|Loan Amount||Up to $2,500,000|
|Loan Term (Years)||10 - 30|
Where does Sterling Bank & Trust do business?
Sterling Bank & Trust is a bank based in Southfield, MI. The company was founded in 1984 and offers mortgage refinancing to borrowers in 4 states across the USA.
What is the maximum loan term for a mortgage refinance via Sterling Bank & Trust?
The term of a mortgage refinance will determine the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Sterling Bank & Trust offers mortgages refinancing with terms ranging from 10 to 30 years.
Does Sterling Bank & Trust charge a mortgage origination fee?
Yes, Sterling Bank & Trust may charge a loan origination fee.
What mortgage programs does Sterling Bank & Trust offer?
Sterling Bank & Trust offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- FHA 203k: An FHA mortgage you can also use to finance home improvements.
- USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What property usage types does Sterling Bank & Trust allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Sterling Bank & Trust allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
- New York