SunTrust Equity Line Frequently Asked Questions

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Frequently Asked Questions

What is home equity?

Home equity is the difference between what you currently owe on your home and its appraised value in the current market. For example, if you owe $100,000 on your home and it's appraised for $250,000, then you'd have $150,000 in home equity. A portion of your equity may be available for you to borrow with a home equity line of credit. You can also use the calculator on our website. Use your best estimate for how much your property is worth.

How does a home equity line of credit work?

A home equity line of credit is secured by your home and gives you a 10-year borrowing period that allows you to borrow as much as you need, up to your approved credit limit. As you repay the balance, your available credit is replenished and you can borrow against it again, as needed. When the borrowing period ends, you'll begin a 20-year repayment period and continue to make monthly principal and interest payments so you'll pay off the balance in full by the end of the repayment period. You can make additional principal payments at any time.

What is the interest rate?

The Annual Percentage Rate (APR) is calculated based on a variety of factors, including credit score, loan-to-value, line amount, and location of the property securing the line of credit. With a SunTrust Home Equity Line, you can choose between a fixed or variable interest rate on each draw you take. See specific rates in your area.

How does the interest rate compare to other forms of credit?

A home equity line of credit is typically a lower-rate borrowing option than many other forms of credit. You may also qualify for our special low promotional variable rate for 12 months. In addition, unlike most other forms of credit, any interest you pay on a home equity line of credit may be tax-deductible when used for home improvements that substantially improve your property’s value (consult a tax advisor regarding the deductibility of interest).

How are the payments determined?

Your required monthly payment is based on your current line of credit balance and includes both interest and part of your principal balance, so you start reducing your balance right away. Drawing additional funds or paying more than the minimum required payment will affect your future monthly payments. For draws on the SunTrust Equity Line taken under the variable rate repayment option, the minimum monthly payment is equal to 1/360th of the outstanding principal balance plus interest and applicable fees.

For draws taken under the fixed rate/fixed term repayment option, the repayment term you select will determine the minimum monthly payment plus interest and applicable fees. The annual percentage rate (APR) will be determined at the time the advance is posted to your account. There is a $15 service fee for each Fixed-Rate/Fixed-Term advance.

Do I need to have great credit?

Your credit score is only one of the factors considered in the underwriting process, so having good credit, along with the other qualifications (sufficient equity in your home, allowable loan-to-value ratio, etc.) is usually sufficient for equity line approval.

What information do I need to have available to start my application?

Here's what you'll need:

  • Personal information (name, home address, phone number, and social security number)
  • Co-applicant's personal and employer information, if applicable
  • Employer information (name and phone number of employer)
  • Financial assets (description, financial institution, and value)
  • Financial debt (lender name, payment amounts, and balances)
  • Collateral information (asset, lender name, balance/value, and description)

A SunTrust Bank representative will contact you after an application is submitted to review your information and request supporting documentation as needed.

Are there any restrictions on what type of home I have for an Equity Line?

The SunTrust Home Equity Line of Credit can be secured by an owner-occupied, single-family, primary residence or condominium located in CA, FL, GA, TN, AL, SC, VA, NC, MD, DC, AR, WV or MS, and is currently not valid on manufactured homes or cooperatives. SunTrust must be in a valid first- or second-lien position.

When are SunTrust representatives available by phone?

We are available to answer your questions, discuss your account and review your options. Call us at 800.279.4824 Monday through Friday 8 a.m. to 8 p.m. or Saturday 8 a.m. to 5 p.m. ET to get answers to your questions. 

Can I choose a fixed rate and payment on my line?

Definitely. The SunTrust Equity Line of Credit account offers two flexible options to repay your line during the 10-year draw period. The repayment option you choose for each advance can help you manage your cash flow each month. You may also use multiple repayment options at the same time. You can take up to five Fixed-Rate/Fixed-Term outstanding balances at one time. The minimum amount for each advance is $5,000, and you have the choice of the following terms: 60, 120, 180 or 240 months. A term of 360 months is also available but only for advances taken at closing that are disbursed immediately after the rescission period has ended. For each advance taken under the Fixed Rate/Fixed Term option, there will be a $15 processing fee (except in MD and NC).

How long does it take to get a home equity line of credit?

It takes less than 15 minutes to fill out an application for a SunTrust Home Equity Line. The turnaround time from application to closing averages 30 – 35 days, which is one of the fastest times among our bank peers.

Do I have to pay closing costs?

SunTrust will advance most, if not all, of the closing costs on your behalf and waive reimbursement as long as your account is kept open for at least three years.


Subject to credit approval, eligibility and credit qualifications.

1 For new lines of $10,000 or more, SunTrust will advance certain costs on your behalf, including the first property/collateral valuation obtained by SunTrust, but excluding: any subsequent property/collateral valuation not required by us; and, if required, title insurance and related fees, and any new or increased homeowner’s and/or flood insurance premiums. For equity lines secured by a condominium unit, you may be required to pay a Condominium Questionnaire fee, between $50 and $500, to your Home Owner’s Association. However, if your account is closed within three (3) years, we will add any closing costs we advanced on your behalf to your outstanding balance for our reimbursement. Total closing costs generally range from $100 to $2,000.


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