Mortgage & Personal Loans
Helping You Reach Your Goals
Purchasing a house is one of the largest investments you will make during your life, and it provides essential shelter for you and your family. When you own a home, you offer a safe haven to your loved ones while building equity in an asset that grows in value over time.
At Sturgis Bank, you have access to mortgage loans for new purchases, refinancing, and investment properties. We also offer home equity loans and home equity lines of credit (HELOCs). And when you need financial support to buy a car or pay for milestone events like college or weddings, Sturgis Bank is here for you.
Our mortgage and personal loans give you financial flexibility with a local loan decision-making process to deliver quick results. Take a look at the types of financing we have available and Contact a Loan Officer today to discuss how we can meet your needs.
Mortgages for New Home Purchases
We’ll tailor a mortgage for your new home purchase to align with your budget and your financial goals.
When you need consistent monthly payments, a fixed rate mortgage is a good choice. The interest rate stays the same throughout the term of the loan, keeping your principal and interest payments steady.
- Adjustable Rate Mortgages
If you’re planning to move within a few years or expect interest rates to decline, you may prefer an adjustable rate mortgage. With an adjustable rate mortgage, your initial payments will have lower interest rates, allowing you to build equity more quickly. Interest rates can change at regular intervals based on the loan terms and current interest rate, but a lifetime rate cap tells you the maximum rate you could pay
- Construction Mortgages
Sturgis Bank can provide you with a line of credit to finance building a new home. You’ll only pay interest monthly during construction. After your new house is built, we’ll set up a mortgage payment plan that includes principal and interest
- Government Mortgages
We also offer government mortgage loans including FHA (Federal Housing Authority) Loans. USDA Guaranteed Rural Development Loans are available with 100% financing (no down payment required).
- Jumbo Loans
Sturgis Bank offers Jumbo loans at competitive prices and terms. Contact a Loan Officer for more information.
Home Equity Loans & Lines of Credit
Being a homeowner gives you access to funds tied to the equity in your home. Sturgis Bank offers 2 home equity lending options.
- Home Equity Loans
With a home equity loan, you receive the loan amount in a lump sum. You’ll have a monthly repayment schedule and a fixed interest rate. There are no restrictions on how you use the funds, and you’ll usually be paying a lower interest rate than credit cards or personal loans. A Home Equity Loan is useful for large one-time expenses like buying an investment property, a family vacation, or paying debts.
- Home Equity Lines of Credit (HELOC)
If you need access to funds intermittently, a Home Equity Line of Credit (HELOC) may be the right solution for you. Like Home Equity Loans, the amount of money you can borrow with a HELOC ties to the amount of equity you have in your home. After a Sturgis Bank loan officer approves your HELOC, you’ll have a draw period where you can access funds as you need them with a check or online transfer. During the draw period, you’ll have a monthly minimum payment that reflects the amount of your HELOC balance and the variable interest rate of the loan. As you repay the loan, the funds become available again. A HELOC is useful for large, recurring expenses like college tuition or large investments that add value to your home like expansions or renovations.
While many types of loans require you to pledge collateral like your home or auto before receiving funds, most personal loans are unsecured. Personal Loans may have a higher interest rate than secured loans, but are usually more cost-effective than credit cards. You’ll have fixed-rate monthly payments over the term of the loan. Personal Loans from Sturgis Bank are useful for consolidating credit card debt, making one-time large purchases like computers or appliances, or handling short-term expenses like moving. Contact a Loan Officer at Sturgis Bank to find the right loan for you.
Having reliable transportation is essential to getting to work, transporting your family, and making it to all the events of your life. You can keep moving with an Automobile Loan from Sturgis Bank. Most auto loans have a fixed interest rate with the vehicle as collateral for the loan. Whether you’re interested in a new car or a pre-owned vehicle, our team at Sturgis Bank will help you find the right financing for your budget.
Savings Secured Loans
Savings Secured Loans tie to your Certificate of Deposit (CD), Money Market Account, or Savings Account at Sturgis Bank. You can take a portion of the value of these accounts without penalty, then repay the amount you borrowed plus a fixed rate of interest. Loans are available up to 90% of the deposit account balances with the repayment schedule determined during the approval process. CD loans must be repaid before the maturity date of the certificate. Savings Secured Loans are useful, low-interest solutions for building or rebuilding your credit history.
If you are struggling to make your mortgage payments, contact a Sturgis Bank loan officer. We’ll talk with you about options that can help you avoid foreclosure. You can also find useful, no-cost information at:
- Freddie Mac’s My Home website: https://myhome.freddiemac.com/
- U.S. Department of Housing and Urban Development’s HUD-approved counselors: 800.569.4287 or www.hud.gov/counseling.
- If you are in bankruptcy and would like to opt-in or opt-out of receiving statements please submit a written request to Sturgis Bank Collection Department at 113-125 E Chicago Rd, PO Box 600, Sturgis, MI 49091 or call 888-255-7372
- Have questions? Call 269-659-1308 for our Collections Department direct line M - F 9am to 5pm EST or email us at firstname.lastname@example.org