SunTrust 2021 Mortgage Review
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The minimum credit score and down payment are for compliant mortgages.
Overall rating of the lender
Advantages and disadvantages
SunTrust Mortgage Rates
SunTrust provides examples of mortgage rates on its website. Keep in mind that these rates come with certain assumptions, for example that the loan is $ 200,000 with a borrower who has a credit score of 740. SunTrust does not have tools to customize your mortgage rate to match. purchase price, credit score or postal code.
SunTrust pricing is comparable to national average rates provided by Freddie Mac so you can get competitive rate from this lender.
SunTrust Mortgage Comparison
We compared SunTrust’s mortgages to loans from other banks: Bank of America and Chase.
If you live in Alaska, Arizona, Hawaii, or Oregon, you can’t get a mortgage through SunTrust. Bank of America and Chase offer mortgages in all 50 US states.
SunTrust is a good option for people with no credit score. The other two lenders require a credit withdrawal when you apply for pre-approval. SunTrust allows you to apply with alternative credit data, such as proof that you are paying your bills, if you don’t have a score.
Your choice may also depend on the type of mortgage you want. SunTrust has a no-down mortgage specifically for physicians, while the Loan from Chase DreaMaker offers a grant of up to $ 5,500 for eligible borrowers.
How SunTrust Mortgages Work
SunTrust offers mortgages in all US states except Alaska, Arizona, Hawaii, and Oregon. You can get the following types of home loans with SunTrust:
- Fixed rate
- Adjustable rate
- Home Equity Line of Credit (HELOC)
- Doctor loan: This is a mortgage specifically for doctors that does not require a down payment. Your loan conditions and limits depend on whether or not you are already a practicing doctor; there are also options for residents, interns and fellows.
- Community Home Buyers’ Incentive Program (CHIP): Borrow up to 97% of the home’s purchase price and you don’t need mortgage insurance. You will need to complete a Home Buyers Training Course to qualify for CHIP.
SunTrust does not provide home equity loans, reverse mortgages, or construction loans.
You can choose between regular rate and term refinancing or cash flow refinancing. You can streamline refinancing your VA mortgage. You can also streamline refinancing your FHA mortgage, but your original loan should already be with SunTrust. You cannot refinance your USDA mortgage to another USDA loan with SunTrust, but you can refinance it to a compliant mortgage.
If you don’t have a credit score, you can apply for a mortgage with alternative credit data, such as proof that you pay your bills on time. SunTrust will draw your score when reviewing your application if you have a credit score.
Is SunTrust trustworthy?
SunTrust has no recent public controversies.
Better Business Bureau gives SunTrust a A + in reliability. A high BBB rating indicates that a business responds effectively to customer complaints, is transparent about business practices, and advertises honestly.
A good BBB rating, however, does not guarantee that you will have a smooth relationship with a mortgage lender. You can always read customer reviews online or ask friends and family about their experiences with SunTrust.
Mortgage and refinancing rates by state
Check out the latest rates for your state at the links below.
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