SunTrust Mortgage (Truist) Review 2020

About SunTrust Mortgage (Truist)

SunTrust Banks and BB&T merged in 2019 to create the sixth-largest U.S. commercial bank, Truist Financial Corporation. Truist is headquartered in Charlotte, N.C., and provides a wide range of services, including commercial and retail banking, insurance, wealth management and mortgages.

Despite the name change to Truist, SunTrust Mortgage customers are still served by current SunTrust websites, branches and bank staff through 2021.


Working with SunTrust Mortgage (Truist)

According to SunTrust’s website, mortgages may be offered at branches in the following states and the District of Columbia:

  • Alabama
  • Arkansas
  • Florida
  • Georgia
  • Maryland
  • Mississippi
  • North Carolina
  • South Carolina
  • Tennessee
  • Virginia

Consumers can confirm if there’s a loan officer in a nearby branch by entering their name, city or ZIP code and selecting a radius within 50 miles of where they live.


SunTrust Mortgage (Truist) products

SunTrust offers standard conventional and government-backed mortgage products, with a variety of fixed-rate and adjustable-rate mortgage (ARM) options. According to its website, SunTrust mortgage options include:

Fixed-rate mortgages. SunTrust offers long- and short-term, fixed-rate mortgages.

Adjustable-rate mortgages. Borrowers can choose from a 5/1, 7/1 or 10/1 ARM.

Low down payment loans. Qualified borrowers who meet the low- to moderate-income requirements may be able to get a 3% down loan through the Fannie Mae HomeReady® or Freddie Mac Home Possible® programs.

FHA loans. Loans backed by the Federal Housing Administration (FHA) offer rates that are typically better than conventional loan rates for borrowers with fair to good credit scores. FHA ARM rates are also available with 5/1 and 7/1 options.

VA loans. SunTrust Mortgage also offers loans backed by the U.S. Department of Veterans Affairs (VA) to eligible military borrowers. Fixed-rate and ARM options are available.

USDA loans. No down payment is required for low- to moderate-income borrowers in designated rural areas with a U.S. Department of Agriculture (USDA) loan. In some cases, closing costs can be financed if the home appraises for more than the purchase price.

Conventional high-cost area loans. Borrowers can take out loans up to $765,600 in high-cost areas designated by the U.S. Department of Housing and Urban Development (HUD). Primary residences, second homes and investment properties are eligible for high-cost financing.

Jumbo loans. SunTrust offers three different jumbo loan programs with terms that vary based on the “depth” of the customer’s banking relationship. The maximum loan amount varies based on the loan program but ranges from $1.5 million to $3 million. The website also indicates no mortgage insurance is required on the jumbo loan product but doesn’t list the minimum down payment required for SunTrust jumbo financing.

Home equity lines of credit (HELOCs). SunTrust offers HELOCs with fixed- and variable-rate options at loan amounts ranging from $10,000 up to $500,000. Existing SunTrust clients may be eligible for a lower-rate HELOC.

SunTrust special mortgage programs

Doctor loan programs. SunTrust Mortgage offers special loan programs for doctors with lower down payment requirements and extra flexibility for student loans. Licensed residents, interns and fellows in MD, DO and DPM programs, as well as practicing physicians, may be eligible. Features of the doctor loan program include:

  • Home loan amounts up to $750,000 for nonpracticing doctors.
  • Loan amounts up to $1 million for practicing doctors.
  • Financing up to 95% with no mortgage insurance requirement.
  • Loan amounts up to $1.5 million with a down payment of at least 10.01%.
  • Fixed-rate and adjustable-rate options.

LightStream home improvement loan. Although SunTrust does not offer a fixed-rate home equity loan, they do offer fixed-rate unsecured home improvement loans. Loan amounts range from $5,000 up to $100,000, with loan terms of 24 months to 144 months. Customers don’t have to verify any equity in their homes to qualify.


The mortgage application process

SunTrust’s website features a mortgage application link to obtain a mortgage preapproval, and compare loan options and interest rates. You also can upload financial documents digitally.

SunTrust also provides access to its SmartGUIDE™ phone app, which gives consumers the option to have their bank statements and tax forms accessed digitally by the app.

Communication during the process

A SunTrust mortgage loan officer helps borrowers at each stage of the loan process, according to its website. The ConfidenceNow Pre-approval℠ program is based on unverified information including income, asset and liability provided by the customer.

The final approval is subject to verification of all the information provided on a loan application and an acceptable home appraisal and title examination.


Pros and cons of a SunTrust Mortgage

Pros
  • Government-backed loan options including FHA, VA and USDA.
  • A smartphone app and other options for a digital mortgage experience.
  • Special low down payment programs for doctors.
  • Online mortgage calculators and general homeownership articles, with helpful information related to the mortgage process.
Cons
  • Serves a limited number of states.
  • No fixed-rate home equity loan products.
  • Loan programs for doctors may only be available in some states with an existing SunTrust account.
  • Website doesn’t provide information about the minimum borrowing requirements or details about the loan process.

Editor’s note: The information in this article is accurate as of the date of publishing.