1 Special Rate Advance: The special advance rate is variable for 12 months and is applicable only for an initial advance of $25,000 or more taken under the variable rate option at or before the closing of the line of credit, to be disbursed immediately upon expiration of any applicable rescission period, and is valid for applications received by 6/30/18 and that close by 8/15/18. An initial advance of $25,000 or more taken at closing under this option shall accrue interest at the Special Rate for a period 12 months from the date of disbursement of the initial advance. Special Rate Advance is not available for purchase money equity lines and may not be used to pay off or pay down any SunTrust debt. Advances subsequent to the Special Rate Advance(s) under these options, as well as any balances remaining upon the expiration of the Special Rate, shall accrue interest at the standard rates(s) and margin(s) as described below and in your Equity Line agreement. Offer subject to change without notice at any time.
2 SunTrust Equity Line: Minimum required line amount for this interest rate is $100,000 and is based on a maximum Combined Loan-To-Value (CLTV) ratio of 70% or less. The Prime Rate means the highest per annum “Prime Rate” of interest published from time to time by The Wall Street Journal in its “Money Rates” listings, which was 4.75% on 3/22/18. Standard APRs are variable during the 10-year draw period and 20-year repayment period and applies only to the variable rate option; are based on your collateral property location, credit line amount, Combined Loan-To-Value (CLTV) ratio and other factors; and can range from Prime minus 0.16% (currently 4.59% APR) to Prime + 8.54% (currently 13.29% APR) (during the 20-year repayment period for this option, the APR will continue to be calculated at a variable rate and your minimum monthly payment will be 1/240th of the total balance at the end of the draw period, plus interest and any applicable fees/charges). The maximum APR is 18% for properties located in FL, GA, TN, AL, SC, VA, MD, DC, AR, WV and MS. The maximum APR is 16% for properties located in NC. Offer and rates subject to change without notice. Offer is only available for owner-occupied, single-family, primary residences and condominiums located in CA, FL, GA, TN, AL, SC, VA, NC, MD, DC, AR, WV or MS, and is not valid on second homes, manufactured homes or cooperatives. SunTrust must be in a valid first- or second-lien position. Exclusions and limitations apply. Property insurance is required, and if it is determined that the collateral property is located in a Special Flood Hazard Area, flood insurance is required. Consult your tax advisor regarding the deductibility of interest.
Fixed Rate/Fixed Term advances are available for terms of 60 months, 120 months, 180 months, and 240 months. A term of 360 months is available but only for such advances taken at closing and to be disbursed immediately upon expiration of the rescission period. Each must be at least $5,000 per advance, and you may have up to five (5) outstanding advances under this option at any given time. The APR is indexed to the Prime Rate in effect on the day preceding the first day of the billing cycle in which each such advance is taken, which was 4.75% as of 3/22/18, plus a margin. Current fixed rates range from 5.69% to 6.19%. For each advance taken under the Fixed Rate/Fixed Term option, there will be a $15 processing fee if and as allowed by applicable law. There is a $65 annual fee, if and as allowed by applicable law, which is waived for clients with a Signature Advantage checking account or clients enrolled in Premier Banking.
3 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 $1,500.
Good news: It’s possible to buy a home even if you aren’t debt free.
Buying a new home is one of the most exciting and fulfilling processes in life. But it can also be stressful. To make the process as seamless as possible, make sure all your bases are covered.
Getting pre-approved is one of the best steps you can take to improve your odds of securing the home you want.
Have you been shopping on rates alone? You also want to make sure you have a helpful lender by your side.
Learning how each of these key numbers affects your home purchase can help you feel more confident in your decision.
Investment and Insurance Products:
Are Not FDIC or any other Government Agency Insured Are Not Bank Guaranteed May Lose Value
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Services provided by the following affiliates of SunTrust Banks, Inc.: Banking products and services are provided by SunTrust Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank, SunTrust Delaware Trust Company and SunTrust Banks Trust Company (Cayman) Limited. Securities, brokerage accounts and insurance (including annuities) are offered by SunTrust Investment Services, Inc., a SEC registered broker-dealer, member FINRA, SIPC, and a licensed insurance agency. Investment advisory services are offered by SunTrust Advisory Services, Inc., a SEC registered adviser. GFO Advisory Services, LLC is a SEC registered investment adviser that provides investment advisory services to a group of private investment funds and other non-investment advisory services to affiliates. Mortgage products and services are provided by SunTrust Mortgage, Inc.
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SunTrust Bank and its affiliates do not accept fiduciary responsibility for all banking and investment account types offered. Please consult with your SunTrust representative to determine whether SunTrust and its affiliates have agreed to accept fiduciary responsibility for your account(s) and if you have completed the documentation necessary to establish a fiduciary relationship with SunTrust Bank or an affiliate. Additional information regarding account types and important disclosures may be found at www.suntrust.com/investmentinfo.
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