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SunTrust Mortgage (Truist) Review 2021

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SunTrust is an Atlanta-based commercial bank founded in 1891. The bank merged with BB&T in 2019 to become the Charlotte-based bank Truist, but the two brands are operating under their own names until the transition is complete. Mortgage customers, however, are directed to a combined Truist mortgage application. SunTrust has branches in 10 states and the District of Columbia, but mortgages are available in most states.

Who is this lender for?
  • First-time homebuyers
  • Borrowers without a large down payment available
  • Service members and veterans seeking a VA loan
  • Families needing a jumbo loan
  • Doctors and dentists

9/10  LendingTree’s mortgage lender rating

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. LendingTree’s editorial team calculates each rating.

  = 1 pt   = 0 pts

  1.   Application online 
  2.   Product info online 
  3.   Rates listed online 
  4.   Helpful articles about mortgages and homebuying 
  5.   Standard product offerings (Conventional/FHA/VA/USDA)
  6.   Special programs 
  7.   Info about how to qualify for products offered online 
  8.   E-closing availability 
  9.   Licensed in at least 35 states:
  10.   After-hours and weekend access to loan officers 

SunTrust pros and cons

Pros

  Step-by-step guide to the mortgage application process. SunTrust’s online application features a step-by-step guide that helps customers understand where they are in the process and make sure they complete everything they need for their mortgage.

  No origination fees. SunTrust’s current mortgage rate quotes state that the bank doesn’t charge origination fees on its standard mortgage products. This can potentially save you hundreds of dollars.

  Low-down-payment options. SunTrust has several loan programs with low down payments, including several geared toward first-time homebuyers that require only 3% down.

Cons

  Not all loan programs available in all states. Some loans, like the SunTrust doctor loan program, aren’t available in all states.

  No fixed-rate home equity loan available. SunTrust only offers the variable-rate home equity line of credit (HELOC) option.

  Customer experience may change. As SunTrust transitions to becoming Truist, some aspects of the customer experience may shift.

SunTrust borrowing requirements

Minimum credit score 
  • 620
Minimum down payment 
  • 0% for VA and USDA loans
  • 3% for first-time homebuyer loans
  • 3.5% for FHA loans
  • 5% for conventional loans
Available loan terms 
  • 30- and 15-year fixed-rate loans
  • Adjustable-rate loan terms not disclosed
Available loan types 
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo

SunTrust mortgage rates and fees

SunTrust publishes mortgage rates online for most of its standard loan products, including conventional loans, FHA loans, VA loans and jumbo loans. For each of these programs, SunTrust says it doesn’t charge an origination fee.

SunTrust mortgage products

Purchase and refinance

SunTrust offers conventional fixed-rate loans with terms of 30 years or 15 years for both purchase and refinance. The lender also offers adjustable-rate loans, though terms aren’t disclosed online. For first-time homebuyers, conventional loans are available with a down payment as low as 3%, though conventional loans for repeat buyers will require a 5% down payment.

Government loan programs include FHA loans, which require a 3.5% down payment and VA loans, which don’t require a down payment for eligible borrowers. USDA loans are also an option with no down payment for low- to moderate-income borrowers in rural areas.

For families buying a home with a large price tag, SunTrust has jumbo loans available up to $3 million.

Home equity

SunTrust offers HELOCs ranging from $10,000 to $500,000 at variable rates. There are no closing costs, and the credit line has a 10-year draw period and 20-year repayment period. You may choose to lock in a rate for each draw you make on the line.

Special programs

SunTrust’s Community Homeownership Incentive Program (CHIP) offers a 3% down payment option with no mortgage insurance required.

SunTrust also has a “doctor loan” program open to both medical doctors and dentists that features no down payment and no mortgage insurance requirement. No down payment is required on loans up to $750,000, though borrowers needing loans up to $1.5 million will need to put money down. These loans aren’t available in Alaska, Arizona, Hawaii or Oregon.

How does SunTrust compare to other lenders?

SunTrust Reali Loans Rocket Mortgage
Minimum credit score 
  • 620
  • Not disclosed
  • 580 (FHA and VA)
Minimum down payment 
  • 0% for VA and USDA loans
  • 3% for first-time homebuyer loans
  • 3.5% for FHA loans
  • 5% for conventional loans
  • 3%
  • 0% (VA)
Loan products and types 
  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Not disclosed
  • Conventional
  • FHA
  • VA
  • Jumbo
Special programs offered 
  • Community Homeownership Incentive Program (CHIP)
  • Doctor loan
  • None
  • Personal loans
  • Custom loan terms ranging from eight to 29 years
 

Today's Mortgage Rates

  • 2.36%
  • 2.03%
  • 2.57%
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