Buying a new home always has a certain excitement about it. Change can be a good thing, and a change in neighborhoods, homes, and new opportunities, is something that you can look forward to. Finding a new home mortgage easily can help keep things simple and moving forward, especially when you consider the options that a Sun Trust mortgage can give you.
Sun Trust Offers Many Mortgage Options
The Sun Trust Bank provides a number of mortgage options for new home financing enabling you to select one that will best fit your needs and situation. In the way of 30-year fixed mortgages, Sun Trust offers conventional, jumbo, and FHA home loans. There is also a 15-year conventional mortgage, too. Adjustable rate mortgages can be obtained as 5/1 and 7/1 for 30-years.
Sun Trust Mortgages Have Competitive Interest Rates
SunTrust Mortgage offers competitive home loan interest rates on their mortgages. Right now, the interest rate on a 30-year fixed conventional mortgage is 3.490%, and a 15-year fixed conventional mortgage is now at 2.875%. An agency 5/1 ARM is now at 2.4%. A 30-year FHA fixed mortgage has an interest rate of 3.4%.
As you know, interest rates change daily, so you will have to check on Sun Trust mortgage rates when you are ready to lock in your interest rate. The bank offers a 60-day lock-in for single-family homes that are owner-occupied, on home loans that are up to 80 percent of the loan to value – but only for online loan applications.
Potential borrowers have the option of being able to sign up to receive notifications from the Sun Trust Rate Watch program when the interest rate drops to a specified level, and also the points. This enables you to know exactly when the market values give you the best deal. Of course, you also must be aware that now is probably the best time to get a new home mortgage from SunTrust because mortgage rates probably are not going to get any lower than they are right now.
Affordable Home Buying Solutions
Sun Trust Mortgage knows that buying a home can be difficult for some people. In order to help you live the American dream and own your own home, the bank offers a number of affordable home buying solutions. People with low incomes can borrow up to 97% of the value of the new home on a fixed rate loan. Mortgage options are also available in the way of gift fund programs, housing authorities and bond programs, as well as rural housing programs that offer up to 100% financing if qualified. Other benefits are also available such as possibly voiding the requirement to have cash reserves, and no penalty for prepaying your new home mortgage.
One great advantage of getting a Sun Trust mortgage is that you have a lot of options when it comes to how you can make your monthly mortgage payments. Sun Trust mortgage payments can be made through the popular SurePay ACH option, ePay, the Sun Trust online bill pay for accountholders, SpeedPay, or by mail.
Reduce Principal and Build Equity Faster
Sun Trust Mortgage enables you to reduce your principal faster by letting you make payments bi-monthly. You can do this automatically by setting debit amounts every two weeks from your checking account. Doing it this way enables your principal to be reduced faster, which will reduce the interest, too.