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Suntrust Home Equity Line of Credit Review
Suntrust is a good lender if you are already a customer with that bank and are certain that a home equity line of credit is the best option for you, instead of a home equity loan.
What We Learned
Very competitive rates and fees compared to other lenders.
CONS
No home equity loan products, only line of credit.
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Detailed Review
Suntrust is one of the largest banks in the country, and their home equity options make them a good lender if you are interested in a home equity line of credit. However, they do not offer home equity loans, which makes it hard to place them among the best lenders we reviewed.
Rates and Fees
Suntrust’s interest rates are pegged to the prime rate, but they offer a promotional rate of 2.99% APR for 15 months, which is a much better deal than other lenders will offer for a comparable product. The interest rate is variable and the fact that it is pegged to the prime rate makes it an extremely predictable cost. However we couldn’t find any information on interest rate caps for their products. After the promotional rate is over, the interest rate will be prime + 0.49%, so you know exactly how much the bank will make from your line of credit, which a number of customers appreciate. Like most of the larger banks, Suntrust offers a .25% rate reduction if you are already a Suntrust customer.
Eligibility
Suntrust does not publicize their eligibility requirement. Reviews indicate that they have a greater focus on your current credit score than some of the other lenders that we’ve reviewed. You can expect the loan-to-value ratio, debt-to-income ratio, and income-to-loan ration to have a strong influence on your eligibility. For more specific information, customers can submit questions via email, phone, or go into a branch to discuss their options with a loan officer.
Loan Requirements
Suntrust has some of the lowest amounts for minimum and maximum value of the lines of credit they offer. The line of credit ranges in size from $10,000 to $500,000, but it is important to remember that since this is a line of credit, customers do not have to use the entire value of the line, and will only be charged for the credit that they use. This has a number of advantages f you aren’t sure how much a project will cost but don’t want to take out the maximum loan on your property to be safe.
Customer Experience
Customers have reported generally positive experiences with Suntrust. Many were particularly pleased that being a current Suntrust customer and signing up for automatic payments netted them a .25% reduction on their interest rate. This can add up to a lot of savings over time. Moreover, the information on their website is easy to understand and robust enough to give customers a good idea if Suntrust is the right institution for them. Some customers complained that they had to visit a local branch to close their line of credit, but this is something that only happens once, and so is not a huge factor in our review.
Summary
Suntrust is a good place to start looking for a home equity line of credit if you are already a Suntrust customer and have enjoyed your experience with the bank in the past. They have some of the best rates, and the fact that they don’t charge closing costs also makes them an appealing option to those customers who are looking to get the most out of their home equity line of credit. On the whole, Suntrust ranks solidly in the middle of the lenders that we reviewed.
