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Home Equity Lines of Credit
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Last Updated: 04/18/2025

Sterling Bank & Trust HELOC

in Home Equity Lines of Credit from Sterling Bank & Trust

Last Updated: 04/18/2025

Sterling Bank & Trust HELOC logo
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Highlights

Credit Score Range

650 - 850

Amount Range

Up to $500,000

Maximum LTV

85%

Minimum Draw

N/A

Loan Term (Years)

N/A
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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 are available in 4 states.

Key Takeaways

  • Fair credit accepted. Borrowers with a credit score as low as 650 may qualify for Sterling Bank & Trust HELOC.
  • Only primary residences considered. Sterling Bank & Trust HELOC does not offer financing for vacation homes or investment properties.
  • Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
  • High maximum LTV ratio. Sterling Bank & Trust HELOC has a maximum loan to value ratio of 85%.

Sterling Bank & Trust HELOC Pros & Cons

Sterling Bank & Trust HELOC FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit secured by your home. Once approved, you can access funds by check, phone, credit card, or online up to your credit limit.
Borrowers can apply for lines of credit of up to $500,000. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.
The maximum loan-to-value (LTV) ratio goes up to 85%. This means total debt secured by the property cannot exceed this percentage of its value. For example, on a $100,000 home with a $20,000 mortgage balance, you may qualify for up to $65k in credit.

What are the terms for Sterling Bank & Trust HELOC?

HELOCs include a draw period followed by a repayment period. During the draw period, borrowers can access funds as needed up to the credit limit.
Sterling Bank & Trust HELOC offers a draw period of up to 10 years

Is there a minimum draw requirement?

No, there is no minimum draw requirement.

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

Sterling Bank & Trust HELOC may charge an origination fee.

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

Sterling Bank & Trust may consider HELOCs secured by the following property types:
  • Primary residences

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Sterling Bank & Trust HELOC logo

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

Headquarters

One Towne Square
Suite 1900
Southfield, MI 48076
(866) 619-2265
Visit Site
Email Support

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