SunTrust Mortgage Review

SunTrust, now Truist, sheds light on the options that you can truly have as a homeowner, whether buying for the first time or refinancing.

J.D. Power Rating
4/5
Min. Credit
620
Min. Down Payment
3%
SimpleScore
4 / 5.0
close
SimpleScore Truist 4
Perks 4
Credit Impact 3
Customer Satisfaction 4
Product Variety 5
Fees 4

SunTrust Mortgage gives you the loan options of a major mortgage lender with the personalization of a regional bank.

SunTrust Mortgage should be on your list of lenders to consider if you’re searching for a new home or refinancing. SunTrust Mortgage is a division of SunTrust Bank, which recently merged with BB&T to form a new bank, Truist Financial Corporation. The merger combined these two veteran banks, founded in 1891 and 1872, respectively, into the sixth-largest commercial bank in the country, with its headquarters in Charlotte, North Carolina.

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.

In this article

    SunTrust mortgage at a glance

    LenderLoan Amount30-Year Fixed RateProductsKey Benefits
    SunTrust MortgageUp to $3,000,0002.9895%30-year fixed
    15-year fixed
    5/1 ARM
    7/1 ARM
    10/1 ARM
    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 alternatives

    SunTrust vs. Rocket Mortgage

    Rocket Loans promises a “rocket fast” decision as well as quick access to your loan funds once you’re approved.

    J.D. Power Rating
    5/5
    Min. Credit
    620
    Min. Down Payment
    3%
    SimpleScore
    3.4 / 5.0
    close
    SimpleScore Rocket Mortgage 3.4
    Perks 4
    Credit Impact 4
    Customer Satisfaction 5
    Product Variety 3
    Fees 1

    Rocket Loans is part of the Quicken Loans family, which was established back in 1985. Headquartered in Detroit, Rocket Loans aims to offer a quick and easy online personal loan and mortgage process that is unencumbered by the excess paperwork and minutiae required by traditional lenders.

    • 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

    lending partner.

    J.D. Power Rating
    3/5
    Min. Credit
    620
    Min. Down Payment
    3%
    SimpleScore
    3.8 / 5.0
    close
    SimpleScore Bank of America 3.8
    Perks 5
    Credit Impact 3
    Customer Satisfaction 3
    Product Variety 4
    Fees 4

    Founded originally in 1904, Bank of America currently has its headquarters in Charlotte, North Carolina. As the second-largest bank in the U.S. by assets, Bank of America is well equipped to handle all of your borrowing needs, including mortgages. Bank of America mortgage loans are available in many variations, including FHA, VA, ARMs — 5, 7 and 10 year — and fixed-rate — 15, 20 and 30 year — options.

    • 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.

    Compare top mortgage lenders

    We welcome your feedback on this article and would love to hear about your experience with the mortgage loans we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

    Methodology

    SimpleScore

    We’ve created the SimpleScore to help you objectively compare products and services here at The Simple Dollar.

    Our editorial team:

    • Identifies five factors to compare across each brand
    • Determines the rating criteria for each factor
    • Calculate an average of those five factor scores to get one SimpleScore

    We break down each of these five factors and their rating criteria for our review of the best mortgage companies.

    Why do some brands have different SimpleScores on different pages?

    Some brands like Bank of America, Wells Fargo, and Chase have different SimpleScores because they offer more than one financial solution — like home loans, auto loans, personal loans and more.

    For instance, in our Bank of America Mortgage Review, we give the company a 3.8 out 5 based on our five rating factors for mortgages. In our Bank of America Auto Loans Review, we give the company a 4.4 out of 5 based on our rating factors for auto loans. By tailoring our SimpleScore to each financial solution, we’re able to give you a more accurate view of a brand’s services and how it compares to competitors’ services.

    Perks

    Mortgage lending companies that provide more perks receive a higher score from us.

    Hard/Soft credit checks

    We know that credit checks affect your score –– that’s why we favor companies that offer soft credit checks or hard credit checks when you want to see your pre-approval rates.

    Customer satisfaction

    We use the J.D. Power 2019 Mortgage Origination Satisfaction Study℠ to find out how customers rate their experience with each company. (If a company is not included in J.D. Power’s study, we skip this rating factor and average the remaining factor scores.)

    Product variety

    Mortgage lenders that offer more products for their home loans are given higher scores.

    Fees

    Fees can add up fast. Companies that don’t require as many fees for your home loan receive a higher score with us.

    Trevor Wallis

    Contributing Writer

    Trevor Wallis is a St. Louis-based personal finance writer who teaches people how to achieve freedom through good money practices. He’s written for Bankrate, NextAdvisor, Rewards Credit Cards and Online Loans. When he isn’t writing, he’s roasting specialty coffee and planning new ways to use credit card rewards to explore the world with his wife and newborn son.

    Reviewed by

    • Nashalie Addarich
      Nashalie Addarich

      Nashalie Addarich is an editor for The Simple Dollar. She recently made a career switch from the legal field, where she was an attorney in Washington, DC. In her free time, she enjoys learning new languages. You can also find her editorial work on Reviews.com.