SunTrust Mortgage

SunTrust Mortgage Inc., one of the best mortgage companies all over the world has its branches spread over all of the USA. It is a wholly owned subsidiary of SunTrust Bank, a $182.2 billion financial service company operating in Virginia, South Carolina, North Carolina, Florida, Tennessee, Georgia, Alabama, Maryland and the District of Columbia. SunTrust Bank specializes in banking, lending, investing and insurance solutions to help individuals achieve cash and capital management effectively which also helps in the growth businesses and the attainment of financial security. At present, origination of loans by SunTrust Mortgage, Inc. is done through locations in SunTrust Markets across the United States. It maintains correspondent and broker relationships throughout the country and services loans to 50 states in the USA and the District of Columbia.

Being a top residential mortgage service provider, it is a part of its policy to offer greater value of money than any mortgage provider and have it reflected as a superior return for its shareholders. SunTrust can also be characterized by five corporate qualities of maintaining a strong balance sheet, emphasizing credit quality, focusing on income and effective management of its costs, delivering superior customer service and maintaining a team of highly skilled and motivated professionals.

The vital statistics of SunTrust through December 31, 2006 are as follows:

• Servicing Portfolio: $ 130 billion
• Loans Originated: $43.3 billion
• Loans Purchased: $ 12.1 billion
• Total Production: $ 55.4 billion
• Number of Loans Serviced: 847,665
• Number of Investors: 298
• Number of Brokers: 10,133

SunTrust Mortgage offers favorable Annual Percentage Rate (APR) and interest rates for mortgage loans up to 80% loan-to-value ratio (LTV) for single family, owner-occupied properties. Mortgage loans offered by SunTrust include 30 year fixed rate mortgage (FRM), 15 year fixed mortgage loans, 30 year jumbo fixed mortgage and 15 year jumbo fixed mortgage loans and mortgage loans based on Adjusted Rate Mortgage (ARM) which can be on a 3/1, 5/1, 7/1 or 10/1 basis. This can be tabulated in the following form:

 

	Interest Rate	APR
30 year fixed	6.0%	6.151%
15 year fixed	5.625%	5.783%
30 year jumbo fixed	6.125%	6.278%
15 year jumbo fixed	5.75%	5.886%
3/1 ARM	5.875%	7.267%
5/1 ARM	5.875%	7.041%
7/1 ARM	5.75%	6.777%
10/1 ARM	6.125%	6.752%

SunTrust Mortgage offers the Equity Accelerator Program which provides for faster repayment of the loan. This program allows one to pay one-half of the monthly payment every two weeks thus equaling 13 payments a year. At the end of the year one has to pay an extra mortgage payment which is added to the principal balance every year. Hence, this method of repayment of the loan also saves on the interest rate.

SunTrust’s Sure Pay (Electronic Payment Service) can help an individual get these interest payments or any additional amounts paid continually towards the reduction of the principal balance of the loan automatically drafted from any checking or savings account designated which is the fastest and most convenient way for the repayment of the mortgage loan.

Monthly repayment of mortgage loan will include a

payment towards the principal balance of the loan, a monthly interest payment and a collected payment for the hazard insurance, mortgage insurance, flood insurance and property taxes.

SunTrust Mortgage also offers online application facilities for pre-qualifying and applying for a mortgage loan. One can also access his account online. SunTrust offers refinancing mortgage facilities at the lowest interest rates and there are special mortgage solutions such as the SunTrust Combo offer which blends a maximum first mortgage with a 15 or 30 year second mortgage availed from SunTrust. The first mortgage may be a variety or combination of conventional or jumbo FRM’s or ARM’s or a balloon loan.

The second mortgage can be a fully amortizing or interest only FRM or ARM. Borrowers often use this service to avoid jumbo financing which entail higher interest rates. This will thus enable the borrowers to go for lower monthly mortgage repayments if the second mortgage is paid off quickly.

For home mortgages, the interest on the second mortgage is tax deductible and it may eliminate the mortgage insurance which helps in saving money at closing and at the time of monthly repayments.

The SunTrust Combo offers up to 100% financing and non-conforming first mortgages with as less as 5% down payment. Second mortgages can be amortized over 15 or 30 years with quicker equity build up interest only loans that carry lower down payment.

Besides, SunTrust Mortgage will also lead individuals to debt consolidation services and home equity loans which can convert the available equity in ones property into a line if credit.