Truist home equity lines of credit can be repaid in either fixed, variable, or interest-only rates and does not charge closing costs. The company’s variable rates change from state to state but have an average range between 6.30% and 12.74% APR. The minimum HELOC amount customers can borrow from Truist is $5,000. However, the maxim amount of loan granted depends on the creditworthiness and available equity.
Truit’s fixed HELOC rates repayment terms range from five, ten, fifteen, and twenty years. The variable-rate credit lines have a repayment period of twenty years and a draw period of ten years.
The company covers closing costs for lines to a maximum amount of 4500,000. Consequently, this may cause higher interest rates. Closing an account within three years of opening might also attract prepayment penalties which demand clients to pay back the closing and origination costs covered by the company.
Truit’s eligibility check considers the client’s
· Credit score
· Debt-to-income and loan-to-value ratios