Suntrust Mortgage

Suntrust is one of the largest and most trusted financial institutions in the United States today, with estimated assets of $170 billion. This institution offers bank accounts, credit cards, investments and even mortgage loans to a wide variety of residential and commercial clients. There are 1665 branches located in a variety of states as well as automated teller machines in many convenient locations. If you are looking to purchase a home, you may want to look at Suntrust mortgage services. This is especially the case if you are already a customer of this bank and are familiar with their services.

Suntrust Mortgage is a branch of Suntrust Bank, and serves many customers. If you are ready to buy a first home, speak with a representative about how to apply. Mortgage loan approval is often based on your income, credit worthiness and the cost of the property you want to purchase. You may want to ask for pre-approval, especially if you haven't yet chosen the home you want to buy. Pre-approval will tell you exactly how much of a mortgage you can get approved for and what your monthly payments will be. Then you can go shopping and find a home that is within your approved range.

As your loan officer will explain to you, there are different types of mortgages you can get. Many first time homebuyers, especially those without perfect credit, start off with an adjustable rate mortgage (ARM.) This mortgage has payments that will fluctuate based on housing market rates, although in some cases your rates will be fixed for the first few years. A fixed rate mortgage has payments that do not fluctuate, but interest rates may be higher depending on your credit. If you are unsure of what is right for you, a Suntrust Mortgage specialist can help you make the right decision.

Another thing this bank can do for you is refinance your current mortgage. Refinancing is quite common and is done for a variety of reasons. If you started off with an adjustable rate mortgage but have found that a fixed rate mortgage is available to you at an attractive rate, you may want to refinance so you can switch. Also, you can refinance to lengthen or shorten the term of your loan. If you want lower payments, you should lengthen the loan. If you want higher payments and the ability to build equity and pay your home off faster, go for a shorter term if you can afford it.

Suntrust Mortgage can also help you with a home equity loan. Equity is the amount you've paid on your home, minus the original cost of your mortgage. People take out equity loans when they need large sums of money for things like college education, home renovations, vacations, vehicle purposes, investments or other big ticket items. Many seniors go for a reverse mortgage, which uses equity but pays in smaller disbursements rather than one lump sum to provide steady income.

There are even properties managed by Suntrust Mortgage that you may be able to purchase. If you want to buy one of these homes you must be pre-approved by a loan officer. You can go online to the Suntrust website and search for homes based on various criteria such as location, for example. There are many services this financial institution offers for prospective homebuyers and homeowners. With a favorable track record, good financial standing and excellent customer service, there's no reason not to use this bank. Even if you aren't ready for a mortgage loan, you can become familiar with the bank by opening a savings or checking account, getting a credit card or making investments.