SunTrust Mortgage (Truist) Review 2020

Ideal for borrowers with fair credit or better. SunTrust, now a part of Truist Financial Corp., offers a variety of home loans and customer service options.

NerdWalletMay 7, 2020

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Our Take

4.0

NerdWallet rating 

The bottom line: SunTrust offers several affordable loan options, but you have to start a loan application to get personalized 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 complete online suite of mortgage application tools and loan tracking.

  • Offers wide variety of loan options.

  • Provides customer service in-person, online, via chat and by phone.

Cons

  • Customized rates not available on website without starting an application.

  • Branches limited mostly to the Southeast.

Compare to Other Lenders

Min. Credit Score

640

Min. Credit Score

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

Full Review

SunTrust Banks Inc. and BB&T Corp. merged to become Truist Financial Corp., the sixth-largest U.S. commercial bank. The merger was completed Dec. 6, 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.com website and mobile app. In the immediate future, the company said, there will be no changes to many SunTrust accounts and services, including mortgages.

“Both institutions will continue to offer independent product lines for a period of time. This may include differing underwriting guidelines, product features, terms, fees and pricing,” the SunTrust website states.

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.

Let’s see how SunTrust Mortgage stacks up when it comes to mortgage lending.

SunTrust Mortgage products

SunTrust has the resources to offer a wide array of loan products for purchase and refinance borrowers.

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.

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.

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 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.

SunTrust Mortgage process

SunTrust's website offers 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 see current mortgage rates, but not customized rates, by location or credit score without starting an application and providing an email address.

To apply online, you complete a profile, get personalized rates to compare loan options, and if approved, upload documents and get support through closing.

SunTrust customer service

SunTrust offers a variety of customer service options. You can start an application online or use an online tool to find a loan officer or branch near you. You can also email or call the lender, or start a conversation with online chat.

J.D. Power gave SunTrust 823 out of 1,000 points in its 2019 customer satisfaction study of primary mortgage originators, placing it 13th out of 20 lenders. The average score for evaluated lenders was 850. J.D. Power gave SunTrust a rating of two out of five circles, which means "among the rest" of lenders, the lowest of four ratings.

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.