Explore your home equity options. We can help.

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 or fixed rate option (limit of 5) on each draw you take.

You have three payment options during the draw period, including interest-only payments. You can pay down the principal at any time.

Variable-rate repayment:^{Disclosure 2} 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.

Fixed-rate repayment:^{Disclosure 2} 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. 

Fixed-rate repayment: The repayment term you select (examples: 60, 120, or 240 months) will determine the minimum monthly payment plus interest and applicable fees. The annual percentage rate (APR) will be determined once the advance is posted to your account. There is a $15 service fee for each fixed rate/fixed term advance. Minimum advance is $5,000 for fixed rate option.

Here’s what you’ll need to provide for your application:

• Personal information (name, home address, phone number, and Social Security number)
• Co-applicant‘s personal and employer information, if applicable
• Employer information (name and phone number of employer)
• Financial assets (description, financial institution, and value)
• Financial debt (lender name, payment amounts, and balances)
• Collateral information (asset, lender name, balance/value, and description)

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.

You apply for a new mortgage with new terms (just at a higher loan amount) to pay off your existing mortgage, then receive cash for the difference after closing expenses. You’ll still have the ease of just one monthly mortgage payment. If interest rates have gone down since you initially purchased your home, you may even lower your interest rate.

We can’t always say for sure because the credit reporting agencies (CRAs) develop and calculate their own proprietary credit scores that they then pass along to lenders. However, generally, a refinance or HELOC application causes your lender to make a hard inquiry at the CRAs to request information about your credit report and history. These hard inquiries can typically cause a temporary drop in your credit score.

If you’re refinancing, your score can also take a hit when you close your old mortgage as it impacts the mix of accounts that the CRAs consider when they calculate your credit score. As you pay off your new (refinanced) loan, your score can go back up assuming you suffer no other adverse impacts to your credit and you responsibly use your existing accounts (e.g., pay your monthly minimum payments for bills/loans on time). Please reach out to credit agencies if you have any questions or if you need more information.

For a cash-out refinance, you'll need to wait until you have at least 20% equity in your home.