Suntrust Mortgage Review
Should You Consider Suntrust Mortgage?
Suntrust is best suited for the borrower who can deal with technology (if not located in the Southeastern United States) and who meets reasonable standards for credit score (620 – 850), can qualify based on their income and demonstrate down payment and reserve requirements for Suntrust’s programs.
You do not have to have the highest credit scores or significant cash down payment for their loans. Suntrust has a solution for most borrowers, including some that require no cash down and a workaround for jumbo borrowers who cannot meet the reserve requirements.
While Suntrust doesn’t have the highest customer satisfaction ratings on the major rating sites, such as J.D. Power and Bankrate.com, they were very responsive to our requests for information.
On Suntrust Secure Website
Minimum Credit Score
Reputation - Customer Ratings & Complaints
Suntrust Mortgage Products, Fees, and Conditions
Special Loan Programs
These loans help homebuyers who qualify to purchase a home with a lower down payment, lower interest rates, and reduced mortgage insurance cost. These are available in true conforming (up to $453,100 or in the agency high-balance programs, for which the maximum loan varies by county, with a high of $679,750. The minimum credit score is usually 640.
Suntrust Mortgage Pros & Cons
How to Apply For a Mortgage With Suntrust?
Alternatives Lenders For Consideration
We’ve summarized some of the most popular mortgage lenders which can use as an alternative to the Suntrust mortgage:
Sofi Mortgage is a solid loan partner for the best loans in the market. The name Sofi is an abbreviation of two words, “Social” and “Finance.” The Company specializes in personal finance, and their products are geared towards providing financial empowerment for individuals seeking loans. They require a minimum credit score of 660 and a minimum down payment of 10% for customers seeking to collect a loan. They provide full digital support for clients and do not require private mortgage insurance for jumbo loans.
Some of the loan plans offered by the provider include Jumbo loans, adjustable-rate mortgage, FHA loans, VA loans, cash-out refinance, and fixed mortgages. The initial process to get a loan can be started online, and once the preapproval has been passed, you will be assigned a loan officer who will work you through the loan process.
If you would like a quote for rated and fees, you will need to fill out a form online because Sofi mortgages do not have any available quotes on their website. It has an A rating from the Better Business Bureau, which is a testament to the company's efficiency in delivering on its promise. Sofi Mortgage is a trusted market leader in the lending space.
Also known as Reali Loan, founded in 2011, headquarter in San Francisco and available in 12 states only, Lenda Mortgage is one of the top-notch lenders in the lending industry. The Bank has no physical branch; this implies that all the lending process is done solely online, and the application process is fast. This Bank provides an easy, transparent and free of fees and commission home loans. Reali also provides loans for both investment and residential properties.
Lenda Mortgage offers refinance loan, purchase loan, and fixed-rate loan of 15 years and 30 years. However, at this time, the Bank does not provide the following loans; jumbo loans, adjustable-rate, home improvement loan, home equity loan, or government-backed loans.
To obtain a Lender Mortgage loan, the borrower must have a minimum credit score of 620 and a minimum down payment of 5 %.
Pre-qualification for a loan at Lender Mortgage only takes a few minutes, and this will give an overview of the type of Mortgage you are qualified for. To be pre-approved for a loan, the borrower will need to provide information about their down payment, very important and submit pay stubs.
Overall, Lenda Mortgage has outstanding reviews from customers and was rated A+ by the Better Business Bureau.
Suntrust – About The Lender
Suntrust Bank is a major commercial bank and supplier of mortgages to the US housing market. It is in the top 20 US banks by total assets and market capitalization and actively participates in the mortgage lending market in all 50 states, through its branch system and online.
Suntrust is a major nationwide lender with a variety of loan options that can meet almost any customer’s needs. Its retail footprint being only in the southeastern United States means that if you want to meet your loan officer face-to-face, you need to live near one of its branches. However, what it lacks in retail presence, it makes up for in online (online application, chat) and on-the-phone service. You can apply from your phone, your iPad, any mobile device, as well as your computer and conduct the entire process online.
In addition to home purchases, Suntrust also refinances properties – you can get a “rate and term” (also known as no-cash out) refinance, or you can take equity out of your home with a cash-out refinance, with the exception of Texas, where they don’t do refinances in which cash is taken out.