SunTrust (Truist) Mortgage Review for 2022

Human-centered customer service and affordable loan options make SunTrust attractive. But as with any lender, there are pros and cons to a SunTrust mortgage.

SunTrust Mortgage
Minimum down payment3%
Minimum credit score620
Loan Products Offered

Conventional mortgages
Jumbo mortgages
FHA, VA, and USDA loans
Construction-to-permit loans

Best Features

  • Wide range of loan options
  • Plenty of low-down-payment mortgages
  • Customer support is available in person, online, or over the phone

Drawbacks

  • Interest rates are higher on average
  • Smaller branch network than some other major lenders

Overview

Editor's note: As of December 2019, SunTrust and BB&T have merged under the name Truist Bank. This article will remain on the site for archival purposes. Interest rate and fee data reflect recent averages for Truist Bank.

Founded in 1891, SunTrust Bank is more than 120 years old.

Customers can apply for a mortgage in-person, online, over the phone, or through SunTrust's mobile app.

For those who apply, SunTrust offers a wide variety of mortgage options, so many borrowers will be able to find what they need.

Rates seem a bit higher than average, but mortgage rates vary a lot by customer. Get a rate quote online or from your local SunTrust rep to learn whether this is the right lender for you.


SunTrust mortgage rates

Looking at average 30-year rates for 2021, SunTrust appears to have higher mortgage rates than other major lenders. Its origination fees and loan costs are in line with other underwriters.

Average mortgage rates at major lenders

SunTrust*Rocket MortgageWells FargoFreedom Mortgage
Avg 30-Yr Interest Rate, 202113.59%3.00%3.14%2.66%
Median Total Loan Costs, 20211$3,766$4,670$3,600$3,880
Median Origination Fee, 20211$1,144$2,430$1,330$0

*Truist Mortgage 2021 lending data

Average rate and fee data were sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).

Remember, interest rates vary a lot by customer. And SunTrust could have higher rates on average if it helps more outside-the-box borrowers.

Buyers are also able to purchase discount points for lower rates and more affordable mortgage payments. SunTrust’s online mortgage calculator helps you assess the costs of your borrowing options.

So if you like what SunTrust has to offer, it’s still worth getting a rate estimate to see how competitive this lender is for you.

SunTrust mortgage review for 2022

SunTrust stresses the personal aspects of its mortgage offering. “We want to make absolutely sure you get the mortgage that’s right for you,” the company says. “So we talk to you about it—face-to-face at a branch and over the phone.” This level of engagement will appeal to many first-time buyers and others who appreciate traditional relationships in mortgage matters.

Even better, SunTrust has a range of low- and no-down payment mortgage options. Along with its face-to-face customer service, this could make SunTrust especially attractive to new home buyers.

But it may be less of a draw for those who prefer the more modern, Rocket Mortgage style of mortgage buying — which reduces personal interactions down to almost zero. In theory, you can use SunTrust’s online application process to achieve a similar type of engagement. But the app does seem geared toward encouraging calls and meetings.

Working with SunTrust mortgage

SunTrust may be geared to personal interactions, but it has a welcoming and useful online presence. Its website provides plenty of information. And you can apply online and upload documents securely there. Helpfully, there’s a Spanish-language version, too.

In addition, there’s an app, called the SunTrust SmartGUIDE. This allows you to make applications using mobile devices. And it lets you save your application at any point and then continue with it later.

SunTrust customer service reviews

SunTrust seems to have a good reputation for customer service. Fewer than one in one thousand SunTrust mortgage customers filed an official complaint against it in 2021, according to the Consumer Financial Protection Bureau (CFPB).

Customer service reviews at major lenders

CFPB Complaints, 20214Complaints Per 1,000 Mortgages, 20215J.D. Power Satisfaction Score, 20216
SunTrust Mortgage*1210.59825/1,000
Rocket Mortgage3760.24876/1,000
Wells Fargo4880.58832/1,000
Freedom Mortgage2620.35829/1,000

*Ratings and complaints attributed to Truist Mortgage

Of course, customer service often depends on the individual loan officers in your area. If you get a low rate quote from SunTrust and want to work with the company, find friends and neighbors who have worked with SunTrust. And check online reviews in your area. If their experiences were positive, SunTrust might be a great choice for you.

Mortgage loan products at SunTrust

SunTrust Mortgage offers a comprehensive portfolio of products. Although it caters to virtually all borrowers, it does seem especially welcoming of those who have limited down payments. These options tend to be good for first-time home buyers.

