SunTrust Home Equity Line of Credit

This page is all about the information on SunTrust. Have you heard about SunTrust? On this page, you will get to know everything consigning SunTrust as well as SunTrust Home Equity Line of Credit. All you have to do is read through the information provided.

SunTrust Home Equity Line of Credit

In 1891 SunTrust Bank was established and is one of the largest banks in the United States Based in Atlanta. In 10 states and Washington, they had over 1,100 branches and 2,000 ATMs at that time, D.C.But large-scale aside, SunTrust has a focus on consumer education and experience.

SunTrust launched a marketing campaign called OnUp in 2016. To help customers move away from financial stress a movement designed and gain confidence with their money. Complete with hashtags, a social media presence and a website. SunTrust’s OnUp provides solid educational tools and resources for customers. With its purpose of lighting the way to financial well-being, this falls in line.

SunTrust Home Equity Line of Credit

For personal and business banking and a home equity line of credit (HELOC) SunTrust offers a variety of products. With low interest rates and the option to convert part of your balance to a fixed rate. SunTrust’s HELOC is a good option for borrowers looking for flexible and fast funding.

Credit score Like most HELOCs Approval is based on, credit qualifications and eligibility. SunTrust Bank doesn’t disclose its eligibility requirements. You’ll likely have to have a credit score in the mid-600s and a low debt-to-income ratio. You will also need to have sufficient equity in your home as with all home equity loans, to generally have at least 20 percent equity.

SunTrust Home Equity Loan Calculator

Talking about Mortgage. When deciding how much they’re willing to lend you refinance and home equity loan providers may use additional calculations or even whether at all they’re willing to lend to you. The loan-to-value (LTV) ratio is One measure they use.

If you apply for a mortgage first, this number reflects the amount of the loan you’re seeking relative to the home’s value. Also, your LTV ratio is based on your loan balance if you have a mortgage.

Whether you pay your private mortgage insurance or if you have to qualify to refinance your ratio can be affected. key to accurately figuring out your LTV ratio will be a professional appraisal. That’s why often your lender will require an on-site appraisal as part of the process for obtaining a loan.

To figure out your LTV ratio, dividing your current loan balance will be of help. This number can find on your monthly statement or online account by your home’s appraised value. The loan-to-value ratio is 35% to a percentage Multiply by 100 to convert this number to Caroline’s.

SunTrust Heloc Reviews

Nevertheless, all the reviews about SunTrust Heloc were to be of good impact to people who have tried it. A home equity loan allows homeowners to borrow money using their home as collateral (similar to a mortgage). Loan amounts vary depending on the value of the home minus the balance of any mortgages or liens on the property.

SunTrust Bank Home Equity Loans allows borrowers to apply for home equity loans of up to $500,000. The actual maximum loan amount will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

SunTrust Home Equity Line of Credit Benefits

If you are among those people who wish to know SunTrust Home Equity Line of Credit Benefits well some of the benefits are listed below:

Here are some of SunTrust Bank’s biggest benefits when it comes to home equity products:

  • There are no closing costs: Under the condition that you keep the account open for three years SunTrust Bank covers all closing costs. NOTE: Should you close before the three-year mark, it will add the closing costs to your outstanding balance.
  • There are Quick closing times: You can get an initial loan approval within 24 hours of submitting your application. The time from application to closing averages 60 days.
  • There also choose a fixed or variable rate: SunTrust lets you take fixed-rate advances from your HELOC for a $15 fee, giving you more control over your payments if you want to lock in a good rate.

Above are some of the benefits of SunTrust Home Equity Line of Credit.

SunTrust Home Equity Line of Credit Drawbacks 

If you are among those people who wish to know SunTrust Home Equity Line of Credit Drawbacks well some of the drawbacks are listed below:

  • They are Not available in all states: For owner-occupied homes, single-family homes, primary residences, second homes or condominiums located in the following places: California, Florida, Georgia, Tennessee, Alabama, South Carolina, Virginia, North Carolina, Maryland, Arkansas, West Virginia, Mississippi and Washington, D.C SunTrust’s HELOC will always be available.
  • They are Processing fees on certain draws: you will be charged a $15 processing fee If you decide to go with a fixed-rate option for an advance.
  • They Only one repayment option: For repayment HELOCs from SunTrust Bank have only one option. The draw period is 10 years, and the repayment period is 20 years.

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Frequently Asked Questions

How Much Money Can I Borrow on a Home Equity Line of Credit?

Most lenders will let you borrow up to 80-% of your equity. Some will let you borrow up to 90%. If you don’t have excellent credit, you may not be able to borrow as much.

How Good of Credit do you Need for a Home Equity Line of Credit?

In most cases, you’ll need a credit score of at least 680 to qualify for a home equity loan but many lenders prefer a credit score of 720 or more. Some lenders will approve a home equity loan or HELOC even if your FICO Score falls below 680.

How do I Access my Home Equity Line of Credit?

You can access it via online transfer or with a bank card at an ATM or Point of sale, or you can write checks from the account if the lender issues them Most HELOCs have adjustable interest rates.

What’s the Difference between a HELOC and a Home Equity Loan?

With a home equity loan, you receive the money you are borrowing in a Lump sum payment and you usually have a fixed interest rate. Well, with a home equity line of credit (HELOC), you can borrow or draw money multiple times from an available maximum amount.

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