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Annual Percentage Rate (APR)
The cost of credit on a yearly basis expressed as a percentage.

Application Fee
Fees that are paid upon application. An application fee may include charges for property appraisal and a credit report. Note: SunTrust Bank does not charge this fee for our home equity products.

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Balloon Payment
A lump-sum payment that you may be required to make under a plan when the plan ends. This payment will be substantially larger than each of the other scheduled payments.


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A limit on how much the variable-interest rate can increase or decrease during the life of the plan.

Closing Costs
Fees paid at closing, including attorneys' fees, fees for preparing and filing a mortgage, for taxes, title search, and insurance.

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Interest Rate
The periodic charge for use of credit expressed as a percentage.

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The number of percentage points the lender adds to the index rate to determine the Annual Percentage Rate to be charged.

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A rescission period is required by the Federal Government to allow the property owner time to "think over" the loan transaction. This period is 3 business days (including Saturdays but excluding Sundays and holidays) between the loan closing and funds disbursement that applies when a security interest is taken in a consumer's principal dwelling. During this rescission period, the property owner has the right to cancel the loan transaction.

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Security Interest
An interest that a lender takes in the borrower's property to ensure repayment of a debt.
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Additional Information

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Services provided by the following affiliates of SunTrust Banks, Inc.: Banking and trust products (including checking accounts) and services are provided by SunTrust Bank, Member FDIC. Securities, insurance (including annuities and certain life insurance products) and other investment services (including Brokerage accounts) are offered by SunTrust Investment Services, Inc., an SEC registered investment adviser and broker-dealer and a member of the FINRA and SIPC. Other insurance products and services offered by SunTrust Insurance Services, Inc., a licensed insurance agency.