SunTrust Mortgage Review 2020

SunTrust mortgage rates

ProductInterest RateAPR
30-year fixed rate3.100%3.148%
15-year fixed rate2.4900%2.594%
10-year fixed rate3.375%3.017%

Suntrust Bank, which is currently merging with BB&T to become Truist, has many tailored mortgage options aimed at borrowers of all income levels. With a fully online application and a large number of options, SunTrust sets itself apart as a convenient mortgage lender. However, Suntrust has a limited reach, serving only Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, and Washington, D.C., which may not make this the best lender for your needs if you’re outside of its footprint.

Why it might pique your interest

SunTrust mortgage products are geared toward everyone from first-time homebuyers to high-income households seeking jumbo loans. In addition to run-of-the-mill fixed-rate and adjustable-rate mortgages, Suntrust offers FHA, VA and USDA loans. Its affordable financing mortgages include the HomeReady and HomePossible loans for lower-income borrowers. These programs provide lower down payments and less stringent mortgage insurance requirements. 

This lender also offers the Doctor Loan Program, which is available for practicing doctors and dentists, as well as medical residents and fellows. These loans are intended to provide favorable rates to physicians, regardless of their current financial situations. Additionally, borrowers in high-cost areas may have an easier time applying for a SunTrust mortgage without having to take out a jumbo loan. Loans of $765,600 or less may qualify for conventional financing if the home is located in a high-cost zone per the U.S. Department of Housing and Urban Development (HUD). 

Potential borrowers can prequalify and apply entirely online using SunTrust’s ConfidenceNow Pre-Approval and SmartGUIDE online application. SunTrust publishes rate estimates online, but you’ll have to contact the lender directly for more information about credit score requirements and other details. 

Suntrust mortgage overview

Loan options:

  • Fixed-rate
  • Adjustable-rate
  • Jumbo loans, Premier loans 
  • FHA, VA, USDA
  • Affordable Financing 
  • Doctor Loan Program

Pros and cons

Pros 

  • Transparent about rates for fixed-rate, ARM and VA loans
  • Offers online pre-approval and application processes
  • Lots of tailored mortgage products for all income levels

Cons 

  • Only serves 11 states in the U.S. 
  • Borrowers can’t get certain information on mortgage loans until they apply online

Suntrust FAQs

Is Suntrust a good mortgage company?

As a major regional U.S. bank, SunTrust operates over 1,400 branches, primarily in the southern states. SunTrust has a solid reputation and a strong customer base developed over the 130 years its been in business. The bank is a major mortgage lender with a broad offering and good customer service. In addition to offering conventional mortgage products, SunTrust also offers FHA, VA, and USDA loans for those who meet eligibility requirements. SunTrust has a Better Business Bureau rating of A+ and serves more than 10 million customers. Mortgages have no origination fees and the interest rates are competitive in the industry.

Who bought SunTrust Mortgage?

While SunTrust retains its branding for now, it is actually Truist Financial Corp. since the $66 billion December 2019 merger with BB&T. Truist is the 6th largest commercial bank in the U.S. The merger was the largest bank deal since the 2007-2008 financial crisis. The two banks expect the full integration and transition to Truist to take 18-25 months, although the logo and branding is expected to be released in 2020.

How do I pay my SunTrust mortgage?

To pay your SunTrust mortgage you can register for an online account and make payments that way. Payments can be made on a one-time-only basis or can be set up as recurring monthly payments debited from your checking or savings account. You can also pay your mortgage in person at the counter of any SunTrust bank. Payments will be credited the same day, but may take 1-2 business days to process. You will also receive a monthly statement from SunTrust which can be used to send a physical check to SunTrust for the monthly mortgage amount.

The final word 

SunTrust is a top mortgage lender choice thanks to the variety of loans it offers, with options for every type of borrower. It offers online convenience but requires a commitment before providing you with personalized rates and other information. Still, there are multiple options for first-time or low to mid-income buyers. Doctors and dentists can benefit from the Doctor Loan Program, and high-income borrowers have access to special offerings as well. If SunTrust is available in your state, it’s a lender to consider for both government-backed and conventional mortgages.

Rayna Perry

Personal Finance Copywriter

Rayna Perry is a Personal Finance Copywriter at Interest.com and a Public Relations major at the University of Georgia. When not writing about personal finance, she is usually watching a great movie or creating a new playlist.