SunTrust Mortgage Review 2021

0
90

[ad_1]

Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners such as American Express, but our reports and recommendations are always independent and objective.

The minimum credit rating and down payment are for the qualifying mortgage.

Lender’s overall rating

Pros and cons

SunTrust mortgage rates

SunTrust provides samples of mortgage rates on their website. Keep in mind that these rates are based on certain assumptions, such as a loan of $ 200,000 to a borrower with a credit rating of 740. SunTrust does not have the tools to adjust your mortgage rate based on purchase price, credit rating, or zip code.

SunTrust rates are comparable to average rates in the country provided by Freddie Mac so you can get a competitive rate from that lender.

SunTrust Mortgage Comparison

We compared SunTrust mortgage loans with loans from other banks: Bank of America and chase

If you live in Alaska, Arizona, Hawaii, or Oregon, you cannot get a mortgage through SunTrust. Bank of America and chase We offer mortgages in all 50 states of the USA.

SunTrust is a good option for people without a credit rating. The other two lenders require a loan when applying for pre-approval. SunTrust allows you to submit applications with alternative credit details, such as proof that you are paying bills if you do not have points.

Your choice may also depend on what type of mortgage you want. SunTrust has a no down payment mortgage specifically for doctors, while Credit to Chase DreaMaker provides a grant of up to US $ 5,500 to eligible borrowers.

How SunTrust mortgage works

SunTrust offers mortgages in all US states except Alaska, Arizona, Hawaii and Oregon. At SunTrust you can get the following types of home loans:

  • Correspondence
  • Jumbo
  • FHA
  • VA
  • USDA
  • Fixed rate
  • Adjustable rate
  • Repair
  • Home Equity Credit Line (HELOC)
  • Loan doctor: This is a mortgage specifically for doctors that does not require a down payment. Your terms and loan limits depend on whether you are already a medical practitioner; there are also options for residents, interns and fellows.
  • Community Home Ownership Incentive Program (CHIP): Borrow up to 97% of the purchase price of a home and you don’t need mortgage insurance. You will need to complete a Home Buyer Education course to qualify for CHIP.

SunTrust does not provide home equity loans, reverse mortgage, or construction loans

You can choose between the usual refinancing at rate and term or refinancing with cash payment… You can optimize VA mortgage refinancing. You can also make it easier to refinance your FHA mortgage, but your initial loan must already be issued by SunTrust. You cannot refinance your USDA mortgage into another USDA loan with SunTrust, but you can refinance it into a qualifying mortgage.

If you do not have a credit rating, you can apply for a mortgage with alternative credit details, such as confirmation that you are paying your bills on time. SunTrust will evaluate your score when reviewing your application if you have a credit rating.

Is SunTrust credible?

SunTrust hasn’t had any public controversy lately.

Better Business Bureau gives SunTrust A + in reliability… The BBB’s strong rating indicates that the company is effective in responding to customer complaints, transparent about its business practices, and advertises honestly.

However, a good BBB rating does not guarantee that you will have a smooth relationship with the mortgage lender. You can still read customer reviews online or ask friends and family about their experience with SunTrust.

Mortgage and refinancing rates by state

Check out the latest rates in your state using the links below.

Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
North Dakota
Tennessee
Utah
Vermont
Virginia
Washington
Washington
West Virginia
Wisconsin
Wyoming

[ad_2]

Source link