist’s 2,000-plus local branches.