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  SunTrust Bank Mortgage Refinance

SunTrust Bank Mortgage Refinance

in Mortgage Refinance from SunTrust Bank · NMLS ID #93471

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SunTrust Bank Mortgage Refinance

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in Mortgage Refinance from SunTrust Bank · NMLS ID #93471

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Highlights
Loan Amount Up to $1,500,000
Loan Term (Years) 15 - 30 years

SunTrust Bank Mortgage Refinance Review

SunTrust Bank Mortgage Refinance is offered by SunTrust Bank (NMLS #93471), a bank founded in 1865 and based in Atlanta, GA. SunTrust Bank Mortgage Refinance is available in 20 states (and Washington, DC).

Key Takeaways
  • Only two mortgage programs offered. SunTrust Bank Mortgage Refinance refinances FHA VA conforming and conventional mortgages.
  • Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
  • Non-standard interest rates available. SunTrust Bank Mortgage Refinance offers hybrid mortgages and fixed-rate mortgages.
  • Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for refinancing. However, SunTrust Bank Mortgage Refinance does offer refinancing for primary and secondary homes (e.g. vacation properties).
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage refinance loan early.
SunTrust Bank Mortgage Refinance Pros & Cons
Pros Cons
  • Charges an origination fee.
  • Charges prepayment fees.
  • Only available in 20 states.
SunTrust Bank Mortgage Refinance FAQ

What is the maximum loan term for a mortgage refinance via SunTrust Bank Mortgage Refinance?

The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. SunTrust Bank Mortgage Refinance offers mortgages refinancing with terms ranging from 15 to 30 years.

Does SunTrust Bank Mortgage Refinance charge a mortgage origination fee?

Yes, SunTrust Bank Mortgage Refinance will charge a loan origination fee.

What mortgage programs does SunTrust Bank Mortgage Refinance offer?

SunTrust Bank Mortgage Refinance offers the following mortgage types:

  • Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
  • FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
  • VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.

What property usage types does SunTrust Bank Mortgage Refinance allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. SunTrust Bank Mortgage Refinance allows the following property usage types: 

  • Primary home
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Availability

  Available in 20 states and Washington, D.C.
  • Alabama
  • Arkansas
  • California
  • Washington, DC
  • Illinois
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Dakota
  • Oregon
  • Rhode Island
  • Vermont
  • Washington
  • West Virginia
  • Wyoming

Feature Breakdown

Intended Use Primary Home
APR Starting at 3.7167%
Loan Term 15 - 30 years
Loan Amount Up to $1,500,000
Interest Rate Types Offered
  • Hybrid Mortgage
Mortgage Programs
  • FHA
  • VA
Terms 5/1, 7/1, 15, 30 years

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