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  Sterling Bank & Trust HELOC

Sterling Bank & Trust HELOC

in Home Equity Lines of Credit from Sterling Bank & Trust · NMLS ID #409418

Unaffiliated

Sterling Bank & Trust HELOC

Unaffiliated

in Home Equity Lines of Credit from Sterling Bank & Trust · NMLS ID #409418

Net Recommendation Score +100

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
Community Rating

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

Sterling Bank & Trust HELOC Review

Sterling Bank & Trust HELOC is offered by Sterling Bank & Trust (NMLS #409418), a bank founded in 1984 and based in Southfield, MI. Sterling Bank & Trust HELOC is available in 4 states across the USA.

Sterling Bank & Trust HELOC FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit that are secured by your home. Once you get approved for a certain amount, you can access your funds by check, phone, credit card, or online up to your HELOC amount.

Sterling Bank & Trust HELOC 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% for qualified borrowers. 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 excellent credit, you may qualify for a line of credit of up to $65k.

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

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 HELOC 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 HELOC offer?

Sterling Bank & Trust HELOC offers 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 HELOC charge for a HELOC?

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

What types of property can you use as security for a HELOC with Sterling Bank & Trust HELOC?

Lenders often have restrictions on the type of properties they will accept as security for a HELOC. Sterling Bank & Trust HELOC will consider lines of credit secured by the following property types:

  • Primary homes.

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Message From Sterling Bank & Trust HELOC

Home renovations? Education expenses? Major purchases? For many people, the most cost-effective way to access needed funds is to use the equity in their home. Interest rates are usually lower than credit card rates and other consumer loans, and the interest paid can be tax deductible.

You can use a home equity line of credit for the same projects as a home equity loan. Once approved, the full amount is available to you, but you only use what you need, when you need it. You pay finance charges only on the amount you use, and as you pay it off, the loan amount you paid off is once again available for you.  So why wait? Start planning your project today and let us help you make it happen. 

Contact

Hours of Operation

  • Sunday Closed
  • Monday 9:00am - 5:00pm
  • Tuesday 9:00am - 5:00pm
  • Wednesday 9:00am - 5:00pm
  • Thursday 9:00am - 5:00pm
  • Friday 9:00am - 5:00pm
  • Saturday 10:00am - 2:00pm

Other Services by Sterling Bank & Trust

Availability

  Available in 4 states
  • California
  • Michigan
  • New York
  • Washington

Feature Breakdown

Annual Fee $50
Cancellation Fee $375
Credit Score Range 650 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use Primary Home
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Age 18
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Proof of Residence
  • Social Security Number
  • U.S. Tax Identification Number
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Maximum LTV 85%
Draw Period 10 years
Repayment Period 20 years
Loan Amount Up to $500,000
APR (Fixed APR) 5.75% - 18.5%

Sterling Bank & Trust HELOC Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.

+100

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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