Sometimes mortgage plans make it impossible for you to pay, but the Suntrust Mortgage payment plan is a little more flexible. Mortgage, over the years, has remained one of the key determinants in the home buying journey of most prospective home buyers.
And why not? The idea of a mortgage is like a savior for those who can’t afford a new home in cash. However, choosing the right mortgage payment plan is of great importance. It will determine how easy and rewarding your home-buying journey will be.
SunTrust, one of the top financial services firms in the US, offers a number of mortgage options for home buyers. In this post, we discuss the various SunTrust Mortgage plans and help you choose the best one for yourself.
Why SunTrust Mortgage?
SunTrust is a preferred service provider when it comes to mortgage plans. There is a number of reasons for it. SunTrust is a modern-day financial service firm that is powered by technology.
Therefore, SunTrust mortgage payment plans are greatly transparent, credible, and efficient. Further, the SunTrust mortgage payment plans are flexible, inclusive, and serve the best interests of different home buyers with varied needs.
Top SunTrust Plans
Fixed-Rate Mortgage
This one is the most popular of all the SunTrust mortgage payment plans. It is because this mortgage plan fixes the rate of interest on the mortgage and hence the amount that you will have to pay each month, at the beginning itself.
Therefore, your payments will not go up or down due to market fluctuations. This plan is ideal for all those who like the idea of stability, whether its life or finances.
Adjustable-Rate Mortgage (ARM)
ARM is just the opposite of what fixed-rate mortgage is. In an adjustable-rate mortgage, the rates applicable to mortgage keep varying as per the prevailing market conditions at any given point of time.
What this essentially means is that you will have to pay less if the market goes up, and more if the market goes down.
Conventional Financing for High-Cost Areas
With this SunTrust mortgage payment plan, even buying a home in high-cost areas becomes more affordable. This plan applies the conditions of conventional mortgage to the properties that cost up to $765,600.
The eligible properties should be located in designated high-cost areas. This mortgage payment plan means lower interest rates and higher savings.
Affordable Financing
The affordable financing SunTrust mortgage payment plan is applicable to the properties located in particular geographies. The interest rates that you have to pay on buying these properties through mortgage are significantly lower.
Doctor Loan Program
This is a specially designed mortgage loan program for doctors, dentists, and other medical professionals. Using this plan, the designated individuals get special privileges in terms of the interest rates applicable. Further, flexibility in payments is also offered under this plan.
Jumbo Financing
Jumbo Financing, as the name suggests, is for taking large loan amounts to buy properties that are high-end or are located in extremely competitive areas. Loans amounts onwards of $510,400 are eligible for this Suntrust mortgage payment plan.
How to apply for SunTrust Mortgage?
Applying for any of the above SunTrust mortgage payment plans is easy, thanks to the online application system put in place by the company.
- Visit the SunTrust official website and click on ‘Mortgages’.
- Browse through the various SunTrust mortgage payment plans available, and choose the one that matches your needs the best.
- Carefully review the terms and conditions associated with the play you are intending to go with.
- Click on the ‘Apply Now’ against the desired plan to start your application process.
- Create an account using your email and complete your profile.
- Check all the loan options that you qualify for, along with your personalized loan rates.
- Upload your documents and wait for the approval of your loan application.
You may get quite anxious about your approval status within a few working days. A SunTrust representative will assist you to close the mortgage and get the amount if you get a green signal.
Find Out the Best SunTrust Mortgage Payment Plans for You Takeaway
SunTrust mortgage payment plans are ideal for all kinds of mortgage needs. In fact, they can even help you afford properties that you thought were out of your league. Further, applying for a mortgage through SunTrust is easy and quick.