Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

SunTrust mortgage review

This lender caters to a full spectrum of borrowers, but customer reviews are largely negative.

finder.com’s rating: 3.8 / 5.0

★★★★★

This lender caters to a full spectrum of borrowers, but customer reviews are negative.

SunTrust offers flexible mortgage loan options for low-, moderate- and high-income earners. But customer reviews are negative, and it’s currently not available in Hawaii, Alaska, Oregon or Arizona.

Details

Loan products offeredConventional, Jumbo, FHA, VA, USDA, Home Equity/HELOC, Refinance
Minimum credit scoreConventional: 620
Minimum down payment (Conventional)3%
State availabilityNot available in: AK, AZ, HI, OR
NMLS #93471
This lender’s products and availability may soon change, as SunTrust and BB&T Bank have merged to form Truist, which will become the sixth-largest bank in the US once the integration is complete.

SunTrust requirements

To apply for a loan with SunTrust, you must meet these standard requirements:

  • A minimum credit score of 620 for conventional, FHA and VA loans or 640 for USDA loans
  • A maximum debt-to-income ratio of 43%

You’ll also need to provide proof of income and put down at least 3% for the Agency Affordable program and 3.5% for an FHA loan.

Documentation

SunTrust may request these documents:

  • Recent pay stubs
  • Bank statements
  • Retirement and other account statements
  • Tax returns
  • W-2 forms
  • Homeowner’s insurance information
  • List of credit cards, plus car, student or home loans

Costs and fees

SunTrust publishes little information about its mortgage fees online, but you can expect to pay fees for:

  • Appraisal
  • Inspection
  • Origination
  • ARM conversion
  • Expedited document delivery

How to apply for a mortgage with SunTrust

You can apply or prequalify for a mortgage online, over the phone, via email or at a local branch. Follow these steps for the streamlined, online application:

  1. Go to the SunTrust website and select Mortgages.
  2. Select Apply now and sign in if you’re an existing client. Otherwise, select Continue.
  3. Create an account with your email address and password and review the Terms & Conditions. Select Agree.
  4. Indicate whether you’re purchasing a new property or refinancing a mortgage, then enter your personal and contact information and answer questions about the property you want to purchase.
  5. Outline your Assets, including all cash, investment and retirement accounts you’ll use to cover your down payment and closing costs. Securely link your bank account to avoid uploading statements later, or press Skip.
  6. Detail your income, employment, and any real estate you own and upload identifying and supporting documents.
  7. Submit your mortgage application. You can expect to receive a loan estimate within three business days. Once you review this, let the lender know if you’d like to proceed with the loan.

What types of mortgages can I get through SunTrust?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Other mortgage products offered by SunTrust

SunTrust also offers a slate of specialty loans for both low- and high-income borrowers.

  • Refinance loans. SunTrust offers both traditional and cashout refinancing, as well as the VA Interest Rate Reduction Refinance Loan (VA IRRRL).
  • Agency Affordable program. SunTrust offers both HomeReady and Home Possible loans by Fannie Mae and Freddie Mac. These programs are designed to help lower-income borrowers get into a home with a smaller down payment and lower mortgage insurance.
  • Community Homeownership Incentive Program (CHIP). This loan allows you to pay only a 3% down payment with no income limitation if your home is located in an eligible area.
  • Doctor loan. This lender offers a special program with up to 100% financing and no PMI for doctors, including interns, residents, fellows and dentists.
  • Premier loans for professionals and entrepreneurs. Provides jumbo loans from $1.5 million to $3 million for high-income borrowers.

How SunTrust’s mortgage products compare to other lenders

SunTrust offers a wide variety of mortgage loans and programs. In addition to conventional and government-backed loans, the bank offers mortgages for low-income borrowers, medical professionals just getting started and borrowers looking for jumbo loans.

Compare mortgage lenders and brokers

Compare these lenders and lender marketplaces by the type of home loan you’re searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.

Name Product Loan products offered State availability Min. credit score
Morty
(NMLS #1429243)
Morty
Conventional, Jumbo, Refinance
AL, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, MD, ME, MI, MN, MS, MT, NC, NE, NJ, NM, OH, OK, OR, PA, SC, TN, VA, WA, WI, WV
660
Preapproval in minutes and closing in as little as 3 weeks with no origination fees.
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
loading

Compare up to 4 providers

SunTrust reviews and complaints

SunTrust is accredited with the Better Business Bureau (BBB) and holds an A+ rating as of April 2021 for answering over 1,100 complaints in the last three years. Customer reviews tell a different story, though. The company has earned 1.07 out of 5 stars based on 256 reviews, with most reviewers citing problems with the product, service and billing.

Other forums echo similar sentiments. On Trustpilot, SunTrust Mortgage has a 2-star rating based on 28 reviews. While customers were pleased with the ease of opening accounts, they said the service could be slow and representatives were frustrating to deal with.

Pros and cons of SunTrust

Pros

  • Low down payments. With a HomeReady, HomePossible or FHA loan, you’ll only need a down payment of 3% or 3.5%.
  • Loans for doctors and other professionals. If you have high-income potential, you can get up to 100% financing with no PMI.
  • Full-service banking. Loans aside, SunTrust offers banking services, which may appeal to people who want to consolidate their finances.
  • Truist merger may expand options. Truist promises new products and services once the bank fully integrates with BB&T.

Cons

  • Not nationwide. SunTrust offers no service in Hawaii, Alaska, Oregon or Arizona. And it only has a physical presence in Alabama, Arkansas, DC, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia and West Virginia.
  • High interest rates. Compared to other lenders, SunTrust’s rates are high, especially for fixed-rate, adjustable-rate and VA loans.
  • Poor customer reviews. Most of this bank’s online reviews are negative, citing poor customer service, bad account management and slow response times.

What is SunTrust?

Founded in 1891 as the Commercial Travelers’ Savings Bank in Atlanta, SunTrust Bank offers checking and savings accounts, mortgages, personal loans, business loans, wealth management and other financial products. The bank has recently merged with BB&T Bank to form Truist, which should be fully integrated in 2022, making it the sixth-largest bank in the US.

In 2014, SunTrust was fined nearly $1 billion by the government over allegations that it originated FHA loans that didn’t meet FHA guidelines and had unfair and/or illegal foreclosure practices.

Avatar

Review by


Katia Iervasi is a staff writer who hails from Australia and now calls New York home. Her writing and analysis has been featured on sites like Forbes, Best Company and Financial Advisor around the world. Armed with a BA in Communication and a journalistic eye for detail, she navigates insurance and finance topics for Finder, so you can splash your cash smartly (and be a pro when the subject pops up at dinner parties).

Expert review

SunTrust’s special programs for doctors make it a good choice for interns, residents, fellows and dentists looking for a home. It offers up to 100% financing and no PMI for those who qualify. However, its rates are higher than the national average, so only those with excellent credit get the best deals.

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our finder.com Terms of Use and Privacy and Cookies Policy.
Go to site