SunTrust home equity line of credit is one of the best there is. And if you want to know more about it, then this is your chance. SunTrust Bank was established back in 1891 and it is based in Atlanta.
The bank is one of the largest in the United States and it has more than 1,100 branches and 2,000 ATMs in 10 states in the United States and Washington. DC.
SunTrust Home Equity Line Of Credit
SunTrust as an institution has a laser focus on consumer education and experience. The company in 2016 launched a marketing campaign titled onUp. This is a movement that is designed to help customers get over financial stress and gain confidence with their money.
Complete with hashtags, a social media presence, and also a website, the company’s on Up provides solid educational tools and resources for its customers. This program falls in line with the company’s purpose of “lighting the way to financial well-being.”
The organization offers a series of products for both personal and business banking and a home equity line of credit (HELOC). With its low-interest rates and the option to easily convert part of your balance to a fixed rate, SunTrust’s HELOC is a good option if not the best for borrowers looking for flexible and quick funding.
Benefits of SunTrust Home Equity Line Of Credit
When it comes to home equity products, SunTrust offers its users some mouthwatering benefits. There are no closing costs with this financial institution. SunTrust covers all closing costs. But this option is open if only you keep the account open for up to three years.
The company also offers fast closing times as you can get a first loan approval in 24 hours of submitting your application. Normally the time from application to closing time is averaged at 60 days. The company also allows you to select a fixed or variable rate. With this, you get more control over your payments if you chose to lock in a good rate.
There are a few drawbacks to SunTrust home equity line of credit that you probably should know about. The services offered by the company are not available in all states. SunTrust’s HELOC is only available for homes that are occupied by owners, primary residences, single-family homes, second homes of condominiums that are located in Virginia, North Carolina, Mississippi, Washington, D.C., Maryland, Arkansas, California, Florida, Georgia, Tennessee, West Virginia, South Carolina, and Alabama.
There are also processing fees attached to certain draws. If you opt to go with a fixed rate option for an advance note that you will be charged a processing fee of $15. There is only one repayment option available with this company. You should also know that the draw period is 10 years and the repayment period is 20 years.
Loan Products Offered
The only home equity product of SunTrust Bank is its home equity line of credit. The institution’s HELOCs can range from $10,000 to $500,000 and it has a 10-year draw period and a 20-year repayment period.
The SunTrust HELOC also gives users the option of selecting a fixed-rate or variable-rate repayment option for each advance you make during the 10-year draw period. Also, you can have more than one repayment option at the same time, and you can have up to five fixed-rate balances at a single time.
Each fixed-rate advance must be a minimum of $5,000, and also you can select a 60-, 120-, 180-, 240- or 360-month term for each draw. If you do select a fixed-rate draw, know that you will be charged a $15 processing fee in any of the states it is available except in states such as Maryland and North Carolina.
The Current interest rates start at 4.37 percent APR. Also, your actual APR will be determined by a series of factors, and this is including location, credit line amount, loan-to-value ratio (LTV), and credit score. Know that the maximum APR is 18 percent in all states available except for North Carolina, where the maximum is 16 percent.
How to Get Started
Applying for SunTrust’s HELOC is simple and easy. You can easily apply online, by your phone, or by visiting a local branch. And before you start your application process, it is very important that you have the information below available at your disposal;
- Your financial assets.
- Employer information.
- Co-applicants personal and employer information if it is applicable.
- Your collateral information should include the name of your lender, balance, and description.
- Financial debt.
That’s it. And immediately your application is complete, a representative from the institution will contact you immediately to request any other type of documentation if and only when necessary. Initial approval may be made within 24 hours. The time for the application to close is averaged at 60 days.