SunTrust is a name that is frequently searched on the Internet. It makes sense; SunTrust Mortgage is another fairly large player in the competitive mortgage-lending business. It is a national organization, with locations across the US.
Their website states: "SunTrust Mortgage, Inc. is a wholly-owned subsidiary of SunTrust Bank a $128.1 billion financial institution operating in Virginia, the District of Columbia, Maryland, Georgia, Alabama, Tennessee and Florida. Currently, SunTrust Mortgage, Inc. originates loans through 135 locations in SunTrust markets and adjacent states, maintains correspondent and broker relationships in 48 states and services loans in 50 states and the District of Columbia."
SunTrust has a fairly good website. It may not be as information rich as some, but what is there is relatively easy to find. You can get to the FAQ section right from the homepage, which is a plus. You can pre-qualify online, as you would expect. This is one function you should likely expect from any lender you would want to work with. The more functionality that the lender makes available to you on the web, the less actual "footwork" you have to do!
We did find some very positive information available about SunTrust on the web: JD Power and Associates ranks SunTrust highest in satisfying customers with home mortgage servicing. Now that should get your attention! Here's a quote from the news release: "SunTrust Mortgage performs particularly well in the areas of billing, payment and account review/administration. SunTrust is followed in the rankings by World Savings Bank, Bank of America and Countrywide Home Loans, respectively."
While we found this excellent rating from JD Powers, we didn't come across any customer complaints on any of the most used consumer sites. This is good news for clients (and prospective clients) of SunTrust Mortgage.
Like many other lenders, SunTrust Mortgage has its roots in the banking industry. In most cases, this will also make it a stable lender, with good financial backing. In one form or another SunTrust has been providing mortgage loans for over 135 years.
Stability is not the only thing to consider in a lender though. It's also important to consider what they are offering you. Most importantly, as always, is the interest rate you will pay. Your mortgage may take you as much as 30 years to pay off. A lender has the potential to make a lot of money on your mortgage. They should compete for your business.
Also, if you are going to pay for 30 years on your mortgage it makes sense that you'll pay less in interest charges if you get a lower rate. Even a or percentage difference can save you thousands over the longer term.
With this in mind, shop around!
Mortgage Guide 101. Used with permission. See