September 27, 2021
SunTrust Mortgage Review | The Simple Dollar

SunTrust Mortgage Evaluate | The Easy Greenback

SunTrust, now Truist, sheds gentle on the choices you can actually have as a house owner, whether or not shopping for for the primary time or refinancing.

SunTrust Mortgage offers you the mortgage choices of a serious mortgage lender with the personalization of a regional financial institution.

SunTrust Mortgage needs to be in your record of lenders to think about if you happen to’re trying to find a brand new house or refinancing. SunTrust Mortgage is a division of SunTrust Financial institution, which not too long ago merged with BB&T to type a brand new financial institution, Truist Monetary Company. The merger mixed these two veteran banks, based in 1891 and 1872, respectively, into the sixth-largest industrial financial institution within the nation, with its headquarters in Charlotte, North Carolina.

Luckily for its current clients, the merger is not going to have an effect on most day-to-day banking operations. The SunTrust identify will stay on its branches, ATMs, statements and web site, and any new accounts will nonetheless be below the SunTrust identify, together with mortgages.

SunTrust mortgage at a look

Lender Mortgage Quantity 30-Yr Mounted Fee Merchandise Key Advantages
SunTrust Mortgage As much as $3,000,000 2.88% 30-year constant
15-year constant
5/1 ARM
7/1 ARM
10/1 ARM
Low rates of interest

What we like about it

In case you’re searching for flexibility whereas purchasing round for a house mortgage, SunTrust Mortgage has you coated. It presents all kinds of mortgage merchandise to suit practically any house and monetary plan you would possibly end up in. For standard loans, it presents the usual 15-year and 30-year fixed-rate mortgages in addition to 5/1, 7/1 and 10/1 adjustable-rate mortgages (ARM).

It additionally has government-backed VA, USDA and FHA loans accessible for individuals who qualify. On high of that, we love that it presents reasonably priced financing for lower-income debtors in addition to a number of versatile choices for properties exceeding the traditional mortgage limits. SunTrust Financial institution covers the entire spectrum so you will get the mortgage you want on your house.

Issues to think about

Whereas SunTrust presents mortgages round the USA, you received’t be capable to discover a department if you happen to stay exterior of the southeast. More often than not, that’s not an issue — you’ll be able to simply do all your banking on-line. However, if you need to have the ability to go to a financial institution and speak face-to-face with a mortgage dealer, you in all probability received’t have that luxurious with SunTrust Mortgage.

One other draw back it is best to be careful for is the SunTrust Mortgage charges. In case you examine its rates of interest to different lenders, at first, these numbers that look fairly nice. Nevertheless, you’re solely seeing the speed for a $200,000 mortgage with a 20% downpayment and a credit score rating over 740 — you don’t have any strategy to examine phrases primarily based by yourself monetary state of affairs with out offering your info for pre-approval.

What it is advisable to know

A SunTrust Financial institution mortgage offers you energy in selecting a mortgage that most closely fits your wants. SunTrust presents each 15-year and 30-year mortgage phrases with the choice for both a fixed-rate or adjustable-rate mortgage. In case you’re shopping for a dearer property, you should utilize its jumbo mortgage to borrow as much as $3,000,000. The financial institution doesn’t record any minimal quantity for its clients.

In fact, your APR will range relying on the kind of mortgage you go along with, your credit score historical past and different components. At present, in case you have wonderful credit score, you’ll be able to count on an APR round 3.9846% for a 30-year FHA mortgage and a pair of.5948% for a 15-year fixed-rate mortgage.

Making use of for a SunTrust house mortgage is a straightforward course of. On the SunTrust Mortgage web site, the appliance is straightforward and simple to navigate. You’ll first create an account and comply with the phrases and circumstances, then you definitely’ll see a easy and intuitive software asking for particulars about you and your funds. When you enter all your information, you’ll obtain a customized pre-approval. In case you stay within the southeast United States, you may as well go to one among SunTrust’s branches to use in human being.

Collateral and standards

SunTrust mortgage follows the rules from Fannie Mae when setting its minimal credit score rating necessities for standard loans. You’ll must have at a 620 FICO Rating to qualify for a traditional mortgage with SunTrust, however you might be able to qualify with a decrease rating if you happen to select a government-insured FHA mortgage.

The FHA requires a minimal FICO Rating of 580 to qualify for its low down fee program. When you have a credit score rating beneath 580, you aren’t essentially excluded, however you’ll must put down a minimum of 10% and can have a way more troublesome time being accredited at each SunTrust and different lenders.

SunTrust options

SunTrust vs. Rocket Mortgage

Rocket Loans guarantees a “rocket quick” choice in addition to fast entry to your mortgage funds when you’re accredited.

SimpleScore

3.4 / 5.0

SimpleScore Rocket Mortgage 3.4

Rocket Loans is a part of the Quicken Loans household, which was established again in 1985. Headquartered in Detroit, Rocket Loans goals to supply a fast and simple on-line private mortgage and mortgage course of that’s unencumbered by the surplus paperwork and trivialities required by conventional lenders.

  • Rocket Mortgage from Quicken Loans is likely one of the titans within the house mortgage business, topping the J.D. Energy Major Mortgage Servicer Satisfaction Survey six years in a row. SunTrust Mortgage is gaining, although, transferring into eighth place on the record with a four-star score (out of 5), primarily based on SunTrust Mortgage critiques and different customer support components. Rocket’s charges are greater than SunTrust’s at 2.88% APR in comparison with 3.18% APR for a 30-year fixed-rate mortgage with a 20% downpayment for individuals with wonderful credit score.

SunTrust vs. Financial institution of America

SimpleScore

3.8 / 5.0

SimpleScore Financial institution of America 3.8

Based initially in 1904, Financial institution of America at the moment has its headquarters in Charlotte, North Carolina. Because the second-largest financial institution within the U.S. by belongings, Financial institution of America is nicely geared up to deal with all your borrowing wants, together with mortgages. Financial institution of America mortgage loans can be found in lots of variations, together with FHA, VA, ARMs — 5, 7 and 10 12 months — and fixed-rate — 15, 20 and 30 12 months — choices.

  • Financial institution of America falls slightly below SunTrust Mortgage within the J.D. Energy rankings, getting solely three stars out of 5. Financial institution of America’s mortgage charges are additionally decrease than SunTrust’s at 2.82% APR in comparison with 2.88% for a 30-year fixed-rate mortgage with 20% down. In case you just like the in-person expertise and stay exterior of the southeastern United States, Financial institution of America might be a great choice because it has branches all around the nation.

Examine high mortgage lenders

We welcome your suggestions on this text and would love to listen to about your expertise with the mortgage loans we advocate. Contact us at [email protected] with feedback or questions.