7 Expert Hacks To Achieving A Real Estate Financial Freedom
Pay for what matters most – now and in the future.
Get a low rate with a SunTrust Home Equity Line of Credit and put your home’s equity to work.STANDARD RATE
Rates for initial advances taken at closing and subsequent advances at the variable rate option start between Prime + 0.50% and Prime + 1.39%, currently3.75% – 4.64% APR2Includes a 0.25% interest rate reduction for optional automatic payment from a SunTrust bank account5
- A flexible credit line for planned and unexpected expenses
- Lower interest rates than most loans and credit cards
- Quick and easy access to money you need, when you need it
- Choose fixed or variable rate repayment option for each advance
- No closing costs4
| What can you use this Line of Credit for? | This is a multipurpose option. You can use it for home improvements, to pay down higher rate balances, educational expenses, or any major purchase. |
|---|---|
| Line of Credit Amount | $10,000 to $500,000 |
| Interest Rate | For initial advances taken at closing and subsequent advances at the variable rate option, rates start between Prime + 0.50% and Prime + 1.39%, currently 3.75% to 4.64% APR2 (includes a 0.25% interest rate reduction5) Check Rates in your Area > |
| Line of Credit Term | 10 year draw period and a 20 year repayment period2 |
| Access to Funds | You can select how much you need when you need it, up to your approved credit limit, during the draw period. Use variable rate checks, Online Banking, or Mobile Banking to access available funds. Or visit your nearest branch. |
| Fees | No closing costs, as long as your account is open for 3 years4 |
| How to Apply | Apply online, by phone, or at a local branch. Close your line of credit at a local branch. |
| Unsecured vs. Secured | Secured by your home |
| SunTrust Client Benefits | Existing SunTrust clients are eligible for a 0.25% interest rate reduction off our standard rates for new and refinanced equity lines (Payments must be automatically deducted from a SunTrust bank account using a SurePay, (automatic) payment option.5 |
| Tax Benefits | Interest may be tax-deductible when used for home improvements that substantially improve your property’s value.3 |
View Home Equity Line of Credit Rates >
View Frequently Asked Questions >
“I wanted to take a moment to thank you all for your assistance in getting our new equity line established. We closed on the lake house last Friday. This has been a life-long dream for my wife, and she is a happy woman. I am sure you have seen the t-shirt, “Happy Wife, Happy Life”. I am living that right now.”— Neal H., Brentwood, TN
Apply in 4 easy steps.
- Complete Application Apply online, in a branch or over the phone in less than 15 minutes.
- Preliminary Loan Decision If approved, a Sun-Trust representative will contact you within 24 hours to discuss the details and documents required.
- Loan Processing Sun-Trust reviews your submitted documents and orders any applicable property services, including title and appraisal.
- Final Decision & Loan Closing Review the final approved terms and schedule a convenient time and day to sign the loan documents in a branch.
How large of a line of credit can I obtain?
Important Information About These Products
Subject to credit approval, eligibility and credit qualifications.
2 Minimum required line amount for this interest rate is $100,000 and is based on a maximum Combined Loan-To-Value (CLTV) of 70% or less. As low as rates vary by state/geographic region. The lowest rate listed includes an optional 0.25% interest rate reduction obtained if the payment is automatically deducted from a SunTrust checking, savings or money market account. For the SunTrust Equity Line, this interest rate reduction does not apply to promotional rate advances, Fixed Rate/Fixed Term Advances or during the Repayment Period. All loan and line discount offers are subject to change. Offer is available for new and refinanced consumer home equity lines as well as for home equity credit line increases. Relationship pricing discounts are not available on existing consumer loans or lines of credit. 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 3.25% on 5/1/2020. Standard APRs are variable; are based on your collateral property location, credit line amount, Combined Loan-To-Value (CLTV) ratio and other factors; and can range from Prime + 0.75% (currently 4.00% APR) to Prime + 6.91% (currently 10.16% 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 FL, GA, TN, AL, SC, VA, NC, MD, DC, AR, WV or MS, and is not valid on 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 applicable, flood insurance will be required. For each advance taken under the Fixed Rate/Fixed Term option, there will be a $15 processing fee (except in MD and NC). Preliminary line decisions are usually made within 24 hours on applications received during normal banking hours.
3 Consult a tax advisor regarding the deductibility of interest.
4 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. 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.
5 A 0.25% interest rate reduction off the standard rate of a consumer line of credit is available if the payment is automatically deducted from a SunTrust checking, savings or money market account using SurePay. For the SunTrust Equity Line, this interest rate reduction does not apply to promotional rate advances, Fixed Rate/Fixed Term advances, or during the Repayment Period. All line discount offers are subject to change. Offer for new and refinanced eligible consumer loans and lines of credit, as well as for credit line increases. A relationship discount is not available on existing consumer loans or lines of credit. Relationship pricing discounts may not be applicable for all products. Consult your banker for details.
Home Equity Line of Credit
- Check Current Rates
- What is a HELOC?
- HELOC FAQs
- Check Application Status
- Retrieve Saved Application
- Request a Line Increase
- Draw Period Ending
- Need Payment Assistance
Discover what size equity line you might obtain.
Is it time to consolidate your debt?
Should you take on that home improvement project?
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Loans Resource Center
- Infographic: Get the Facts on Debt ConsolidationThere are ways everyone, in every situation, can begin to tackle their debt. The challenge is just knowing how to start.
- Home Equity Line of Credit: What Amount Could I Qualify For?Use this calculator to determine the maximum home equity line of credit you can obtain.
- Should You Take on That Home Improvement Project?Upgrading your home is exciting and can improve the quality of your home life—but is it always worth the price tag?
- Quick Guide to Financing Home ImprovementsIf you decide to finance a home improvement, you may have lots of options. Let’s break it down.
- Your Guideline for Home Renovation SpendingCalculating your home improvement budget? It could be easier than you think. Follow these tips.
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