SunTrust Bank Mortgage Review
When deciding which bank to use for your mortgage needs, the first place people typically look to find information is on the Internet. A brief online search will reveal that the Internet is full of SunTrust Mortgage reviews.
Instead of sifting through piles of confusing text, we’ve decided to provide you an alternative through this summarized and concise article. This article will give you in-depth knowledge about the company and provide you with the necessary SunTrust Mortgage help.
Image source: Pexels
SunTrust bank is a bank holding company that exists in the United States. The most direct corporate parent of SunTrust bank began doing business in 1891 in Georgia. In 1983, the company was restructured, becoming a trust company known as the Trust Company of Georgia. The SunTrust Banks, Inc. that exists today came about when the Trust Company of Georgia merged with SunTrust Banks, Inc.
Today, the headquarters of the bank still exist in Atlanta. The institution does business out of nearly 1,500 bank branches and has over 2,000 ATMs in mostly Southern U.S. states. These states include Alabama, Washington, D.C., Florida, Arkansas, Georgia, Maryland, West Virginia, Tennessee, Virginia, Mississippi, North Carolina, and South Carolina.
In 2014, the U.S. federal government partnered with 49 states and their state attorneys. This was to require SunTrust Mortgage, Inc. to give $500 million in multiple relief forms to mortgage loan seekers. This enactment was the result of SunTrust’s supposed misconduct, in regard to its mortgage services and foreclosure practices, according to certain SunTrust Mortgage complaints and SunTrust loan reviews. In addition to this, the company was required to follow new, strict homeowner protective practices.
Summary – SunTrust Mortgage Review
SunTrust offers mortgage services that apply to both first-time homebuyers and people more experienced with the process. It makes sure to take time to fully understand your unique situation and help you accordingly. It’s important to find a home mortgage plan that works specifically for your needs, and SunTrust provides a variety of mortgage types:
- Fixed rate mortgage: This option, SunTrust Mortgage help reports, offers easy budgeting with a monthly payment option. This ensures stability in interest rates instead of the concerns that often come with rising interest rates for loans later on.
- Adjustable rate mortgage (ARM): The ARM mortgage option consists of lower rates of interest in the early stages of the life of your mortgage. While alternative options offer a fixed rate on your loan, this choice allows you to keep more of your cash monthly. Keep in mind, however, that the rates may rise after closing.
- Agency plus financing: This choice gives you the option to finance the home of your dreams. If you have an eye on a house in a higher cost area, this could be the choice for you. This loan provides financing for large loan amounts that will be necessary in this case.
- Federal Housing Administration (FHA) loans: An FHA loan gives you the option of purchasing your house with limited money. According to SunTrust loan reviews, this will help you with the cash required for a down payment.
- Department of Veterans Affairs (DVA) loans: If you have ever served in the U.S. Armed Forces, you are eligible for this option. This loan is also available to spouses of veterans. Choose between options that offer 100% financing, with no down payment on a 1 to 4-unit home.
- Construction to permanent loans: If you have a vision of a house you’d like to own that doesn’t exist yet, choose this option. This loan is designed for helping you finance a customized home. You can use it for additions to existing property, renovations or building a home from scratch.
- Rural development, guaranteed rural housing: This option gives you 100% financing on houses in areas which qualify under the U.S. Department of Agriculture Rural Development. If you are eligible for this, you can receive a loan up to the value of a new house without needing a down payment. There may be some restrictions on the amount you can borrow depending on which state you live in.
- The Doctor Loan Program: People in MD and DO programs (including medical doctors, dentists, orthodontists, and psychiatrists) often have unique financial needs. This loan is specifically designed for them and features multiple fixed and adjustable rate options. These include choices that offer up to 100% financing and no monthly insurance payments according to SunTrust Mortgage help.
Online Options – SunTrust Mortgage Help
SunTrust bank offers a lot of advice on its online platform. This advice ranges from tips for first-time home buyers to taking out more than one mortgage. Its site offers a lot of SunTrust Mortgage help.
One particular webpage makes finding out if you are qualified easier than ever before. While you would have had to walk into a branch or make a call to find out previously, you can now check your status over the Internet.
Click here to check out SunTrust’s mortgage prequalification form.
