SunTrust Mortgage offers several mortgage services, including choosing the right mortgage when buying a home, refinancing mortgages, and correspondent lending. Whether you’re looking for a fixed rate or variable rate on your mortgage, the company offers a variety of both types of loans. Whenever you have questions or problems during the loan process, you can call your designated loan officer for help. Continue reading to learn more about SunTrust Mortgage, how their loan process works, what the reviews about them say, and how to get into contact with the company.

SunTrust Mortgage – Details and Overview

SunTrust Mortgage is owned by SunTrust Banks, Inc., a bank that strives to help its customers achieve financial confidence and well-being. They have locations in 12 states in the South and on the East Coast, including Florida, Maryland, Virginia, Alabama, and Tennessee. SunTrust Mortgage offers options with little to no downpayment and flexible financing solutions. They also have dedicated mortgage experts willing to work with you every step of the way.

SunTrust Mortgage Loan Process Explained

The interest rates on mortgage loans from SunTrust Mortgage range from 3.625%-4%. SunTrust Mortgage provides 0.013-0.328 discount points on mortgages. Discount points decrease the rate at which the lender would otherwise give the loan to you. Each discount point represents 1% of the loan amount. For example, if you took out a $40,000 loan with one discount point, that would amount to a one-time charge of $400. SunTrust Mortgage doesn’t currently charge an origination fee, a charge used to cover administrative costs of processing the loan.

To gain an idea of how much you can borrow from SunTrust Mortgage, you can either call them or fill out the pre-qualification application on their website. If you decide that SunTrust Mortgage is where you’d like to take out a mortgage loan, then you can fill out the application form on their website. You will be asked to create an account before being able to fill out the application. In order to receive approval for the loan, you must provide verification of income, asset and liability information, and potentially other important documents. You must remain in compliance with SunTrust Mortgage’s loan program guidelines and be subject to all required closing conditions, such as survey and title examination.

SunTrust Mortgage accepts five different methods of payments: recurring payments, bi-weekly mortgage payment plan, one-time payment, SunTrust Bank Online Bill Pay, and check. You can set up recurring payments from your bank account to ensure you never miss the deadline. SunTrust Mortgage provides a form you can use to set up recurring payments. There is no extra charge to use this payment option. Under the bi-weekly mortgage payment plan, you pay half the mortgage every two weeks. SunTrust checking customers can use SunTrust Bank Online Bill Pay to pay the mortgage electronically. When you pay via check, you must make sure it arrives by the due date and includes the coupon from your monthly billing statement.

PROs and CONs of SunTrust Mortgage

Pros:

  • Flexibility in payment plans;
  • You can choose a bi-weekly mortgage payment plan in which you only pay half the mortgage every two weeks;
  • Reasonable interest rates on mortgage loans;
  • You have the option to receive a mortgage loan at a reduced rate if you pay the discount points;
  • No origination fees;
  • Little to no downpayment;
  • Business owners can use correspondent lending to grow their businesses;
  • Comprehensive selection of home mortgage loans;
  • Offers fixed rate mortgage options for consistent monthly payments, easier budgeting, and peace of mind. Fixed rate means that your interest rate will never change like it does under variable rate loan;
  • Low to moderate income borrowers have lower mortgage insurance costs.

Cons:

  • You have to create an account for applying;
  • Only available in 12 states;
  • You could owe more than your property’s value if property values decline;
  • You can’t receive 100% mortgage refinancing until you pay down the loan principal through regular mortgage payments or the property value appreciates.

SunTrust Mortgage Customer Service Review

There have been some negative reviews on SunTrust Mortgage’s customer service. Randi of Blue Springs, Missouri said on Consumer Affairs that they gave her and her husband false information, talked rudely to them, and often lost documents they sent. Another customer review on Consumer Affairs complained that SunTrust Mortgage is continuing to make them pay PMI after it was supposed to stop and customer service refuses to do anything about it. On BBB, Britt stated that the mortgage processing is taking a long time because SunTrust Mortgage keeps saying they need to see one more document. Overall, many of the negative reviews complain that the company is slow and doesn’t answer questions correctly.

Contact Information

suntrust logo on the outside

Conclusion

SunTrust Mortgage offers flexibility in types of mortgages and payment methods. You can choose from several fixed rate mortgage loans as well as those with variable rates. Their interest rates are average with the possibility of receiving a lower than average rate. Another great thing about SunTrust Mortgage is they don’t charge origination fees. And you can obtain a loan at a reduced rate if you pay the discount points associated with the loan. Their website is fairly straightforward and to-the-point as well, making it easier to understand the process.

Do you have any experience with obtaining a mortgage through SunTrust Mortgage? Share your experiences in the comments below.