SunTrust Banks, Inc.
SunTrust Banks, Inc. (NYSE: STI) performs its banking operations through SunTrust Bank, which provides home purchase mortgages for borrowers. The bank’s latest mortgage interest rates are updated for October 17, 2013.
The lender’s home purchase interest rates stated below require a 60-day lock-in period on the loan whose proceeds are to be used for the purchase of single-family owner-occupied properties. Other than the Federal Housing Administration (FHA)-insured loans, the mortgage rate quotes given assume that the borrower has strong credit standing and is willing to pay 1.00% of the total loan amount in origination fees. In addition, lock-in periods apply for most mortgages and the loan terms may vary depending on the property’s location and geography.
The 30-year fixed rate home purchase loan is listed by SunTrust at a rate of 4.125% on Thursday. The loan packages features 0.351 discount points and an annual percentage rate (APR) of 4.2594%. The shorter-term 15-year fixed rate home purchase loan is advertised at a mortgage rate of 3.200%, it comes with 0.178 discount points, while the APR is set at 3.4059%.
SunTrust provides loans that are insured by the FHA for borrowers with low credit scores. The 30-year fixed rate FHA-backed mortgage loan can be locked in at a rate of 3.900% and 0.108 discount points. This type of mortgage package bears an effective APR of 5.5281%.
The 30-year fixed rate home purchase loan with a jumbo balance is offered by the lender at 4.490% interest and 0.165 discount points, yielding an APR of 4.6018%.
SunTrust also offers adjustable rate loans (ARMs) for interested customers. These loans feature a fixed interest rate period for a specified number of years. After that, the interest rate is adjusted to reflect current interest rates during the reset schedule.
The 5/1 ARM home purchase loan is advertised at 2.800%. This flexible loan features 0.088 discount points and an overall APR of 2.9534%. The 7/1 ARM alternative can be picked up at a rate of 3.300% and it’s accompanied by 0.243 discount points and and APR variable of 3.1986%.
For complete details on SunTrust’s latest home loan interest rates, please take a visit to the lender’s website.