Image source: SunTrust
SunTrust Mortgage help also offers online advice in the form of specific home negotiation strategies outlined on its webpage. Among these strategies are:
- Researching the market: Using public records can be a useful way to find information about the home you’re interested in. Has it ever been on the market previous to this? How much did it cost? You can also search for multiple listing services, compare property prices nearby, and ask your real estate agent to check on a comparable market analysis.
- Learn more about the seller of the home: Is the person selling the home just trying to get a quick closing? Maybe he/she needs to buy a new home and this depends on making the sale. The more you find out about the seller’s particular situation, the more knowledge you’ll have for making negotiations.
- Keep quiet on social media platforms: It’s the tendency of many to get very excited over the possibility of finding their dream house, and many people want to share the news on social media sites like Facebook. However, it’s actually not advised to express a strong level of excitement to the public, because whoever is looking to sell you a house might see this information. Which could impact your negotiation powers. When someone is overly excited about something, it is much difficult to get the seller to reduce their price.
- Debating isn’t always best: Once you get down to the final offer price of your home, keep in mind that a few grand might not be that much in the overall story of your life and your house. Don’t lose an opportunity to own your first choice over an amount that isn’t very significant in the grand scheme of things.
- Be aware of what a good deal looks like: Certain sellers may be eager, and, as a result, price their homes out of an urge to sell them as fast as possible. If your research seems to suggest that you’ve found a great deal, don’t wait for a better one to come along or you might miss out on a golden opportunity.
Don’t Miss: Best Mortgage Companies (Overview of the Top Mortgage Lenders)
SunTrust Mortgage Help – Tips for First-Time Home Buyers
The website also has a page dedicated to tips for people buying a house for the very first time. This page details specifically how to go from renting to owning. Since it’s hard to know when you’re ready to make this step, SunTrust Mortgage help offers financial guidance to fit your needs. Here are some of those tips:
- Shop around first: What do home prices look like in your specific area? This will give you an idea of whether your budget is ready for a mortgage. Check with local real estate agencies in the neighborhood you’re looking at.
- Breakdown the budget: Although you’re understandably excited about buying your first home, it’s necessary to be logical. Take a realistic look at your finances and assess what is best for you. The last thing you want is to be stressed about monthly payments when you should be enjoying your new dream house.
Assess beyond your mortgage: When you’re planning for mortgage costs, it’s easy to forget about additional finances, such as tax or insurance costs. Being aware of these extra costs is important. It’s also a good idea to have an emergency fund set aside.
- The next buyer: It’s important to think outside of here and now. What will it be like to sell your home in the future? It may be hard to imagine after just buying the home, but it’s possible you’ll want to sell it later. Research your home’s value price and be aware of how this will affect what you can sell it for down the road.
SunTrust Mortgage Complaints – SunTrust Mortgage Review
Some online complaints about the company state that applying for an auto loan is a longer process than necessary. They state that with other companies, you only need a credit check to be approved for the loan within hours. According to some SunTrust Mortgage complaints, the company needs 2 years of tax return information, the value of your house, when your house was bought, and more.
According to another SunTrust Mortgage review, a husband and wife were promised that they would hear back about their loan request within a month. However, six weeks later, they still had no answer and could not understand why. The couple also reported that the company requested the same documents multiple times, including documents for every bank deposit they had made.
In other SunTrust loan reviews, people claim that SunTrust is not good with managing escrow accounts. There have also been reports of bad customer service, with a particular SunTrust Mortgage review describing constant phone calls at work, home, and to the customer’s cell phone.
Despite these complaints, SunTrust is still highly regarded as providing a multitude of mortgage types that are suitable for a variety of clients, both first-time homebuyers and those with a higher level of experience.
We hope that after reading this article, you feel more knowledgeable about SunTrust bank. Reading reviews are one of the best ways to know what you’re getting into and whether or not a certain company is the right choice for you. That was our goal with this particular SunTrust Mortgage review.
AdvisoryHQ (AHQ) Disclaimer:
Reasonable efforts have been made by AdvisoryHQ to present accurate information, however all info is presented without warranty. Review AdvisoryHQ’s Terms for details. Also review each firm’s site for the most updated data, rates and info.
Note: Firms and products, including the one(s) reviewed above, may be AdvisoryHQ's affiliates. Click to view AdvisoryHQ's advertiser disclosures.Note: Empower Personal Wealth, LLC (“EPW”) compensates AdvisoryHQ Account for new leads. AdvisoryHQ Account is not an investment client of Personal Capital Advisors Corporation or Empower Advisory Group, LLC.