The term refinance goes side by side with mortgage and loan. SunTrust Mortgage Refinance is a part of service for clients in order to keep the mortgage payment in check. Refinancing prevents default or foreclosure because borrower cannot pay at due time anymore. For related contents about this matter, you may read the next sections.
Understanding SunTrust Mortgage Refinance Program
SunTrust Mortgage Refinance gives new obligation for borrower and it replaces the old one. You receive new loan, which is in different rates or new term. You should decide to take refinancing because of several factors. It only has one purpose, which is keeping mortgage in check.
Common factor is financial difficulty such as losing job, lower income, high living cost, and home maintenance. When people taking loan from SunTrust Mortgage, there is procedure and process to make sure that their income or financial is stable. Then, bank will consider the credit score and other debts before closing statement on mortgage.
With long term, there is possibility that financial status might not as good as previous year. Losing job is the main factor for borrowers to rely on SunTrust Mortgage Refinance, especially when there is no income to pay mortgage anymore. However, they still have enough money for living, but not for paying mortgage. In this situation, borrowers need to contact SunTrust then tell everything. Lender and borrower do not want this situation turns into the worse level.
Another factor is higher cost to keep more than one mortgage. As you know, some people use mortgage to purchase new home and the rest take the second mortgage. If you have two mortgages, the payment will be higher when you pay separately. SunTrust Mortgage Refinance is capable to consolidate and bring two mortgages into single loan. Therefore, borrower only pays one payment at once regularly. It is not adding two payments, but combines the loans to meet into one obligation.
Borrower gets the lower payment than previous one, but term is longer. It is new loan with different payment yet affordable because it is already adjusted into financial condition. This is primary goal of SunTrust Mortgage Refinance when the mortgage spends more expense from income portion. Borrower wants to keep the home and pay mortgage based on his financial condition.
Another thing is lower or different rate. SunTrust Mortgage provides two major rates: fixed and adjustable rate. When choosing fixed rate, the payment is similar from the first term until all debts are paid. It is suitable for longer term from fifteen to thirty years. With such long term, there is a chance for financial condition at bad level. After SunTrust Mortgage Refinance, the rate is lower with extended term.
In order to support clients for doing refinance, you can use SunTrust refinance Calculator. Visit the official website at www.suntrust.com then go to home mortgage. Scroll down to find refinance menu and click the calculator link. To calculate SunTrust Mortgage Refinance, you need to input several things, such as original loan, rate, term, taxes, insurance, and years that already paid. This calculator helps to estimate what you will pay for new term on refinance.