SunTrust Mortgage (Truist) Review 2021

Good for: first-time home buyers, doctors and other borrowers interested in low-down-payment mortgage options.
Phil MetzgerNov 3, 2021

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Our Take

4.5

NerdWallet rating 

The bottom line: SunTrust, part of Truist Financial Corp., offers a variety of home loan options, but you have to start an application to get personalized mortgage rates online.

SunTrust (Truist)

SunTrust (Truist): NMLS#2915

Min. Credit Score

620

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Pros & Cons

Pros

  • Offers a wide variety of loan options, including special programs for doctors.
  • Offers a complete suite of online mortgage application tools and loan tracking.
  • Sample rates and fees are easy to find on the website.

Cons

  • Customized rates aren't available online without starting an application.
  • Branches are limited mostly to the Southeast.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. Credit Score

620

Min. Credit Score

620

Min. Credit Score

620

Min. Down Payment

3%

Min. Down Payment

3%

Min. Down Payment

3%

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

Loan Types and Products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan Types and Products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

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Full Review

The coronavirus pandemic introduced some new challenges to getting a mortgage. Many lenders facing high loan demand and staffing issues increased their fees, adjusted minimum required credit scores or temporarily suspended certain loan products. While some products and business practices have returned to pre-pandemic levels, you might still find delays and limited options. If you can’t pay your current home loan, refer to our mortgage assistance resource. For information on how to cope with financial stress during this pandemic, see NerdWallet’s financial guide to COVID-19.

SunTrust Mortgage at a glance

SunTrust Banks Inc. and BB&T Corp. merged to become Truist Financial Corp., the sixth-largest U.S. commercial bank. The merger was completed in December 2019, but the full transition to the Truist brand is expected to be final in 2022, the company says.

During the transition, the SunTrust name will remain on SunTrust branches and ATMs, as well as on the SunTrust website and mobile app. The company said there will be no changes to many SunTrust accounts and services, including mortgages.

SunTrust Mortgage is a major 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 options.

Here’s a breakdown of SunTrust Mortgage’s overall score:

  • Variety of loan types: 5 of 5 stars

  • Ease of application: 5 of 5 stars

  • Rates and fees: 3 of 5 stars

  • Rate transparency: 4 of 5 stars

SunTrust Mortgage loan types

SunTrust offers a variety of loans for first-time home buyers as well as repeat buyers. It provides financing for government-insured mortgages, such as FHA loans, VA loans and USDA loans.

Conventional borrowers can get 15- or 30-year fixed-rate loans or adjustable-rate mortgages with fixed introductory periods. Additionally, SunTrust Mortgage works with borrowers seeking financing for mortgages that are larger than the Federal Housing Finance Agency's conforming loan limits, known as jumbo loans. SunTrust also has a custom physician 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.

SunTrust HELOC: The lender also offers a home equity line of credit, or HELOC. These second mortgages are one way for homeowners to access existing home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation. Suntrust’s HELOC from $10,000 to $500,000 allows borrowers a 10-year draw period and a 20-year repayment period. Borrowers can choose a fixed or adjustable repayment rate.

SunTrust Mortgage ease of application

SunTrust's website provides details about the wide variety of loans it offers, as well as an online application and a tool to find a loan officer near you. You can apply for a loan on SunTrust's website or in its app.

To get started, complete a profile to get personalized rates and compare loan options. If you apply and are approved, you’ll upload documents and get support through closing.

SunTrust Mortgage rates and fees

One of the most important considerations when choosing a mortgage lender is understanding what the loan will cost. In order to provide consumers with a general sense of what a lender might charge, NerdWallet scores lenders on two factors regarding fees and mortgage rates, according to the most recently available Home Mortgage Disclosure Act data:

  • SunTrust Mortgage (Truist) earns 3 of 5 stars for average origination fee.

  • SunTrust Mortgage (Truist) earns 3 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

You can decide to buy discount points — fees paid with your closing costs — to reduce your mortgage rate.

Deciding whether to pay higher upfront fees is a matter of considering how long you plan to live in your home and how much cash you have to apply toward closing costs when you sign the loan paperwork.

SunTrust Mortgage rate transparency

You can see current sample purchase and refinance rates that compare how discount points can alter your payments on the SunTrust website. To get a SunTrust rate quote that’s customized to your location, credit score and other factors, you’ll have to create a profile or speak with a loan officer.

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