Deciding to refinance a house or apply for a loan to purchase a home includes sifting through the many options that are available. There are so many mortgage providers and institutions out there that promise the best mortgage rates, and choosing one can be mind boggling. National chains and local companies both have their pros and cons, and a close examination of each must be made before reaching such an important decision. SunTrust mortgage rates are figures to consider when weighing options. This is a company that is a subsidiary of SunTrust National Bank based in Atlanta, Georgia. There are branches nationwide and the assets belonging to the company top well over $100 billion in value. This makes it very easy for them to offer and provide very competitive mortgage rates.

Because homeownership has declined in the last three decades, SunTrust offers a lower percentage rate on mortgage loans. The prices on homes have increased, leaving most young Americans having to rent or lease the house they live in. SunTrust mortgage rates for a 30-year loan are typically 0.125% lower than the average rate. The 15-year loan rate is normally lower by 0.063%. Since this is significantly lower than the average mortgage rate, it is a huge relief to customers that go with this company. Everyone benefits from this situation because when the homeowner is happy, it makes it much easier to do business. It also generates more customers, because word of mouth is a powerful form of advertisement.

The guidelines for a mortgage bank are regulated by the federal government and the Real Estate Settlement Procedures Act. Therefore the company is not obligated to inform the homeowner of any house the actual value of the house or profits that the bank makes. This loophole is not known to the common applicant, which is profitable to the bank. Those that are aware of this rule are reluctant to do business with mortgage corporations and opt to go with a local company instead.

There have been numerous complaints regarding SunTrust mortgage rates, because the payments increase without previous notification of the homeowners. This poses a very risky situation for these homeowners because the simplicity is taken out of any agreement they have with his company. Before plunging into a potentially lifelong commitment with a mortgage company, careful consideration should take place, even if consulting a credit counselor means no rash decisions are made.