SunTrust Lender Review | 2023
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The bottom line
Though it does not operate in all fifty states, SunTrust has a reputation for personalized customer support. It offers a full menu of VA loan options for purchase and refinance amidst a wide selection of mortgage programs, including several unique, proprietary loans to help meet both high- and low-income buyers’ needs.Ready to buy your dream home? Start here. (Jan 28th, 2023)
In 2019, SunTrust Bank merged with BB&T to form Truist — now one of the country’s largest full-service mortgage lenders.
SunTrust continues to use the original name, with loan service proceeding as it did prior to the merger and updates to come as services expand and the transition proceeds.
With more than 2,000 bank branch offices in the southeast, the company offers a wide variety of mortgage programs to consumers in person, by phone and online.
Pros & cons of SunTrust
SunTrust mortgage applicants have access to a variety of online resources and a team of mortgage experts to help them select the best loan.
Additionally, SunTrust offers several unique mortgage programs including a Doctor Loan Program for doctors and dentists and Premier Loans for high-income households seeking mortgages of up to $3 million.
Pros of SunTrust
- Wide variety of home purchase and refinance programs, including VA, FHA, Jumbo and Conventional loans
- Offers VA construction loans and VA manufactured home loans (not all VA lenders do)
- Dedicated loan officers available to help match each customer with the best mortgage loan
- SmartGUIDE®, a confidential online platform designed to streamline the mortgage application process
- First-time home buyer programs and refinance programs to help borrowers take advantage of historic low-interest rates
- Home buyer resources including mortgage calculators and budgeting guides
Cons of SunTrust
- After an application is submitted, communication conducted primarily by phone
- Not available to originate loans in Hawaii, Alaska, Oregon and Arizona
How to get a mortgage with SunTrust
SunTrust’s mortgage application can be submitted in person, by phone, or online via SmartGUIDE® (the company’s confidential online tool). A mortgage loan officer will reach out to discuss the customer’s goals and recommend the best mortgage programs.
Once an application is submitted, a SunTrust lending expert will review the borrower’s employment and credit history, as well as income, assets, and existing debts. To assess the value of the home, SunTrust will order an appraisal of the property.
After the application is reviewed and approved, SunTrust will offer a variety of programs for the borrower to consider – including fixed-rate and adjustable-rate loans.
Approved loan applicants can then select from a variety of interest rates, points, and fees to find the loan structure best suited to their needs.
In addition to expert support, SunTrust offers a number of online tools to help borrowers.
Customers have access to several online calculators to estimate how much they can afford to borrow, to compare mortgage programs and to estimate refinance savings.Speak with a VA mortgage specialist today (Jan 28th, 2023)
Buying a home with SunTrust
SunTrust offers fixed-rate and adjustable-rate loans with financing options for primary residences, second homes and investment properties.
SunTrust’s home buying mortgage products include:
- VA Loans: Designed for U.S. Veterans, active service members and spouses, and offering many benefits including no requirement for a down payment. SunTrust offers a variety of VA lending programs, including VA construction loans and VA manufactured housing loans
- Conventional Loans: A good option for buyers with good credit scores and low levels of personal debt
- FHA Loans: Popular with first-time, lower-income and/or lower-credit home buyers
- Jumbo Loans: Suited for buyers seeking to borrow more than the amount permitted for conventional loans (greater than $510,400 in most states)
Refinancing a home with SunTrust
Refinancing can enable homeowners to lower their monthly payments, convert from an adjustable-rate to a fixed rate, or shorten the term of their loan. Many homeowners are able to benefit from their homes’ appreciation and refinance to take cash out of their equity.
SunTrust’s refinance mortgage options include VA, FHA, Jumbo and Conventional loans with a variety of terms (fixed-rate, adjustable-rate, 30 years, 15 years, etc.).
For VA homeowners, SunTrust offers a 100% VA cash-out loan — meaning you may be able to cash-out all your home equity, provided you qualify for the new loan.
SunTrust also offers VA Interest Rate Reduction Refinance Loans (IRRRL) with no income or asset approval required and no-appraisal options. These programs provide tremendous value for VA-eligible borrowers.
SunTrust also offers Rehabilitation loans through several of its refinance programs, to help homeowners cover the cost of eligible home improvements and repairs.
Mortgage loan professionals are available — by phone or in-person — to help customers choose the right refinance option.
After a refinance loan application is approved, SunTrust will prepare closing documentation and coordinate a date and location for borrowers to close their loan.
Special perks for veterans with SunTrust
The SunTrust mortgage team includes experts who understand the unique needs of service members and their families. As a result, it can often provide a high level of customer support to veteran loan applicants.
In 2019, SunTrust launched the Truist Community Benefits Plan, with the goal of directing $60 billion in loans and investments to low- and moderate-income communities by 2022.
SunTrust is committed to positively impacting the communities where it operates. Key goals include:
- Originating tens of thousands of loans each year to enable families in low- and moderate-income communities to purchase or rehabilitate homes
- Financing more than 40,000 units of affordable housing for seniors
- Encouraging economic growth in low- and moderate-income communities through below-market-rate loans and equity investments to provide affordable housing and promote small business growth
Should you use SunTrust?
SunTrust’s loan officers offer support to help applicants through all steps of the mortgage process. Customers have access to several innovative loan programs. Anyone seeking quality customer service and living in a state where SunTrust originates loans will be well served to consider SunTrust.Ready to buy your dream home? Start here (Jan 28th, 2023)