SunTrust Mortgage Bank: In the search for a bank ideal for borrowers with fair credit score and also flexible customer service options. SunTrust Mortgage has you covered. You can get a loan from SunTrust Bank to buy a home, refinance an existing mortgage, or tap into home equity.
SunTrust is a large regional bank headquartered in Atlanta, Georgia. It issues a wide variety of mortgage loans, including loans that are guaranteed by government agencies, such as the USDA, FHA, and VA.
Other Loan Types – Refinance, jumbo loans, FHA, VA, and USDA loans
SunTrust can be a great lender. That is if you live in a region where these loans are available. You also want to be able to handle some of your applications online, but you also want to visit a local branch to talk with a loan professional.
Local support is available.
A wide variety of loan options are available. Interest rates are competitive, which can help to ensure your loan is as affordable as possible.
No alternative credit scoring data is used by SunTrust.
You can’t get a personalized rate online and will need to deal with a mortgage loan officer at some point during the buying or refinancing process
You can’t necessarily get a SunTrust loan if you do not live in one of the states where this bank is accessible
Types of SunTrust Mortgage
Here are the mortgages SunTrust offers:
Doctor Loan Program
These loans are the most common type of mortgage, and it’s what most borrowers will qualify for. SunTrust offers both fixed-rate mortgages and adjustable-rate mortgages.
Fixed term – 15 or 30 years
Adjustable terms – 5/1, 7/1, or 10/1
Prepayment penalty – $0
Jumbo loans are available to eligible homebuyers who need to borrow more than the conventional limit. However, you may need to meet stricter credit scores and debt-to-income requirements in order to qualify.
Max. Loan-to-value (LTV) – 89.99%
Min. Loan amount – $484,351
Max. Loan amount – $3 million
Doctor Loan Program
If you’re a medical doctor early in your career, you might not have the cash to buy the home you want—even though you know you’ll be able to afford it down the road. If that sounds like you, this program could be ideal for you.
Maximum loan for doctors are; Practicing doctors entitled to $1.5 million, while residents, interns, & fellows gets $750,000.
Government-backed loans, such as FHA Loans, help low-income or first-time homebuyers get a mortgage loan. Federal agencies back your mortgage, so your lender is able to extend relaxed eligibility requirements.
SunTrust Mortgage Refinancing
When you refinance a mortgage, you take out a new loan to pay off your existing one. If your financial situation has improved since you last took out your loan, you may be able to qualify for a lower interest rate, saving you money each month and over the life of your loan.
On the other hand, if you’re struggling to keep up with mortgage payments, you could refinance into a longer repayment term. While this wouldn’t save you money over the long haul, it would reduce your monthly payments now.
SunTrust offers both traditional refinance mortgages, as well as cash-out refinance loans, which can be useful if you need access to cash to fund a major expense.
Refinancing can reduce costs if you’re able to qualify for a better rate
In-person support, as well as online support, make applying for a SunTrust refinance loan easy
You have a choice of refinance loans, including a cash-out refi if you’re hoping to be able to use some of the equity in your home for other purposes
Depending on where you live, SunTrust may not offer to refinance loans in your area
You can’t complete the entire loan process online without talking with a representative
Since SunTrust offers loans backed by the FHA, VA, and USDA, even borrowers with imperfect credit or who have small down payments can generally find an appropriate loan through SunTrust.
The eligibility requirements for each loan program will differ, and SunTrust doesn’t disclose most of its requirements on their website. However, it’s useful to keep some general standards in mind.
Most lenders want to see a minimum credit score of 620 and a debt-to-income ratio below 43% in order to qualify. A down payment of at least 20% is also ideal, although you can usually qualify with less.
How to Apply
The application process with SunTrust can be slower than with some online mortgage lenders that allow you to complete the entire mortgage process over the web. But the benefit is that you can get help from a local loan officer to make sure you get a loan that works for you.
To get started, visit the SunTrust site and click “Apply Now.” You’ll need to supply a few basic pieces of information to get pre-qualified and see your potential rates.
If you like what you see and you want to move forward with a full application, you’ll be able to reach out to a loan officer at that point and submit additional information.
Info’s You Need to Apply
Some of the information you’ll need to submit a full application includes:
Personal contact details
Your Social Security number (so SunTrust can check your credit report)
Details about the property you’re purchasing
Bank and investment account statements
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