SunTrust Mortgage gives you the loan options of a major mortgage lender with the personalization of a regional bank.
Fortunately for its existing customers, the merger will not affect most day-to-day banking operations. The SunTrust name will remain on its branches, ATMs, statements and website, and any new accounts will still be under the SunTrust name, including mortgages.
Our Two Cents — SunTrust, now Truist, sheds light on the options that you can truly have as a homeowner, whether buying for the first time or refinancing.
SunTrust mortgage at a glance
|Lender||Loan Amount||30-Year Fixed Rate||Products||Key Benefits|
|SunTrust Mortgage||Up to $3,000,000||2.9895%||
|Low interest rates|
What we like about it
If you’re looking for flexibility while shopping around for a home loan, SunTrust Mortgage has you covered. It offers all sorts of loan products to fit nearly any home and financial plan you might find yourself in. For conventional loans, it offers the standard 15-year and 30-year fixed-rate mortgages as well as 5/1, 7/1 and 10/1 adjustable-rate mortgages (ARM).
It also has government-backed VA, USDA and FHA loans available for those who qualify. On top of that, we love that it offers affordable financing for lower-income borrowers as well as several flexible options for properties exceeding the conventional loan limits. SunTrust Bank covers the whole spectrum so you can get the loan you need for your home.
Things to consider
While SunTrust offers mortgages around the United States, you won’t be able to find a branch if you live outside of the southeast. Most of the time, that’s not a problem — you can just do all of your banking online. But, if you want to be able to go to a bank and talk face-to-face with a mortgage broker, you probably won’t have that luxury with SunTrust Mortgage.
Another downside you should watch out for is the SunTrust Mortgage rates. If you compare its interest rates to other lenders, at first, those numbers that look pretty great. However, you’re only seeing the rate for a $200,000 loan with a 20% downpayment and a credit score over 740 — you don’t have any way to compare terms based on your own financial situation without providing your information for pre-approval.
What you need to know
A SunTrust Bank mortgage gives you power in choosing a loan that best fits your needs. SunTrust offers both 15-year and 30-year loan terms with the option for either a fixed-rate or adjustable-rate mortgage. If you’re buying a more expensive property, you can use its jumbo loan to borrow up to $3,000,000. The bank doesn’t list any minimum amount for its customers.
Of course, your APR will vary depending on the type of loan you go with, your credit history and other factors. Currently, if you have excellent credit, you can expect an APR around 3.9846% for a 30-year FHA loan and 2.5948% for a 15-year fixed-rate mortgage.
Applying for a SunTrust home mortgage is a simple process. On the SunTrust Mortgage website, the application is simple and easy to navigate. You’ll first create an account and agree to the terms and conditions, then you’ll see a simple and intuitive application asking for details about you and your finances. Once you input all of your info, you’ll receive a personalized pre-approval. If you live in the southeast United States, you can also go to one of SunTrust’s branches to apply in person.
Collateral and criteria
SunTrust mortgage follows the guidelines from Fannie Mae when setting its minimum credit score requirements for conventional loans. You’ll need to have at a 620 FICO Score to qualify for a conventional mortgage with SunTrust, but you may be able to qualify with a lower score if you choose a government-insured FHA loan.
The FHA requires a minimum FICO Score of 580 to qualify for its low down payment program. If you have a credit score below 580, you aren’t necessarily excluded, but you’ll need to put down at least 10% and will have a much more difficult time being approved at both SunTrust and other lenders.
SunTrust vs. Rocket Mortgage
Rocket Mortgage from Quicken Loans is one of the titans in the home loan industry, topping the J.D. Power Primary Mortgage Servicer Satisfaction Survey six years in a row. SunTrust Mortgage is gaining, though, moving into eighth place on the list with a four-star rating (out of five), based on SunTrust Mortgage reviews and other customer service factors. Rocket’s rates are higher than SunTrust’s at 3.139% APR compared to 2.9895% APR for a 30-year fixed-rate mortgage with a 20% downpayment for people with excellent credit.
SunTrust vs. Bank of America
Bank of America falls just below SunTrust Mortgage in the J.D. Power rankings, getting only three stars out of five. Bank of America’s mortgage rates are also higher than SunTrust’s at 2.9895% APR compared to 3.98% for a 30-year fixed-rate loan with 20% down. If you like the in-person experience and live outside of the southeastern United States, Bank of America could be a good option since it has branches all over the country.
Too long, didn’t read?
If you’re house-hunting in the Southeast, SunTrust should be near the top of your list. You can apply either online or in-person and qualify for some of the best mortgage rates in the industry. You’ll have the benefit of using a lender with a regional feel but the resources of the sixth-largest commercial bank in the country.
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The SimpleScore is our proprietary scoring metric to compare products and services at The Simple Dollar in a transparent, evidence-based way. Our editorial team identifies five quantifiable aspects to compare for every brand, determines the rating criteria for each aspect score, then averages the five aspect scores to produce a single SimpleScore. For mortgages, we compared perks, credit check process, product variety, customer satisfaction and fees for every major lender. Our ratings are meant to be a directional tool to help you in the process of choosing a mortgage loan provider. Be sure to continue your research and shop around for the best mortgage that fits your specific needs.
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