SunTrust home equity loans might be just what you are looking for if you require a loan with fixed interest rates or wish to plan your monthly household budgets by having regular fixed payments. This page discusses SunTrust Bank’s home equity loans and outlines the benefits they might offer to you if you are looking for a loan and own a property.
Home Equity Loans
A home equity loan is a type of loan designed for people who have equity in a property that can be used as security for the loan itself in order to mitigate risk to the lender. Consequently, a home equity loan from SunTrust is no different in that respect: if you use the equity in your home to borrow from SunTrust in such a way, you must meet the repayments or you can risk losing your security i.e. the equity in your home.
That said home equity lenders do offer borrowers something for mitigating the lender’s risk, namely you can get better rates of interest and more flexible terms than some unsecured loans, which offer the lender no security whatsoever. SunTrust operate in the same way as other home equity lenders in this respect.
You can use a SunTrust Bank home equity loan for major purchases or expenditures such as home improvements, debt consolidation or education costs.
Main Benefits of SunTrust Home Equity Loans
At the time of writing, SunTrust Bank home equity loans presently give you the following benefits as a borrower:
- Interest rates that are fixed. This can be a huge benefit for people in times of financial uncertainty where the interest rates offered by banks and financial organizations seem to fluctuate wildly from day to day.
- Interest rate reductions. If you have a qualifying deposit relationship or mortgage with SunTrust you might be able to get a further interest rate reduction of 0.5% on your home equity loan.
- No application charges, closing fees or hidden costs. Many home equity loan schemes may appear to be inexpensive on the surface but once a successful application has been made additional charges may begin to arise.
- No over payment charges. If you wish to prepay your SunTrust Bank home equity loan you will not be charged.
- Tax-deductible interest payments (nterest may be tax-deductible but you would need to discuss this with a tax advisor).
- Simple application process. Once you have applied for your SunTrust Bank home equity loan you will likely receive a preliminary decision about your application within 24 hours.
Applying for a SunTrust Home Equity Loan
If you are interested in a SunTrust Bank home equity loan you would need to pass through the stages below:
- Make an application - When making your application you will need to supply SunTrust Bank with information about your income, financial commitments, assets and real estate. You would also have to supply details about any person who wishes to be a co-applicant for the home quity loan. However, you do not need to supply the details of any child support, alimony or maintenance payment income you receive.
- Await the decision - Once your application for the equity loan has been lodged, SunTrust will make a decision within 24 hours on applications they receive during usual banking hours in most cases. This is of course subject to the accuracy of the information you provide within your loan application and/or factors outside of SunTrust’s control. SunTrust will advise you if you need to supply further details.
You can apply for a SunTrust Bank home equity loan on-line or at any SunTrust Bank branch.