Mortgage

SunTrust Mortgage Evaluation for 2020

overview

SunTrust Bank was founded in 1891 and is more than 120 years old. The company currently operates a medium-sized network of branches in 10 states and Washington, D.C.

Customers can apply for a mortgage in person, online, over the phone, or through the SunTrust mobile app.

For those who apply, SunTrust offers a variety of home loan options so that many borrowers can find what they need.

Interest rates seem a little higher than average, but mortgage rates vary widely depending on the customer. Check online or your local SunTrust representative to determine if this is the right lender for you.

Editor's note: As of December 2019, SunTrust and BB&T have merged under the Truist name. According to SunTrust, this has no impact on mortgage customers for now.

SunTrust Mortgage Rates

Looking at the average 30-year interest rates for 2019, SunTrust appears to have higher mortgage rates than other major lenders. The origination fees and loan costs are average.

Average 30-year mortgage rates at major banks

SunTrust
Wells Fargo
Accelerate Loans
chase
30-year average interest rate, 20191

5.92%
4.22%
4.16%
4.22%

Monthly P&I payment *

$ 1,190
$ 980
$ 973
$ 980

Median Loan Costs, 2019

$ 3,605
$ 3,484
$ 5,075
$ 3,440

Median Origination Charge, 2019

$ 1,000
$ 1,199
$ 2,085
$ 1,279

Remember that prices vary widely depending on the customer. And SunTrust could have higher interest rates on average if it helps more borrowers out of bounds.

Still, if you like what SunTrust has to offer, it is worth getting a rate estimate to see how competitive this lender is for you.

Average tariff and fee data comes from public tariff and fee records required by the Home Mortgage Disclosure Act (HMDA).

* Monthly principal and interest payment based on a home price of $ 250,000 down 20% assuming an average 30 year interest rate for each business for 2019. Your own interest rate and monthly payment will vary.

Check your new plan (November 21, 2020)

SunTrust Mortgage Review for 2020

SunTrust emphasizes the personal aspects of its mortgage offering.

"We really want to make sure you get the mortgage that's right for you," says the company. "So we talk to you about it – face to face in a branch and over the phone."

This level of commitment will appeal to many first time buyers and others who value traditional mortgage relationships.

Even better, SunTrust offers a variety of low and no down payment mortgage options. Combined with personal customer service, this could make SunTrust particularly attractive to new home buyers.

However, for those who prefer the more modern Quicken Loans style of mortgage buying, this may be less attractive – reducing personal interactions to near zero.

In theory, such technophiles could potentially use SunTrust's online application process to get a similar type of engagement. However, the app seems geared towards stimulating calls and meetings.

Is This People Centered Lender the Right Company for Your Home Loan? To find out, compare prices and costs, and learn about the pros and cons of working with SunTrust below.

Working with SunTrust Mortgage

While SunTrust is designed for face-to-face interactions, it has an inviting and useful online presence.

The website offers a lot of information. And you can apply online and securely upload documents there. It is helpful that there is also a Spanish-language version.

There is also an app called SunTrust SmartGUIDE.

In this way, you can create applications using mobile devices. This means that you can save your application at any time and continue it later.

SunTrust Customer Service Reviews

SunTrust appears to have a good reputation for customer service.

Less than 1 in 1,000 SunTrust mortgage customers made an official complaint in 2019.

Companies
Mortgage origins 2019
CFPB complaints 2019
Complaints per 1,000 mortgages
2020 JD nominal power
SunTrust

147,700
56
0.38
Not rated

Wells Fargo

1,026,800
342
0.33
840/1000

Accelerate Loans

774,900
187
0.24
883/1000

chase

527,600
188
0.36
860/1000

Of course, customer service often depends on the individual loan officers in your area.

If you are looking to get a great deal from SunTrust and work with the company, find friends and neighbors who have worked with SunTrust. And check online reviews in your area.

If your experience has been positive, SunTrust could be a good choice for you.

Mortgage loan products at SunTrust Mortgage

As you'd expect from a major bank, SunTrust Mortgage has a fairly comprehensive portfolio of products.

