What types of fees does SunTrust charge?SunTrust publishes little information about its mortgage fees online, but you can expect to pay fees for:
- ARM conversion
- Expedited document delivery
|Loan types||Purchase, Jumbo, Fixed, Adjustable, FHA, USDA, VA|
|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.
Other forums echo similar sentiments. On Consumer Affairs, SunTrust has a one-star rating based on 279 reviews. While customers were pleased with the mortgage options on offer, they said the service could be slow and unsympathetic.
To apply for a loan with SunTrust, you must meet these standard requirements:
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.
When it comes to mortgages, SunTrust has the following flaws:
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:
Make the most of your mortgage with these tips:
Create an online account. Track your mortgage and authorize payments from your bank account. You can also set up a recurring monthly debit using SurePay.
Sign up for biweekly payments. During the first month of enrolment, you’ll need to make your regular monthly payment plus two half payments, which will go straight to paying your principal. After that, you’ll pay half your total mortgage payment every two weeks. Call your loan officer to opt in.
Contact customer service. Questions? You can reach the team by:
While SunTrust’s interest rates are high, it makes up for it in loan offerings. It caters to a spectrum of borrowers, from high-income earners searching for jumbo loans to those who have trouble affording a traditional 20% down payment.
Unfortunately, these flexible programs are unavailable if you live in Hawaii, Alaska, Oregon or Arizona.
To find a mortgage that meets your needs, compare multiple lenders.
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