Contact Us | Careers | Locations

Personal Products

Checking

Savings/Money Market

Credit Cards

Loans

Mortgages

CDs

Business Products

Checking

Savings

Loans

Credit Cards

Online Banking

SunTrust Combo

The SunTrust Combo(sm)blends a maximum first mortgage with a 15 or 30 year SunTrust second mortgage. The first mortgage can be one of a variety of conventional or jumbo fixed rate, ARM or balloon loans. The second mortgage can be a fully amortizing or interest only fixed rate or ARM. Borrowers often use this product to avoid jumbo financing, which carries a higher interest rate than conforming and or loan amounts. If you pay off the second, your monthly mortgage expenses will drop, unlike making substantial prepayments on one, larger fixed rate loan. Both loans are processed and closed simultaneously, although they are serviced individually.

SunTrust Combo^(sm) Program fills these needs:

Borrower Need	Feature
Low Cash To Close	Up to 100% Financing
Home Affordability	Interest on second mortgage may be tax deductible Eliminates Mortgage Insurance requirement in most cases - saving money at closing AND in your monthly payment First mortgage can be conforming -- thereby avoiding the higher interest rates associated with jumbo financing or 1st mortgage can be non-conforming allowing for "super jumbo" combined loan amounts with only 5% down payment
Convenience	Apply online now!
Save Money Over Life Of Loan	Second mortgage can be pre-paid Second mortgage may amortize over 15 years -- quicker equity build up Second mortgage amortized over 30 years and/or with the interest only feature will carry a lower payment
Speed	Alt Doc -- easier documentation requirements No Income Verification Doc -- The "No Income Verification" documentation feature is designed specifically for self-employed, non-salaried or commissioned borrowers as well as salaried borrowers. This feature eliminates the need to verify income, although assets must still be verified. This feature is offered in conjunction with several of SunTrust's "no income verification" first mortgage products. SunTrust StepOne^(sm) -- Pre-qualification in less than 10 minutes

Avoid Jumbo Pricing with the SunTrust Combo

	80/10 Combo	80/10 Combo	Key Jumbo
	(15 year 2nd mortgage)	(30 year second mortgage)
Sales Price	$300,000	$300,000	$300,000
Down Payment	10.00%	10.00%	10.00%
2nd Mortgage Financing	10.00%	10.00%	0.00%
Financing
1st Mortgage	240,000	240,000	270,000
2nd Mortgage	+ 30,000	+ 30,000	+ 0
Total Amount Financed	$270,000	$270,000	$270,000
1st Mortgage Terms
Interest Rate	7.750%	7.750%	8.000%
APR	8.024%	8.024%	8.768%
Discount Points	0.750	0.750	0.750
Years of Loan	30	30	30
2nd Mortgage Terms
Interest Rate	9.250%	9.375%	N/A
APR	9.599%	9.608%
Discount Points	0	0
Years of Loan	15	30
Monthly Payments
1st Mortgage P&I	1,719	1,719	1,981
Taxes Per Month ($ or %) 0.96	240	240	240
Homeowner's Insurance	56	56	56
Mortgage Insurance	0	0	115
2nd Mortgage P&I	+ 309	+ 250	+ 0
Total Payment	$2,324	$2,265	$2,392

Annual Savings	$816	$1,524