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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 95% 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


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