- SunTrust offers a variety of conventional mortgages for its loan customers. These loans include fixed-rate first and second mortgages, adjustable rate first mortgages, Federal Housing Authority (FHA) mortgages, and Veterans Affairs (VA) mortgages. The rates and fees on these products are determined by a borrower's income, employment, home value and creditworthiness, but SunTrust uses market rates--like the prime rate and London Interbank Offered Rate (LIBOR)--to calculate the mortgage rates offered.
- SunTrust also offers a variety of unconventional mortgages. One of these is the "jumbo loan." At SunTrust, these loans can be up to $625,500 for one-family residences. Also, jumbo loans can be fixed-rate, adjustable-rate, and interest-only. Another unconventional mortgage product at SunTrust is the construction-permanent mortgage. These are for borrowers interested in building their home with a construction loan and converting that loan to a conventional mortgage upon completion.
- SunTrust offers a variety of payment plans on its mortgage products. In addition to conventional payments on 30-year mortgages (principal and interest plus escrow), SunTrust offers 40-year terms (for lower payments), interest-only options, and Home Equity Lines of Credit (HELOCS) that can be borrowed, repaid and reaccessed. HELOC payments are based on the outstanding balance on the credit line.
- SunTrust offers both purchase and refinance mortgages. While the terms are often quite similar, the process for acquiring a purchase mortgage is more extensive. Customers need to have a real estate agent as well as a loan officer at SunTrust to guide them through the process of inspecting and financing a new home.
- The Better Business Bureau assigns SunTrust mortgage company a rating of B, on a scale of A+ to F. The company has received 12 complaints, according to the BBB, and all of them have been resolved.
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