Suntrust's Cd Loans: What You Need To Know

SunTrust Banks Inc. was an American bank holding company that offered a range of financial services, including lending, credit cards, and investment services. In 2019, SunTrust merged with BB&T Corporation to form Truist Bank, which now provides various loan options, such as personal loans, auto loans, student loans, and mortgages. Truist offers refinancing options, home equity lines of credit, and down payment assistance for mortgages. They also provide online resources to help borrowers calculate monthly payments and compare loan options.

SunTrust student loans

SunTrust Banks Inc. was an American bank holding company that offered federal and private student loan programs to help cover the costs of college education. SunTrust Education Loans strongly encouraged undergraduate students to have a co-signer to help keep interest rates low, and some loans may have even required it. Students in Illinois, Iowa, Texas, Washington, and Wisconsin were not eligible for Academic Answers Loans.

SunTrust was acquired by BB&T Corporation in 2019, creating the sixth-largest US bank. The new entity was renamed Truist, which continues to offer student loans.

There are three major types of college loans: Federal student loans, private student loans, and parent loans. Federal student loans are made to students, not parents, and are supplied by the government. Stafford Loans are the most common type of federal student loan, with fixed interest rates. They come in two varieties: subsidized, where the government pays the interest while the student is in school, and unsubsidized, where the student pays the interest. Private student loans are offered by banks and other private institutions, with interest rates and fees usually determined by the borrower's credit score. Parent loans, such as the federal Parent Loan for Undergraduate Students (PLUS), are used to pay for college costs not covered by the child's financial aid, and the parents are responsible for repayment.

When paying off student loans, it is important to consider the interest rate and the number of monthly payments. Consolidating multiple student loan balances into a single loan with a better interest rate can help reduce the cost of debt and free up cash flow. However, consolidating federal and private loans may result in the loss of federal benefits, including repayment plans and loan forgiveness programs. Strategies such as the snowball approach, which focuses on paying off the smallest balances first, can help reduce overall debt and provide a mental boost.

Truist Bank personal loans

Truist Bank offers personal loans with competitive rates and flexible financing options. These loans can be used to consolidate debt, pay for home improvements, a wedding, or a vacation. The bank offers both secured and unsecured personal loans, with borrowing amounts ranging from $3,500 to $50,000.

For unsecured personal loans, Truist offers fixed rates for the life of the loan, with rates ranging from 8.45% APR to 17.29% APR. These loans do not require collateral, but applicants must be at least 18 years of age and meet applicable credit requirements. Approval is based on several factors, including a holistic view of the applicant's credit history rather than solely relying on their credit score.

Truist also offers secured personal loans, known as the Truist Ready Now Credit Line, which provides overdraft protection and access to a credit line of up to $7,500. This option may be suitable for those seeking credit-building opportunities.

In addition to their unsecured and secured personal loans, Truist provides auto loans, allowing individuals to purchase or refinance their dream car. They also offer a Home Equity Line of Credit (HELOC) for individuals seeking alternative financing options.

Individuals interested in obtaining a personal loan from Truist Bank can apply online, in person, or by phone. The bank has over 1,900 locations and a team of loan specialists ready to assist with any queries and guide the approval process.

Truist Bank mortgage

Truist Bank, formed by the merger of SunTrust Bank and BB&T in 2019, offers a range of mortgage services. The bank provides pre-approval for mortgages, helping prospective homebuyers understand their budget and demonstrate their readiness to transact to real estate agents and sellers.

Mortgage rates fluctuate daily, so Truist encourages applicants to begin the application process as soon as they see a rate that works for them. The bank's loan officers can provide assistance and support throughout the process. Applicants can find a loan officer near them and start building a relationship to kickstart their journey towards homeownership.

Truist Bank's mortgage calculator can help prospective homebuyers fine-tune their potential monthly payments based on various factors, including the home price, down payment, and mortgage type. The bank also offers online applications and a progress tracker that allows applicants to follow their application status in real time.

In addition to its mortgage services, Truist Bank provides personal loans, home equity lines of credit (HELOC), and auto loans. The bank also offers financial planning services, helping clients create financial plans that cater to their priorities and evolve with their changing needs.

SunTrust Bank's lending practices

SunTrust Banks, Inc. was an American bank holding company with its largest subsidiary being SunTrust Bank. The bank's earliest predecessor was founded in 1891 in Atlanta, Georgia, where it was also headquartered. SunTrust Bank offered a range of financial services, including deposits, lending, credit cards, and investment services.

In terms of lending practices, SunTrust provided corporate and investment banking, capital market services, mortgage banking, and wealth management. In 2013, SunTrust faced legal issues and was ordered to pay $1.5 billion to resolve claims of improper mortgage lending, servicing, and foreclosure practices. The bank reached a preliminary settlement of $968 million with the US government in 2014. Additionally, in 2014, SunTrust Mortgage, Inc. was required to provide $500 million in relief to mortgage borrowers due to alleged misconduct in its mortgage servicing and foreclosure practices.

SunTrust's lending practices also included financing acquisitions and mergers. In 2013, the bank collaborated with other financial institutions to help finance the acquisition of BEL USA, the parent company of DiscountMugs, by a private equity firm. SunTrust has also been involved in acquiring other companies itself. For example, in 1998, it purchased Crestar Financial Corporation, expanding its presence into Virginia, Maryland, and the District of Columbia.

SunTrust Bank had a significant presence in the southeastern United States, operating 1,400 bank branches and 2,160 ATMs across 11 states and Washington, D.C., as of September 2016. The bank's total assets were valued at US$199 billion as of March 31, 2018.

In February 2019, SunTrust Banks announced its pending acquisition by BB&T for $28 billion, creating the sixth-largest US lender. The merger between BB&T and SunTrust closed in December 2019, resulting in the formation of Truist Financial Corporation.

SunTrust Bank's refinancing options

SunTrust Banks, now known as Truist Bank, offers a range of refinancing options for its customers. The bank's primary businesses include deposits, lending, credit cards, and trust and investment services. SunTrust has grown to become one of the largest financial services organisations in the United States, with over $170 billion in assets as of 2018.

Mortgage Refinancing

SunTrust offers mortgage refinancing options to help customers manage their existing mortgages. They provide a range of fixed and adjustable-rate mortgages, allowing homeowners to find a payment plan that suits their needs. With a fixed-rate mortgage, homeowners can benefit from consistent monthly payments, while adjustable-rate mortgages can offer lower interest rates. SunTrust also offers up to 100% financing with no monthly mortgage insurance payments, providing flexibility for borrowers.

Cash-Out Refinancing

The bank also provides cash-out refinancing options, which can be useful for paying business startup costs or student debt. This approach allows homeowners to leverage the equity in their homes to access liquid cash. By creating a new mortgage at a lower interest rate, borrowers may be able to maintain or even reduce their monthly payments.

Home Equity Line of Credit (HELOC)

For those who are not in a position to refinance, SunTrust offers a Home Equity Line of Credit (HELOC). This option provides access to cash without the need to change the existing mortgage. A HELOC can be a flexible solution, giving borrowers the funds to achieve their goals without altering their monthly payments.

Personal Loans

In addition to mortgage refinancing, SunTrust offers personal loans that can be used for various purposes, such as debt consolidation, home improvements, weddings, or vacations. These loans can help individuals manage their finances by consolidating high-interest credit card debt into a single, more manageable monthly payment.

SunTrust provides a range of refinancing options to meet the diverse needs of its customers. Whether it's managing existing debt, accessing cash, or finding a more suitable mortgage payment plan, SunTrust's refinancing choices aim to provide financial flexibility and stability.

Frequently asked questions