LOAN PROGRAMS

Fixed Rate Mortgages
With a Fixed Rate Mortgage, you have the security of knowing your exact monthly payment. This type of loan locks in a set interest rate from the start, so monthly payments remain the same throughout the life of the loan. Budgeting becomes easier because changing market conditions will never cause your interest rate to rise.

Adjustable Rate Mortgages
An Adjustable Rate Mortgage(ARM) is a loan in which the interest rate is adjusted periodically based on a preselected index. An ARM's low initial interest rate usually translates into lower monthly payments compared to most fixed rate mortgages. This can help make a new home more attainable. Sterling's ARM is available with annual and lifetime ceiling caps. Options include adjustable rates that range from 1 month to 10 years. The terms of the life of the mortgage can be as long as 20, 30, or 40 years.

Interest-Only Mortgages
With an Interest-Only loan, your initial payment applies only to the interest due on the mortgage. This is for a fixed term which usually lasts 5 to 10 years. At the end of the term your payment will increase so that your principal is paid in full by the end of the loan term.

Conforming Mortgages
A Conforming Mortgage complies with specific Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC) underwriting guidelines.

Jumbo Mortgages
A Jumbo Mortgage is a home loan that exceeds the limit set by Fannie Mae and Freddie Mac.

Debt Consolidation
You can consolidate debt by taking out one loan to pay off other loans. This may help you secure a lower overall interest rate on your debt and give you the convenience of only having to pay one loan. You can alleviate your financial situation by paying off high interest credit card debt, auto loans, college tuition, and other personal loans.

Cash-Out Refinance
A Cash-Out Refinance allows you to take out a loan for more than the remaining balance of the current mortgage. This lets you access the equity you have built up in your home.

No Income Check Verification Mortgages
A No Income Check Verification Mortgage allows you to qualify for a mortgage without having to verify income or assets. These loans are mostly used by self-employed borrowers who have difficulty verifying all of their income or by borrowers who get most of their income from commissions or tips.

First Time Home Buyer Programs
First-Time Home Buyer programs put a mortgage well within your reach. Qualifying guidelines are less stringent than with conventional mortgages, and you can put as little as 3% of your own money down.

FHA Loans
FHA loans are insured by the Federal Housing Administration and allow you to qualify for a larger loan when compared to conventional mortgage guidelines. FHA loans are generous enough to handle moderately priced homes almost anywhere in the country and are open to all qualified homebuyers.

Home Equity Loans/Second Mortgages
You can borrow against the equity you have built up in your home by taking out a Home Equity Loan, or Second Mortgage. Home equity is the difference between the amount you owe on your existing mortgage and your home’s current market value. People typically use Home Equity Loans to do home improvements, pay off credit card debt, or make a large purchase.

Reverse Mortgage
A reverse mortgage is a powerful tool.  More than just a home loan, a reverse mortgage is a door to endless financial possibilities that allows homeowners 62 and older to convert the equity in their homes into cash.  Created by the federal government in 1987 to help seniors stay in their homes, the reverse mortgage is insured by the US Housing and Urban Development Department.