Are you considering SunTrust Mortgage Rates for your next home loan? How does SunTrust compare to the best mortgage lenders like Amerisave? Remember that the fees you pay are the single most important aspect of your home loan regardless of the interest rate. Here is my unbiased review of SunTrust Mortgage Rates and closing costs to help you make an informed decision for your next home loan.
SunTrust offers competitive interest rates but what about fees?
Should you trust SunTrust Mortgage Rates for your next home loan or do they charge too much for lender fees?
SunTrust Bank Profile
SunTrust bank is one of the largest banks serving the Southern States with nearly 1,700 branches across Alabama, Arkansas, Florida, Georgia, Maryland, Mississippi, North Carolina, South Carolina, Tennessee, Virginia, West Virginia, and Washington, D.C. Tracing its roots to the Trust company of Georgia founded in 1891, SunTrust oversees $172 billion in assets.
The bank’s mission statement is to help homeowners prosper with financial services that meet needs and exceed expectations to enhance the lives of the customer, community, and shareholders. SunTrust has broker relationships to originate home loans in 49 states, servicing mortgages in 49 states and the District of Columbia.
SunTrust Mortgage Contact Information
Mail Code RVW 3003
PO Box 26149
Richmond, VA 23260
SunTrust Mortgage Rates Review
The problem I have with bank originated mortgage loans is that because of a loophole in the Real Estate Settlement Procedures Act the bank is required to give you little more than a truth-in-lending disclosure with a fictitious Annual Percentage Rate (APR). With that being said SunTrust Mortgage Rates were very upfront with closing costs like the loan origination fee.
On a $250,000 mortgage refinance, the loan origination fee was $4,000 or 1.6 percent. One percent for loan origination is reasonable; however, 1.6 percent is simply too much. I’ve seen community based credit unions with loan origination fees as low as $300 on a $250,000 home loan.
The mortgage refinancing quote I received included a $300 appraisal fee, $150 tax service fee (garbage), and a free credit report.
Do you have an opinion or an experience with SunTrust Mortgage Rates that you’d like to share? Please leave a comment below!
The fees you pay when refinancing your home are the most important aspect of the transaction. The more you pay at closing including unnecessary discount points, the more difficult it’s going to be to break even recouping your out-of-pocket expenses. If you’re unable to break even before you sell your home or refinance again you’re losing money, no matter how low your interest rate.
With that being said the origination fee charged with SunTrust Mortgage Rates is simply too high for me to recommended with a favorable review. There are so many better offers out there if you invest a little time comparing refinance mortgage rates and fees.
You can learn more about getting the best deal on your next home loan while avoiding unnecessary discount points and fees by checking out my free Underground Mortgage Videos.