SunTrust Mortgage (Truist) Review 2020

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

Phil MetzgerAugust 21, 2020

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Our Take

5.0

NerdWallet rating 

The bottom line: SunTrust, now a 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

SunTrust: 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, entrepreneurs and other professionals.

  • 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

Min. Credit Score

640

Conventional:

640

FHA:

640

VA:

640

USDA:

640

Min. Credit Score

620

Conventional:

620

Min. Down Payment

3%

Min. Down Payment

3%

Loan Types and Products

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

Loan Types and Products

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

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Full Review

Due to the coronavirus pandemic, getting a mortgage may be a bit of a challenge. Lenders are dealing with high loan demand and staffing issues that may slow down the process. Also, some lenders have increased their fees or temporarily suspended certain loan products. If you can’t pay your current home loan, refer to our mortgage assistance resource. For the latest 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 will occur over two years.

During the transition, the SunTrust name will remain on SunTrust branches and ATMs, as well as on the SunTrust website and mobile app. In the immediate future, 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

  • Variety of loan products: 5 of 5 stars

  • Online convenience: 5 of 5 stars

  • Rates and fees: 4 of 5 stars

  • Rate transparency: 4 of 5 stars

SunTrust Mortgage loan types and products

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, as long as borrowers meet the eligibility requirements of the program they’re applying for.

Conventional borrowers who can provide a down payment as low as 3% can get 15- or 30-year fixed-rate loans or adjustable-rate mortgages with fixed introductory periods of five, seven or 10 years. Additionally, SunTrust Mortgage works with borrowers seeking financing for mortgages that are larger than Fannie Mae’s conventional loan limits, known as jumbo loans. Home equity lines of credit are available as well, but home equity loans are not.

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 Mortgage online convenience

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.

To apply online, you complete a profile, then get personalized rates to compare loan options, and if approved, you 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:

  • A lender's average origination fee compared with the median of all lenders reporting under the Home Mortgage Disclosure Act. SunTrust Mortgage earns 4 of 5 stars on this factor.

  • A lender's offered mortgage rates compared with the best available on comparable loans. SunTrust Mortgage earns 4 of 5 stars on this factor.

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 — a fee 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 mortgage rates 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 start the online application process or speak with a loan officer.

More from NerdWallet

NerdWallet’s star ratings for mortgage lenders are awarded based on our evaluation of the products and services each lender offers to consumers who are actively shopping for the best mortgage. The five key areas we evaluated include the variety of loan types and products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available Home Mortgage Disclosure Act data. To ensure consistency, our ratings are reviewed by multiple people on the NerdWallet Mortgages team.