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Payment Options
| Option | How it works | To sign up or use this service | Cost |
| ePay | Make your payment online, at your convenience on the date you choose. | Visit our Online Customer Service Center and sign up online. You'll need to have a check handy for your bank account number as well as your routing and transit number. | $0 |
| SurePaySM ACH | Authorize a recurring monthly debit* from your bank account. | Apply Online or complete and return the form on the back of your monthly paper statement. | $0 |
| Your Bank's Bill Pay Service | Just set it up through your Bank and pay all your bills electronically. | Just include SunTrust Mortgage when you set up the service. | Fee to set up and use in some cases. |
| Just In Time EFT® ("JIT") on-demand payment product | Authorize a one-time draft from your bank account to make a payment. | Call 800.634.7928 and choose the payment option you need. You can also speak to a representative. A fee will be charged. | Cost will vary, please call 800.634.7928 for more information. |
| Overnight Mail | Have your check and payment coupon delivered by the overnight carrier of your choice. | Mail to the overnight (street) address on the back of your monthly paper statement. | Cost of Overnight Mail. |
| U.S. Mail | Pay via check and include the coupon on your monthly paper statement. | Mail to the post office address on your monthly paper statement. | First Class Stamp. |
| Bi-Weekly Payment | Automatic debit* every two weeks from your checking account. | Please contact Equity Accelerator® directly (800.209.9700). | Varies. Please contact Equity Accelerator® directly (800.209.9700). |
*Sufficient funds must be in your bank account at time of automatic debit.
With SurePaySM, our convenient mortgage payment service, you'll no longer have to mail a check each month to SunTrust Mortgage.
- Automatically transfer your mortgage payment from your checking or savings account
- Save time and postage
- No matter where you are or what you are doing, you know your payment will be made on time, every time
- If desired, build equity with extra principal amounts in your monthly draft
- Even select the day (within four days of your due date) the draft will occur
- It's free!
At SunTrust, our goal is to provide you with outstanding service that's convenient to your needs. If you have any questions about SurePaySM, or about your mortgage loan, please send us an e-mail or call one of our Customer Service Representatives toll-free at 1-800-634-7928.
It's Easy to Apply for SurePaySM.
Just click on SurePaySM from within the Customer Service Center or complete our secure Authorization Form.
Be sure to select your preferred payment date (no more than four days after your payment due date). In the space provided, indicate any additional monthly principal amount you would like deducted beyond your regular monthly payment. We recommend that you contact your bank to verify your account number and to confirm that they can provide this type of service.
Whether you have a new or existing loan, you'll receive a notice confirming your automatic payment date and the total amount to be deducted from your checking or savings account each month. Please send us an e-mail or call us toll-free at 1-800-634-7928 if you have not received your confirmation notice within four weeks.
Many of our loan programs permit the use of temporary buydowns. A temporary buydown is when you or someone else (the seller, perhaps) pays money at closing which is used to reduce the payments you make early in the loan term.
How it works: you or, perhaps, the seller will pay a sum to the lender which is equal to the amount of money needed to make up the difference between interest that would be (in the example below) due with a payment at 4.5% or 5.5% instead of the actual 6.5% on the Note. The lender will inform the borrower of the exact amount due in monthly payments on the mortgage loan during the buydown period.
For example, a seller might offer to provide the buyer of one of his houses funding for a "2-1 Buydown." If the interest rate which the borrower agrees to pay on his or her fixed rate mortgage note at closing is 6.50%, then a 2-1 Buydown will mean that the borrower will actually make monthly payments for the first 12 months based on a rate 2 points below the "note rate" or at 4.50% in this example. For the following 12 months, payments would be based on 5.5% or 1% below the note rate. At the end of 24 months, the borrower would make payments based on the note rate of interest, 6.50%, for the remainder of the loan.
Again, a 2-1 Buydown offered on a 6.50% loan for $250,000 with 2 origination points and an APR of 6.708% (if the seller is funding the buydown the APR is 6.695%) would mean that payments are made by the borrower as follows:
- 1st 12 monthly payments of $1,266.71 @ 4.5% interest
- 2nd 12 monthly payments of $1,419.47 @ 5.5% interest
- Remaining term: 336 monthly payments of $1,569.19 @ 6.5% interest
SunTrust has other buydown features. Please see additional information about our ARM Alternative option.
Bi-Weekly Mortgage Payment Plan
The Bi-WeeklySM Mortgage Payment Plan is one of the easiest ways to build up equity more quickly and pay off your mortgage loan years earlier than you would otherwise. The secret is making half of your regular monthly payment every two weeks - with 26 bi-weekly payments a year you end up making 13 instead of 12 monthly payments. A 30 year loan can be paid off in as few as 22 years, just by virtue of using this plan. Wouldn't you like to have your house paid off early? There are many reasons to elect to use this payment option.
- Pay off your loan earlier - generally about 22 years for a 30 year loan
- Build up equity faster - so that you will have more cash when you sell your house
- Save thousands in interest charges
- Receive many of the benefits of a 15 year loan (early payoff, interest savings), but qualify more easily
- Bi-WeeklySM payments match up well with bi-weekly pay periods
- Be free to change your mind - since this is a payment option, not a whole new loan product, you can switch back to a 30 year payment schedule at any time (one time).
At SunTrust, our goal is to provide you with outstanding service that's convenient to your needs. If you have any questions about setting up bi-weekly payments on your SunTrust mortgage loan, contact one of our Customer Service Representatives at Equity Accelerator® directly (800-209-9700) to get more information. If you have other questions regarding your SunTrust mortgage loan, please send us an e-mail.
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