Roll your debt into a single payment. Transform your kitchen. Don’t sweat unexpected expenses. Your home’s equity is there to answer the call.
How large of a line of credit can I obtain?
What will it take to pay off my line of credit?
The Annual Percentage Rate (APR) for a HELOC is calculated based on a variety of factors, including credit score, loan-to-value, line amount, and location of the property securing the line of credit. With a home equity line from Truist, you can choose between a fixed or variable interest rate on each draw you take.
Variable-rate repayment: Your minimum required monthly payment is based on your current outstanding balance and includes both interest and a percentage of your principal balance. Each payment helps to reduce your principal balance. Drawing additional funds or paying more than the minimum required payment amount will affect your future monthly payments. For draws on a home equity line from Truist taken under the variable rate repayment option, the minimum monthly payment is equal to 1.5% of the total outstanding balance.
Interest-only repayment: For draws taken under the interest-only repayment option, your minimum monthly payment is equal to the finance charges accrued on the outstanding balance during the preceding month. The minimum payment will not reduce the principal outstanding under this option. The interest rate is variable.1
Fixed-rate repayment: For draws taken under the fixed-rate/fixed-term repayment option, the repayment term you select (60, 120, 180 or 240 months) will determine the minimum monthly payment plus interest and applicable fees. The annual percentage rate (APR) will be determined at the time the advance is posted to your account. There is a $15 service fee for each fixed-rate/fixed-term advance.
Your credit score is only one of the factors considered in the underwriting process, so having good credit, along with the other qualifications (sufficient equity in your home, allowable debt-to-income ratio, etc.) increases your likelihood for equity line approval.
It can take less than 15 minutes to fill out an application for a home equity line from Truist. Once all required paperwork has been received, the turnaround time from application to closing averages 30 – 35 days, which is one of the fastest times among our bank peers.4
Here's what you'll need to provide for your application:
A Truist representative will contact you after an application is submitted to review your information and request any required supporting documentation, such as tax statements and copies of paystubs.
A home equity line from Truist can be secured by an owner-occupied, single-family, primary residence, second home or condominium located in AL, AR, CA, DC, FL, GA, IN, KY, MD, MS, NC, NJ, OH, PA, SC, TN, TX, VA, WV, and is not valid using investment homes, mobile or manufactured homes, or cooperatives. Truist must be in a valid first- or second-lien position. Applicants must occupy the second home a minimum of 14 days per calendar year, and there is a limit of one home equity line from Truist per individual or joint borrower. Other restrictions may apply.
With a home equity line of credit from Truist, you have the option to pay closing costs, or you can choose to have Truist advance most, if not all, of the closing costs on your behalf and waive reimbursement as long as your account is kept open for at least three years.5
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