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.
|Loan products offered||Conventional, Jumbo, FHA, VA, USDA, Home Equity/HELOC, Refinance|
|Minimum credit score||Conventional: 620|
|Minimum down payment (Conventional)||3%|
|State availability||Not available in: AK, AZ, HI, OR|
Our take on SunTrust mortgage
SunTrust offers a standard range of conventional and government-backed loans, plus some specialty options you might not find with other lenders. Its program for doctors might make it a good choice for interns, residents, fellows and dentists looking for a home. It offers up to 100% financing and no private mortgage insurance for those who qualify.
However, its rates are higher than the national average, so only those with excellent credit get the best deals. The company also has a high number of customer complaints registered on the Better Business Bureau (BBB) over the past three years — although this is across all departments, not only mortgages.
Compared to other lenders, SunTrust seems about average in terms of its offerings and service. As such, we recommend comparing other lenders and getting a few quotes to make sure you’re getting the best deal possible.
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.
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:
- 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:
- Go to the SunTrust website and select Mortgages.
- Select Apply now and sign in if you’re an existing client. Otherwise, select Continue.
- Create an account with your email address and password and review the Terms & Conditions. Select Agree.
- 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.
- 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.
- Detail your income, employment, and any real estate you own and upload identifying and supporting documents.
- 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?
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.
SunTrust reviews and complaints
SunTrust is accredited with the Better Business Bureau (BBB) and holds an A+ rating as of October 2021. But customers have registered 1,840 complaints in the last three years. It also has a 1.07 out of 5 star rating based on 410 reviews. Unhappy reviewers report problems with the product, service and billing.
Other forums echo similar sentiments. On Trustpilot, SunTrust Mortgage has a 1.4-star rating based on 80 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.
Several reviews also mention problems with the bank’s app. However, these complaints are across all departments at the bank, not only mortgages.
Pros and cons of SunTrust
- 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.
- 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.
Alternatives to SunTrust
SunTrust offers a standard range of loan options, plus home equity loans and HELOCs. Its doctor loan program might be a good option for medical professionals, offering up to 100% financing for home loans up to $750,000.
But for a greater array of mortgage options, including land, construction, renovation, condo loans and more — lenders like Draper & Kramer Mortgage, North American Savings Bank and Stearns Lending have a wider selection of loans and excellent reviews from thousands of customers.
If you want to bypass the loan officer together, consider a 100% digital lender like Beeline or Better. Both have no lender origination fee loans, and their 24/7 online application process allows for a quick preapproval — to get you house-hunting right away.
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