Home Loans from Top-Ranking SunTrust Mortgage

Published by nora | Filed under Buyer / Seller Tips, Miscellaneous, Mortgage / Finance, Real Estate

If you’re looking for home loans, check out the different mortgage products offered by SunTrust Mortgage. This mortgage lender was chosen by more than 4,500 homeowners surveyed by J.D. Power as among the top mortgage lenders in 2010.
The respondents rated lenders based on how they evaluate and approve mortgage applications and how their loan officers and customer relations officers deal with prospective borrowers.
These are the home loans offered by SunTrust:

• Fixed Rate 10-40 Year Term
• Fixed Rate 15 Year Term
• FHA Fixed Rate
• VA Fixed Rate
• FHA ARM
• VA ARM
• ARM Alternative
• Intermediate LIBOR ARM
• Temporary Buydown
• Gift Fund Loan Program
• Rural Housing Program
• Agency Affordable Program
• Agency Jumbo Loan Program
• Jumbo Solution Mortgage
• Construction Loan Program
• Doctor Loan Program

With the list above, you can see that SunTrust has prepared various loans to meet different kinds of mortgage needs. Let’s look at some of the home loans offered:

10-40 Year Fixed Rate Home Loan

More people prefer fixed-rate home loans because of the stability of the rate over the entire term of the loan. They don’t want to take the risk of inflated rates in exchange for some initial benefits of adjustable-rate loans. Among fixed-rate loans, the 30-year term is the one chosen by the majority of borrowers throughout the country. The monthly payment is just right for them — not too high and not too long compared to the 40-year term.

This loan offers benefits such as the following:

• No change in amount of monthly payment
• No penalty for prepayment
• Can be used to buy a second home
• Can be used to buy real estate for investment
• Faster approval because of automated underwriting and easier documentation

15-Year Fixed Rate Loan

This loan is a good fit if you want to finish paying for your home before your children go to college, or if you want to cut your total interest payments. You’ll save tens of thousands in interest payments compared to a 30-year term because of the shorter term and the lower interest rate imposed on 15-year loans.

You might think that your monthly payment doubles if you change your 30-year term to a 15-year term. No, it’s not twice as costly. It’s lower than your assumption.

ARM Alternative

Adjustable-rate mortgages have advantages over fixed-rate loans in at least four conditions:

• if you’re moving to another city or town in a couple of years
• there are signs that mortgage rates are going down
• your credit score and financial situation calls for an ARM
• you need the flexibility inherent in an ARM.

But since most borrowers also like the stability of fixed-rate mortgages, SunTrust offered this ARM Alternative home loan. This loan offers the advantages of both ARM and fixed-rate loans, such as the low initial ARM rate and the rate protection of fixed-rate mortgages.

SunTrust has several offices in Tampa, Florida. You can contact Tampa4U.com for help in finding the best affordable homes in Tampa.