SunTrust’s mortgage loan products include:

  • Conventional mortgages: A loan conforming to guidelines set by Freddie Mac and Fannie Mae. First-time home buyers can often get approved with a 3% down payment. Although, any conventional loan with less than 20% down will require private mortgage insurance (PMI)
  • Jumbo loans: For those who need to borrow above the cap for conventional loans, which is currently $ in most areas
  • FHA loans: These loans backed by the Federal Housing Administration let you buy with a down payment as low as 3.5%, but they come with mortgage insurance premiums (MIP) every month
  • VA loans: Zero-percent down payment option and other benefits for service members and veterans who qualify
  • USDA loans: Zero-down payment for eligible homes in designated rural and suburban areas. You must have a low or moderate income to qualify
  • Construction-to-permit loans: This loan type allows buyers to purchase land, build a new home, and stand as the mortgage afterwards—all with one set of closing costs
  • Doctor loan program: Zero-down payment option and other benefits for eligible dentists, physicians, and licensed residents/interns/fellows
  • Fixed-rate mortgages (FRMs): Choose to secure your mortgage rate for the entirety of the loan, which can last 30 years or a shorter 10, 15, or 20
  • Adjustable-rate mortgages (ARMs): You can fix your rate for the first five, seven or 10 years of your loan. After that, your rate will float with the market

SunTrust also offers both HomeReady and Home Possible mortgages. These two home loan programs, backed by Fannie Mae and Freddie Mac, let buyers qualify with as little as 3% down. They’re meant to be accessible for low-income buyers and households.

All told, SunTrust has a wider range of mortgages than many competitors. It might turn out to have home loan options for people who have trouble qualifying elsewhere.

Refinancing with SunTrust

In addition to home purchase loans, SunTrust Mortgage offers refinancing, too. Homeowners can choose between several refinance loan types that will lower monthly payments, reduce interest repayment, or tap home equity.

  • Rate-and-term refinance: Exchange your original mortgage with a new one that offers more favorable loan terms or a lower interest rate
  • Cash-out refinance: Access your home equity by replacing your current mortgage with a new, larger loan amount, and then receiving the difference as a lump sum of cash

In addition to conventional loans, borrowers can also refinance their government-backed loans. Keep in mind that refinancing requires submitting a new mortgage application and paying another round of closing costs.

SunTrust home equity loans

SunTrust does not appear to offer home equity loans. But the company does offer home equity lines of credit (HELOCs). As opposed to a home equity loan (which is a one-time lump sum), a HELOC is a rotating line of credit that you can borrow from and pay off on an ongoing basis.

A HELOC works a little like a credit card but is secured against your home. The amount you can borrow depends on your home equity and your credit score. Although, you can only borrow from a HELOC for a set time period (the draw period) before you must pay it back in full.

Where can you get a mortgage with SunTrust?

NMLS ID: 2915

Find a Truist branch near you using the bank's locator service

Is SunTrust the best mortgage lender for you?

SunTrust has a strong focus on human customer service and a wide variety of loan products. That might make it a good choice for first-time home buyers who need a little extra guidance and flexible loan requirements.

No matter who you are, SunTrust could be a good choice if it offers competitive rates and fees. Compare a rate quote from SunTrust with a few other banks to find out whether it’s competitive for you.

Sources:

  1. Average mortgage rates and fees sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act. Rates and fees shown reflect the previous year’s data and may not align with today’s mortgage rates
  2. Monthly principal and interest payments calculated using TheMortgageReports.com mortgage calculator. Payments shown are based on a $200,000 loan amount and assume a “very good” credit score. Property taxes and homeowners insurance are not included. Your own monthly payment will vary
  3. Number of mortgage originations for the previous year sourced from self-reported data mortgage lenders are required to file under the Home Mortgage Disclosure Act
  4. CFPB Complaints reflect the number of mortgage origination or closing-related complaints filed with the Consumer Financial Protection Bureau for the previous year
  5. Complaints per 1000 mortgages reflect the number of official complaints filed against a lender with the CFPB for the previous year, compared to the lender’s total number of mortgage originations for the previous year
  6. JD Power Rating reflects the company’s customer satisfaction score according to JD Power’s most recent Primary Mortgage Origination Satisfaction Study. Survey respondents score their lenders in four areas: application/approval process, communication, loan closing, and loan offerings