Founded in 1902, Trustco Bank began in Schenectady, New York, amid the Industrial Revolution and enjoyed close ties to General Electric.
In the decades since, Trustco has garnered a reputation for performance and entered the 21st century with expansion in mind. Now based in Glenville, New York, the bank has 148 branches located across Florida, Massachusetts, New Jersey, New York, and Vermont, with the majority being in Florida and New York, its home state of operations.
Trustco offers a mix of loan and deposit products, with its mortgages generally geared toward first-time homeowners. It also focuses on customer service, supported by an A+ rating from the BBB. Mortgage rates vary with the loan product being considered, of which there are many.
History of Trustco Bank
First formed as Schenectady Trust Company, Trustco Bank has been in operation since 1902, offering a range of deposit and loan products. The bank has grown to include branch locations across New York state, as well as in Florida, Massachusetts, New Jersey and Vermont. It credits its dedication to customer relationships and providing high-quality, low-cost products and services as helping it persevere through events like the Great Depression and ’70s inflation to the start of the 21st century on an expansion run, opening 80 offices since 2002.
Trustco Bank specializes in residential mortgages, offering a variety of loan products for first mortgages, new home purchases, refinances, jumbo mortgages, and HELOCs. It also maintains a first-time homebuyers program that extends certain advantages for such consumers. The online mortgage application process is easy and convenient, saving your data whenever you take a pause to gather more information and allowing you to start back up where you left off. In addition to mortgages, Trustco Bank offers auto, consumer, building, and student loans, retirement accounts, various financial services, and online banking.
Trustco Bank Mortgage Highlights
- “Your Home Town Bank” focuses on customer service, welcoming each customer by name as they enter the branch
- Opened around 80 branches since 2002, with 53 in Florida and a huge presence in New York
- Maintains an A+ rating with the Better Business Bureau as of November 2018
- A convenient online mortgage application designed to let applicants start and stop as they need
- Focuses on residential homeownership, offering purchase, refinance and jumbo mortgages, as well as home equity lines of credit (HELOCs)
- The mortgage rate quote and application process include low closing costs, no tax escrow required, and no borrower-paid PMI
- States serviced: Florida, Massachusetts, New Jersey, New York, Vermont
Home Loans Offered by Trustco Bank
Trustco Bank’s mortgage offering primarily benefits residential, first-time homebuyers. It must be noted that Trustco only offers first mortgages, meaning second mortgages are not available.
First Mortgage, Purchase (30 year)
For primary residences, the 30-year, fixed-rate structure is best for homeowners who are looking either to settle down or for a lower monthly mortgage payment. It also offers a 97 percent loan-to-value and 93 percent loan-to-value version of this mortgage, meaning down payments of only 3 percent and 5 percent, respectively, are required. This option may be more attractive for homeowners who don’t have the liquidity to secure a full-money-down loan.
Down Payment Requirements:
- First Mortgage (30 year): 10.5%
- First Mortgage (30 year 97% LTV): 3%
- First Mortgage (30 year 95% LTV): 5%
First Mortgage, Purchase (15 year)
The 15-year offering of the fixed-rate, first mortgage purchase loan is ideal for homeowners who may only be looking for a starter home, or who can afford to make higher monthly payments and want to pay off the loan quickly.
First Mortgage, Jumbo (30 year)
Mortgages above a certain value are called jumbo loans and tend to have more rigorous qualification requirements because they are above conventional loan amounts. Trustco offers two types of high-dollar mortgages: jumbo level 1 and jumbo level 2. Jumbo level 1 pertains to mortgages made between $550,050 and $750,000; jumbo level 2 ranges between $750,050 and $1.5 million.
Down Payment Requirements
- First Mortgage Jumbo Level 1: 15.5%
- First Mortgage Jumbo Level 2: 20%
First Mortgage, Refinance (30 year)
Refinancing allows homeowners to take advantage of low rates and decrease their monthly payment. Trustco offers a 30-year refinance option that can reduce monthly payments even further by spreading them across a longer term.
First Mortgage, Secondary Home Purchase (30 year)
Besides facilitating first-time homeownership, Trustco also supports secondary home purchases. The 30-year, 80 percent LTV product can be used for vacation homes and second homes.
Down Payment Requirements
- First Mortgage, Secondary Home (30 year): 20%
Condominium (30 year)
Trustco can finance up to 80 percent of a condo purchase, which provides customers with an alternative to a home-based loan.
Home Equity Loans (20 years)
In addition to mortgages, Trustco Bank has home equity loans. Structured as either a 1st lien or a 2nd lien (if a consumer takes out a second home equity loan), these products give homeowners cash for the equity they have in the residence, which can be used for repairs, renovations or to pay off the remainder of a mortgage near its term.
Home Equity Credit Line
Similar to a home equity loan, a HELOC is a way for homeowners to leverage their equity. A HELOC is different from a loan in that it is a line of credit and has draw periods, which may fit the flexible needs of homeowners.
FHA, USDA and VA loans
These mortgage loans, supported by various government agencies, are used by owners who may need more financial assistance (FHA), are in rural areas (USDA) or are veterans (VA). Trustco does not offer FHA, USDA or VA mortgage loans.
Trustco Bank Mortgage Application Process
Prospective homeowners can complete the Trustco Bank mortgage application process entirely online, or in person with a loan officer at one of the nearest branches in Florida, Massachusetts, New Jersey, New York, or Vermont. Trustco takes many steps to improve the mortgage experience for borrowers, particularly first-time homebuyers who can take advantage of:
- Reduced application and closing fees (subject to credit approval)
- No tax escrow required
- No appraisal fee
- No points
Transparency in the process is key to Trustco’s approach, and while not accredited by the BBB, it has an A+ rating. The closing stage of a home purchase can be a stressful and complicated time, and Trustco aims to educate borrowers on what they can expect to encounter during closing. The bank has a resource page that explains closing costs and what happens after the deal is completed. It also includes a mortgage calculator and checklists for borrowers on what information and documentation they’ll need to complete a mortgage application, including:
- Social Security number
- Two most recent paystubs
- Bank statements for the past two months
- Federal Tax Returns for the past two years, including all schedules
- Investment and retirement account statements for the past two months
- All assets and liabilities
Trustco Bank Mortgage Qualifications
Trustco does not publicly disclose its qualification standards for mortgage approval, which industry-wide generally includes a good credit score, employment history, manageable loan-to-debt ratios, and other factors.
Trustco Bank Lender Reputation
Trustco has been in business for more than 115 years, and has built a name, as well as a trustworthy reputation, in that time.
While not BBB-accredited, Trustco has an A+ rating on the site (as of November 2018), with a file open on the bank since 2008. The banking institution also advertises a five-star rating from Bauer Financial.
Trustco is an Equal Housing Lender Member FDIC, Nationwide Multistate Licensing System identifier number of 474376.
*Information collected December 5th, 2018
Trustco Bank Phone Number and Additional Details
- Homepage URL: https://www.trustcobank.com/
- Company Phone: 1-800-670-3110
- Headquarters Address: 5 Sarnowski Dr., Glenville, NY 12302-3503