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
|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 vs. Rocket Mortgage
- 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
- 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.