SunTrust mortgage review
finder.com’s rating: 3.8 / 5.0
This lender caters to a full spectrum of borrowers, but customer reviews are negative.SunTrust makes the mortgage process easier with flexible options for low-, moderate- and high-income earners. But customer reviews are negative, and it’s not available in Hawaii, Alaska, Oregon or Arizona.
|Loan types||Purchase, Refinance, Jumbo, FHA, USDA, VA, HELOC|
|Other minimum credits||620|
|Minimum down payment||3%|
Expect fees to include appraisal fees, title charges, closing fees and state taxes.
Ask your loan consultant for the specific fees associated with your pending loan, and keep an eye out for additional fees in your loan documentation.
|Available States||Not available in: AK, AZ, HI, OR|
- Low down payment options available
- Available online in English and Spanish
- Full-service banking
- Not available in all states
- Higher than average interest rates
Other forums echo similar sentiments. On Consumer Affairs, SunTrust Mortgage has a 1 out of 5 stars based on 32 reviews. While customers were pleased with the mortgage options, they said the service could be slow and representatives were frustrating to deal with.
What types of loans does SunTrust offer?SunTrust offers a variety of mortgage types, including:
This lender offers both fixed- and adjustable-rate conventional mortgages.
JumboSunTrust offers jumbo loans through three separate programs. The Key Loan program offers financing up to $1.5 million, the Premier program offers financing up to $3 million and the Private Wealth program has no maximum loan limits.
Designed for low- to moderate-income borrowers, FHA loans are available with as little as 3.5% down and have more flexible lending criteria than conventional mortgages.
VA loans are available with $0 down to qualifying active duty military, veterans and select spouses.
USDA loans are available for $0 down to qualifying buyers purchasing a home in an eligible rural area. You can use the USDA website to check if your home qualifies.
A home equity line of credit (HELOC) allows you to borrow against the equity you’ve built up in your home. SunTrust offers lines of credit from $10,000 to $500,000.
Other loan types offered by SunTrust
- Refinance loan. SunTrust offers both traditional and cash-out refinancing.
- 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.
- Doctor loan. This lender offers a special program with up to 100% financing and no PMI for doctors, including interns, residents, fellows and dentists.
SunTrust’s feesSunTrust publishes little information about its mortgage fees online, but you can expect to pay fees for:
- ARM conversion
- Expedited document delivery
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.
DocumentationSunTrust 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
How to get a home loan with SunTrust
You can apply (or prequalify) for a mortgage online, over the phone, via email or at a local branch.
Here are the steps for the streamlined, online application:
- Go to the SunTrust website. On the top navigation bar, click Mortgages.
- Click Apply now.
- Sign in if you’re an existing client. Otherwise, click Continue.
- Create an account with your email address and password.
- Review the Terms & Conditions. Click Agree.
- Indicate whether you’re purchasing a new property or refinancing a mortgage.
- Enter your personal and contact information.
- Select your property type and property use —for example, primary residence, vacation home or investment property.
- 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.
- 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, you can let the lender know if you’d like to proceed with the loan.
Pros and cons of SunTrust
- Low down payments. Choose a HomeReady, HomePossible or FHA loan and you’ll only need a down payment of 3% or 3.5%.
- Available in English and Spanish. SunTrust has a full Spanish version of its website.
- Full-service banking. Loans aside, SunTrust offers banking services, which may appeal to people who want to consolidate their finances.
- 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 competitors, the rates are high, especially for fixed-rate, adjustable-rate and VA loans.
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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.
But 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.
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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).
Sun Trust’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 that qualify. However, its rates are higher than the national average, so those with the excellent credit get the best deal.