Real Estate Loans
Welcome Home!
(Home Mortgages, that is!)
Current Rates or Pre-Qualification
At Sterling Federal Bank, we make financing your home our top priority. Our special processing team will work closely with our mortgage experts to provide quick approvals. And most important, your personal mortgage specialist will be there to help you throughout the process.
Mortgage Loans*
- Includes: Full range of 15- and 30-year loans with a variety of terms
- Interest: Adjustable and fixed rates
- Benefit: In-house mortgage specialists make the process fast and easy
Home Equity Lines & Home Equity Loans*
- Includes: Financing for an auto, boat, vacation, education, home improvement, and other personal loans
- Interest: Flexible terms and competitive rates
- Benefit: Automatic payments from deposit accounts; potential tax savings**
Fixed Rate Mortgages*
SWIFT Bi-Weekly Mortgages
- Instead of making one payment per month, you make a half payment every two weeks.
- You save thousands of dollars in interest!
- You own your home free and clear years sooner!
- You build valuable equity in your home much faster.
30-Year Term
- The longest mortgage term
- Fixed monthly payments stay the same for 30 years
20-Year Term
- Payments only slightly higher than 30 year, but pays off 10 years sooner.
- Fixed monthly payments stay the same for 20 years
15-Year Term
- Builds equity in your home even faster
- Saves thousands of dollars in total interest
- Fixed monthly payments stay the same for 15 years
10-Year Term
- Our shortest term mortgage
- Maximum equity builder, minimum interest expense
- Fixed monthly payments stay the same for 10 years
Adjustable Rate Mortgages
Adjustable rate mortgages are offered at a lower initial interest rate. That means your monthly payments are lower as well. The interest rate on your mortgage will adjust with the anniversary date of the loan. The rate can increase or decrease a maximum of 2% per year, with a lifetime cap of 6% over the initial rate. The lower interest rate on an adjustable mortgage can boost your borrowing power and help you obtain your dream home.
1-Year Adjustable Mortgage
- Interest rate and monthly payments stay fixed for the first year, then adjust every anniversary after that
- The maximum interest rate change on any anniversary date is 2%
- The maximum lifetime cap is 6%
7 Year Balloon
- Fixed monthly payments for 7 years, amortized over 30 years.
- Our lowest mortgage payment plan.
* A mortgage lien on your home will be required and property insurance and/or flood hazard insurance may also be necessary. Click here for rates and additional disclosures.
** Consult your tax adviser about the deductibility of interest.
To Speed Up the Application Process
When you apply for a mortgage loan, having the following information available at application time will assist us in processing your loan as quickly as possible.
- Social security numbers
- Residence address for the past two years
- Account names, numbers and balances for all financial accounts, plus two monthly statements for each
- Names, account numbers and balances on all open loans
- Loan information and addresses on real estate owned
- W2 forms for the past two years and most recent year-to-date paycheck stubs
- Two years of signed tax returns if you are self-employed
- If you are refinancing your home, please bring a copy of your title insurance and proof of homeowners insurance. (Title insurance requirement does not apply to residents in Iowa.)
