SuperMoney 
  Sterling Bank & Trust

Sterling Bank & Trust

in Home Equity Lines of Credit from Sterling Bank & Trust

Unaffiliated

Sterling Bank & Trust

Unaffiliated

in Home Equity Lines of Credit from Sterling Bank & Trust

Not enough votes for recommendation

Not enough votes for recommendation

Cast your vote
Cast your vote

Would you recommend Sterling Bank & Trust to your friends?

Thanks for your vote!

Thanks for your vote!

You voted: May or may not recommend

Highlights
Highlights
Loan Amount Up to $500,000
APR (Fixed APR) 5.75% - 18.5%
Maximum LTV 85%

Sterling Bank & Trust Review

Where does Sterling Bank & Trust do business?

Sterling Bank & Trust is based in Southfield, MI. The company was founded in 1984 and offers home equity lines of credit (HELOCs) to borrowers in 3 states across the USA.

How much can you borrow with a HELOC?

Home equity lines of credit are lines of credit -- similar to a credit card -- that are secured by your home. Once you get approved for a certain amount, you can borrow as much as you need by writing a check or a credit card attached to the account.

Sterling Bank & Trust allows borrowers to apply for lines of credit of up to $500,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

This lender's maximum loan to value rate is 85%. That means the total debt secured by the property cannot exceed 85% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have good credit, you may qualify for a line of credit of up to $65k.

What are the terms for a HELOC via Sterling Bank & Trust?

HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan. 

Sterling Bank & Trust offers home equity loans with a draw period of up to 10 years and a repayment period of 20 years.

Is there a minimum draw requirement?

No, there isn't a minimum draw requirement.

What range of rates does Sterling Bank & Trust offer?

Sterling Bank & Trust offers home equity loans with APRs starting at 5.75% and up to 18.5%.

Remember the APRs of HELOCs do not include points and financing charges, just the interest rate. Most home equity lines of credit have a variable interest rate. Fixed interest rates -- if available -- typically have higher APRs, but your monthly payments don't change over the life of the line of credit.

What fees does Sterling Bank & Trust charge for a HELOC?

Sterling Bank & Trust may charge a loan origination fee. There is also an annual fee of $50. Another fee you should factor in is a cancelation fee of up to $375.

SUPERMONEY Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Contact

Other Services by Sterling Bank & Trust

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 3 states
  • California
  • Michigan
  • Washington

Feature Breakdown

Annual Fee $50
Cancellation Fee $375
Maximum LTV 85%
Draw Period (years) 10
Repayment Period (years) 20
Loan Amount Up to $500K
APR (Fixed APR) 5.75% - 18.5%

Be the first to rate

 
 

Would you recommend Sterling Bank & Trust to your friends?

Before we publish your vote:

Please explain your vote by sharing your experience.

Writing a review increases the credibility of your vote and helps your fellow users make a better-informed decision.

Please write a review to submit your vote
Cancel my vote
(will require moderator approval)

Other Home Equity Lines of Credit