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Renew your equity line

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To renew your current equity line, simply apply for a new SunTrust Home Equity Line of Credit (subject to credit approval). This option may be right if you want:

  • Access to funds for home improvements or projects.

  • Funds readily available for unexpected expenses.

  • To transfer your current balance to a new equity line.

  • To take advantage of our special variable rates which start between Prime minus 0.25% and Prime + 0.74%, currently 5.25% and 6.24%1 for balances transferred and new advances taken after closing under the variable rate option (includes a 0.25% interest rate reduction for an optional SurePaySM (automatic) payment from a SunTrust deposit account.)2



Frequently asked questions

If I renew my equity line, can I continue to access funds?

Yes, with a new SunTrust Equity Line of Credit, you are establishing a new account and can access funds for 10 years. You may withdraw funds up to your approved credit limit at any time during the draw period.

How do I renew my equity line?

To start the process, simply complete a new SunTrust Equity Line application online, call 877-748-4059 or stop by your local SunTrust branch.

Applying is quick and easy, and if approved you can typically close in 35 days or less. As long as your account is kept open for at least three years, we will advance most, if not all, closing costs on your behalf and waive reimbursement.3

If I transfer my balance to a new SunTrust Equity Line, what will my interest rate be?

For balances transferred from an existing SunTrust equity line and any future advances, rates will depend on the terms of your new line. Variable rates during the draw period start between Prime minus 0.50% and Prime + 0.49%, currently 5.50% and 5.99% APR1, under the variable rate option. This rate includes a 0.25% interest rate reduction for using an optional SurePay (automatic) payment from a SunTrust deposit account.2
Fixed Rate/Fixed Term advances are also available during the draw period, and current fixed rates range from 6.14% to 6.54%, depending on the term.

With a SunTrust Equity Line of Credit, you can also receive a special variable rate of Prime minus 1.26%, currently 4.24% APR4 for twelve (12) months on an initial advance of $25,000 or more taken at closing under the variable rate option. (This rate does not apply to transferred balances from your existing account.) For balances remaining at the end of the Special Rate Period, as well as all subsequent advances under this option, interest will accrue at the standard variable rate and margin which start between Prime minus 0.25 and Prime + 0.74%, currently 5.25% and 6.24% APR1 (includes a 0.25% interest rate reduction for an optional SurePay (automatic) payment from a SunTrust deposit account).2

Call us at 877-748-4059 or stop by your local SunTrust branch for more information.

How do I get the special promo rate?

To qualify for Prime minus 0.25%, or Prime + 0.74%, currently 5.25%, or 6.24% APR1 under the variable rate option, the following minimum criteria must be met: SunTrust equity line account is within 12 months of the end of draw period, existing rate under the revolving and interest-only repayment options of your current account is equal to or less than Prime minus 0.50%, Prime minus 0.25% or Prime + 0%, your credit score is 700 or greater, your outstanding balance is at least $10,000 at the time of application or your new draw is at least $10,000 at the time of closing, and your new equity line commitment is $100,000 or more. Other criteria may also apply. To qualify for Prime + 0.25%, currently 5.75% APR, the following minimum criteria must be met: SunTrust equity line account is within 12 months of the end of draw period, existing rate under the revolving and interest-only repayment options of your current account is equal to or less than Prime + 0.25%, your credit score is 680 or greater, your new or existing balance is at least $10,000, and your new equity line commitment is $50,000 or more. Other criteria may also apply. These special promo rates include a 0.25% interest rate reduction for an optional SurePay (automatic) payment from a SunTrust deposit account.2

What if I don't have enough equity to qualify for a new equity line?

If we determine during the processing of your application that you do not have sufficient equity in your home to qualify for a new equity line, your account will automatically transition into the repayment period. This is usually a 20-year fixed rate term; however, please check your agreement for specific terms of repayment. SunTrust also offers other loan solutions, including personal unsecured loans and lines and secured credit lines, that don't require using your home as collateral. Our loan specialists can guide you through the process and answer any questions. For more information, visit suntrust.com/linesofcredit, call 877-748-4059 or stop by your local SunTrust branch.

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