While it appeals to virtually all borrowers, it seems especially to welcome those who have limited down payments. These options are usually good for first-time buyers.

SunTrust's mortgage loan products include:

Fixed Rate Mortgages (FRMs) – Choose to secure your mortgage rate for the entire loan, which can be 30 years or less than 10, 15 or 20 years Adjustable Rate Mortgages (ARMs) – You can set your interest rate for the first five, seven or ten years of your loan. After that, your course will float with the marketJumbo Loans – For those who need to borrow above the conventional borrowing limit which is currently $ 510,400 in most areasFHA loan – A government sponsored program that allows you to make a 3.5 percent down payment and has lower credit requirements VA loan – Zero percent down payment and other benefits for service members and veterans who qualifyUSDA loan – Zero deposit for eligible homes in designated rural and suburban areas. You must have low or moderate income to qualifyDoctor Loan Program – Zero deposit and other benefits for eligible dentists, doctors and approved residents / interns / fellows

SunTrust also offers HomeReady and Home Possible mortgages.

With these two home loan programs backed by Fannie Mae and Freddie Mac, buyers can qualify with just three percent less. They should be accessible to buyers and families with lower incomes.

Overall, SunTrust has a wider range of mortgages than many of its competitors. It might turn out that there are home loan options for people struggling to qualify elsewhere.

SunTrust Home Equity Loans

SunTrust does not appear to offer home equity loans. However, the company does offer home equity lines of credit (HELOCs).

SunTrust home equity lines of credit are available from $ 10,000 to $ 500,000 with a 10 year "draw" period. (The draw period is the time you can borrow from the HELOC before paying it back in full.)

If you are already a SunTrust customer, you may receive a 0.25% lower HELOC rate than non-SunTrust customers.

In contrast to a home equity loan (which is a one-time lump sum), a HELOC is a rotating line of credit from which you can take out loans and pay them off on an ongoing basis.

A HELOC works a bit like a credit card, but is secured against your home. The amount you can borrow depends on your home equity and creditworthiness. And you can only borrow from a HELOC for a set period of time (the draw period) before you have to repay it in full.

How do I get rid of PMI?

To get rid of PMI using SunTrust, you must have at least 20% equity in your home. In other words, your credit-to-value ratio must be 80% or less.

This is the rule for applying for PMI (Private Mortgage Insurance) termination on a lender's conventional loans. Note, however, that the law does not require lenders to cancel your PMI until you reach 22% equity.

If you want to cancel the FHA Mortgage Insurance (MIP), you still need 20% equity. But you have to refinance into a conventional loan even without PMI to actually get rid of your insurance. This is because all FHA loans require mortgage insurance regardless of the loan-to-value ratio.

To cancel SunTrust PMI, you can send a written request to the bank once your loan reaches 20% equity. You need to know about your mortgage payments.

Also, you need a new review that you will have to pay for. However, a new valuation often benefits the homeowner as rising home prices can increase your equity by up to 20% before you have actually paid back much of the loan.

Alternatively, when you hit 22% equity, your traditional PMI should automatically drop.

To cancel FHA MIP, speak to SunTrust about your options to refinance into a traditional loan with no mortgage insurance.

Note that you can refinance with any lender to remove PMI. You don't have to use the lender holding your current FHA loan.

Where can you get a mortgage with SunTrust?

NMLS ID: 2915

SunTrust currently only has two active mortgage credit branches in Georgia and North Carolina, according to the NMLS.

Use the bank's locator service to find a SunTrust branch near you

However, SunTrust is licensed to provide credit in 46 states. Here's how you can get a SunTrust mortgage online or over the phone in any state except Alaska, Arizona, Hawaii, or Oregon.

Is SunTrust the Best Mortgage Lender for You?

SunTrust has a strong focus on human customer service and a wide variety of credit products. This could make it a great choice for first-time home buyers who need a little extra guidance and flexible credit requirements.

Regardless of who you are, SunTrust could be a good choice if it offers competitive pricing and fees.

Compare a SunTrust course offering to some other banks to see if it is competitive for you.

Check your new plan (November 21, 2020)

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