SunTrust Mortgage is a major national mortgage lender that offers a variety of loan products to customers across the economic spectrum and pairs those offerings with flexible, easy-to-access customer service.
The company bills its mortgage business as a partnership throughout your home-financing process, and it seeks to create that partnership by offering customer service at any point during the mortgage process. SunTrust Mortgage was established in 1927. Its parent company, SunTrust Banks, is headquartered in Atlanta.
Let’s see how SunTrust Mortgage stacks up when it comes to mortgage lending.
AT A GLANCE
- Has more than 900 mortgage loan originators throughout the country.
- Offers fixed- and adjustable-rate purchase and refinance loans, FHA, VA and USDA loans, jumbo loans.
- Minimum credit score: 620.
SunTrust has the resources to offer a wide array of loan products for purchase and refinance borrowers with mortgage rates that are on par with other major lenders.
Conventional borrowers can get a 15- or 30-year fixed loan or 5/1, 7/1 and 10/1 ARMs. Additionally, SunTrust Mortgage works with borrowers looking for financing for mortgages that are larger than Fannie Mae’s conventional loan limits, known as jumbo loans.
For borrowers who don’t have a traditional 20% down payment or a well-developed standard credit history, SunTrust offers flexible options. It provides financing for government-insured mortgages such as FHA loans, VA loans and USDA loans as long as borrowers meet the eligibility requirements of the program they’re applying for.
According to its website, SunTrust also embraces affordable loan programs by offering what it calls Agency Affordable Financing via Fannie Mae’s HomeReady and Freddie Mac’s Home Possible programs. Both options are geared toward lower- to moderate-income families who might have only a 3% to 5% down payment and a nontraditional credit history.
SunTrust also has a custom loan program for licensed medical professionals called the Doctor Loan Program. It’s designed to meet the financial needs of medical professionals who have high earning potential but might not have a large cash reserve at hand for a down payment. Borrowers have their pick from a variety of fixed- and adjustable-rate mortgages with up to 100% financing and no monthly mortgage insurance payments (state restrictions on loan-to-value ratio may apply).
» MORE: Use our mortgage calculator to find out your monthly mortgage payment.
According to SunTrust’s 2015 annual report, the company transitioned to new loan origination systems to streamline information sharing, as well as improve speed and transparency, during the mortgage process — all while more effectively meeting new mortgage underwriting guidelines implemented by the government.
Those efforts are also evident on the SunTrust Mortgage online portal, which provides information, education and tools for potential borrowers and current homeowners looking to refinance. SunTrust also has a Spanish version of its website, making it easier for Hispanic borrowers to apply for and understand SunTrust Mortgage products.
SunTrust did not respond to NerdWallet’s requests for information or comment.
- Offers a complete online suite of mortgage application tools and loan tracking.
- Has plenty of loan options to choose from and competitive interest rates.
- Provides customer service in its physical locations, online, via chat and by phone.
- Has a limited number of physical branch locations in 11 states and Washington, D.C.
- Does not consider alternative scoring data, such as rent or utility payments, in underwriting.
NerdWallet’s star ratings for mortgage lenders are awarded based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. The six key areas we evaluated include the loan types and loan products offered, online capabilities, online mortgage rate information, customer service and the number of complaints filed with the Consumer Financial Protection Bureau as a percentage of loans issued. We also awarded lenders up to one bonus star for a unique program or borrower focus that set them apart from other lenders. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.