If you've decided it's time to purchase a home, then one option is to finance a new home through SunTrust Bank. Mortgages from SunTrust Bank are as varied as the homes on the market.
If you've decided it's time to purchase a home, then one option for you is to finance a new home through SunTrust Bank. New home mortgages from SunTrust Bank are as varied as the homes on the market, so finding the right mortgage for your needs should not be an issue.
Before you start searching for your new home, gather the financial information for the bank. When you apply for a new home mortgage with SunTrust Bank, you'll be required to show proof of income, so you'll need to pay stubs and tax returns from previous years. In addition, any lender will want a list of your assets and debts to determine how much home you can afford. It's a good idea to get pre-approved before you look at houses so you know which homes are in your price range. Typically, home expenses should be no more than 36 percent of your net monthly income. Those expenses include the mortgage, insurance premiums, housing association fees and taxes.
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Now you can consider your financing options with SunTrust Bank. The most common is a fixed-rate mortgage. These loans may have several different terms, yet a 30-year mortgage is the most common. With a fixed-rate mortgage, both your interest rate and your mortgage payment will be the same for the duration of the loan.
An adjustable-rate mortgage (ARM) is another option. You may want an ARM because it starts with a lower payment and interest rate. The drawback of an ARM is that the interest rate adjusts after the initial loan period. It can go up every year or every quarter depending on the national lending index. Beware that a rate hike may cause your payments to be unaffordable.
If you don't have a large down payment saved, government programs such as Fannie Mae and Freddie Mac are available. These programs help people who need assistance with down payments by providing low or no down-payment loans. SunTrust Bank offers Federal Housing Administration (FHA) loan programs as well.
On the other end of the spectrum, if you want to purchase your ultimate dream home, you can finance a new home through SunTrust Bank's jumbo mortgage program.
Regardless of the size of the home you want, you can finance a new home through SunTrust Bank. Be sure to compare mortgage programs and rates from several lenders before choosing your home loan source. To get rate quotes from national lenders now, go to Reply!