How much equity do I have in my home?

You can use a HELOC to pay down debt, finance a big purchase, pay education costs, or home improvements. If you use it for home improvements, the interest you pay may be tax-deductible.^{Disclosure 1}

With home equity loans, you receive a lump sum, then repay the loan in fixed installments. A HELOC is a revolving line of credit you can use as much as you need during the draw period. Both use your home as collateral, and may offer lower interest rates compared to unsecured debt, such as a credit card. You have four payment options during the draw period, including interest-only payments. You can pay down the principal at any time.

Variable-rate repayment:^{Disclosure 3} 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.^{Disclosure 3}

Fixed-rate repayment:^{Disclosure 3} For draws taken under the fixed-rate/fixed-term repayment option, the repayment terms 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. 

You can apply online for a Truist HELOC.

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 pay stubs.

Applying for a home equity line from Truist is quick and easy. Once all required paperwork has been received, we’ll act promptly to close your HELOC.

We’re available to answer your questions, discuss your account, and review your options. Call us at 844-4TRUIST (844-487-8478) Monday through Friday, 8 am to 8 pm, or Saturday, 8 am to 5 pm ET to get answers to your questions.