Well, let’s put our thinking caps on, shall we? It’s story time!
Once upon a time, in 2019 to be precise, SunTrust, Inc. merged with Branch Banking and Trust (BB&T) Corporation into one big happy financial powerhouse – the Truist Financial Corporation. Today, our protagonist, Truist Bank, takes the spotlight as an stablished lender, offering a tasty menu of financial services including, you guessed it, mortgage refinance loans!
Now, you might be scratching your head and thinking, “What on earth is a mortgage refinance loan?” Well, simply put, it’s like redecorating your home loan. You tweak the structure to suit you better – maybe to secure lower interest rates, or if your financial diet allows it, to reduce your monthly mortgage payments. But like an Ill-informed weather forecast – Is now the right time to refinance your mortgage? That, my friend, is the million-dollar question.
Much like a child outgrowing their shoes, qualifying for a better-fitting loan depends on your financial growth. If your credit score has been pumping iron and getting stronger, and you’ve slashed your current loan with your mighty payments, then refinancing may be right up your alley! So let’s dive into the glittering financial waters of Truist Bank and see what shining deals await us below the surface!
Best For First-time Refinancers
Ladies and gents, let me introduce to you Truist. They’re like a personal fitness coach for your refinancing concerns, whipping you into financial shape and guiding you every step of the way. And fear not, newbies! Their approach is like a warm financial hug that’ll guide you through each stage in a way that even your grandma could understand. Their offerings are the cream on the mortgage cake, presenting fixed-rate mortgages, cash-out refinances, the Veterans Affairs (VA) Interest Rate Reduction Refinance Loan (IRRRL), and – wait for it – a cash-out version of the VA IRRRL. Intrigued? You should be.
But there’s a slight hiccup. Although they serve some delicious interest rate examples on their website, the full meal (aka details about closing costs and fees) isn’t up for grabs online. But for prospective refinancers, the helping hand that Truist extends may just be the guiding light you need to navigate the murky waters of financial decision-making.
Scheduling a chinwag with a Truist representative is as easy as pie through their online portal. In this cordial meeting, custom-tailored interest rates are served to you on a silver platter, while key aspects like potential fees and the closing process are demystified.
Pros
- Real-time mortgage rates available online
- Personalized assistance and tasty nibbles of enlightening articles
- User-friendly online application and loan management
Cons
- Higher credit scores needed to pass the gate
- Fees and qualification requirements are playing hide-and-seek
- Limited face-to-face encounters at in-person branches
You might be thinking, “So that’s dandy and all, but what’s the nitty-gritty?” Let’s deep dive into Truist (previously known as SunTrust) and see why they’re a choice pick for mortgage refinance by serving up heaps of interest rate information and exhaustive resources for borrower enlightenment.
Current Mortgage Rates Online
Truist are ever so gracious; they put their interest rates up for all to see right on their website. You’re free to feast your eyes on refinance rates for 15-year fixed-rate mortgages and their 30-year big brothers. But just like Cinderella and her glass slipper, these rates are truly tailor-made to you and will change according to your financial foot size (aka your credit rating, income, and discount points bought).
Just like that unexpected item in the bagging area, additional closing costs such as title insurance or appraisals aren’t included in the displayed APRs. So be sure to chat with a Truist representative to get your own customized fitting!
Personalized Support & Learning Tools
Our friends at Truist are firm believers in the power of knowledge, offering a library of informative articles to help enlighten you on all fronts of mortgage refinancing, whether you’re an eager novice or a seasoned veteran.
You’re not alone on this journey. Loan specialists are there to guide you with advice you can count on. And it’s as easy as pie to get in touch – just ring them up or schedule an in-person meet-up right on their website. No smoke signals needed!
Easy Digital Application & Management
Filing a mortgage refinancing application on the Truist website is a walk in the financial park. The whole shebang, including document uploads, can be wrapped up online. And with the handy dandy Truist mobile app, managing your mortgage or refinance is a breeze. You can check out statements, sound the alarm with account alerts, set up automatic payments, and even go paper-free!
To be continued…