Sturgis Bank

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

Mortgages for New Home Purchases We’ll tailor a mortgage for your new home purchase to align with your budget and your financial goals.

Fixed Rate Mortgages

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

Home Equity Loans & Lines of Credit Being a homeowner gives you access to funds tied to the equity in your home. Sturgis Bank offers two 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.

Personal Loans

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.

Automobile Loans

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.

Avoiding Foreclosure

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 collections@sturgisbank.com

Manage your loan. Get Help with payment difficulties

Connect with a counselor. Advice to help you stay in your home if you are experiencing a financial hardship, homeowner counseling services can help you set a budget find local resources and decide what options might be best for you.

U.S. Department of Housing and Urban Development (HUD)

HUD is a U.S. government agency that works to increase home ownership, supports homebuyers, and offers government help for homeowners. HUD offers free or low-cost foreclosure prevention counseling throughout the country.

To find out where the nearest counseling agency is in your area, please visit www.hud.gov or call toll free, 1.800.569.4287 for more information.

HOPE NOW Alliance

HOPE NOW is an alliance between counselors, mortgage companies and investors to create a unified, coordinated plan to reach and help homeowners facing financial hardship.

HOPE NOW Alliance counseling organizations provide borrowers with in-depth debt management, credit counseling and overall foreclosure counseling
all counselors affiliated with the HOPE NOW Alliance are HUD-certified and their services are free of charge
an independent, non-profit counselor can help you understand your situation, identify your options and help you work with your mortgage company to hopefully find an alternative to foreclosure

For more information about help for homeowners, visit www.hopenow.com or call the HOPE Hotline: 1.888.995.HOPE (1.888.995.4673).

Foreclosure Information & Alternatives

Understanding the foreclosure process. Knowing what to expect can better prepare you to lean your property and move forward. We'll help guide you through the process and if we can’t find an alternative solution for you, offer you assistance with your transition out of your property.

If you’re facing a foreclosure, we may be able to find an alternative. Don’t wait until you receive a notice of foreclosure. If you want to avoid foreclosure, you should consider other options as soon as you become concerned about your ability to make your payments. The sooner you call us to explore your options, the more alternatives you may have available to you.

What if I’ve received a foreclosure notice?

If you're behind on your payments, call 1.888.255.7372 Mon-Fri 9 a.m.-5 p.m. ET

I want to stay in my home

Refinance. If you're having difficulty making your home loan payments, refinancing your mortgage may be an option. It may make your monthly mortgage payments more affordable by lowering your interest rate or moving you from an adjustable-rate mortgage into a fixed rate loan. Sometimes, depending on your circumstances, both are possible.

HOPE NOW. This alliance helps homeowners who are having difficulty making their payments and are at risk of foreclosure by coordinating homeowner outreach events to reach as many borrowers who need help as possible.

Forbearance. You either make reduced mortgage payments or no payments for a period of time (generally three months) to give you a chance to get back on your feet during a temporary hardship. The missed payments are then repaid through a repayment plan in which you would resume making your normal monthly payments plus an additional amount over time.

Loan Modification. We offer different modification programs which may be available to qualifying borrowers. The goal of these programs is to modify your home loan, making the monthly payments affordable and sustainable so that you may be able to avoid foreclosure.

Hardest Hit Fund. This program was created by the federal government to help homeowners in states most affected by housing price declines and the recession. If you're having difficulty making your mortgage payments and you live in a participating state, the Hardest Hit Fund may be an option.

I would consider leaving my home

Short Sale Programs. The goal of a short sale is to help you avoid foreclosure if you're no longer able to remain in your house. In the short sale process, you sell your house and settle your mortgage debt for less than the amount that you owe.

Deed in Lieu. This option lets you avoid going through the foreclosure process by signing the deed to your property over to your lender. A deed in lieu can negatively affect your credit score, but the impact is generally less severe than a foreclosure.

Additional Support

Avoiding Scams. Dealing with the possibility of not being able to make your home loan payments is already difficult. Unfortunately, scam artists often try to take advantage of homeowners with mortgage fraud schemes, loan assistance scams and other types of mortgage loan fraud. If you are struggling to meet your commitment or are eager to sell your home, you must be extra careful.

Recognize and avoid mortgage fraud, loan assistance scams and other common schemes

Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a past due loan
Beware of anyone who says they can "save" your home if you sign or transfer over the deed to your house
Do not sign over the deed to your property to any organization or individual unless you are working directly with your mortgage servicer to forgive your debt
Never make your mortgage payments to anyone other than your mortgage servicer without their approval

Call us at 888-255-7372 or 269-659-1308 Direct line to Collections. M-F 9 am to 5 pm ET or email us at collections@sturgisbank.com.

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 & Trust c/o Collection Department 113-125 E Chicago PO Box 600 Sturgis MI 49091 or call 888-255-7372.

Mortgage Insurance

Several types of insurance are available to help your family keep your home if something happens to you as the primary wage-earner. These protections are subject to approval by Sturgis Bank and some restrictions may apply. All policies can cover a single or jointly owned household and can address part or all of the remaining mortgage up to a predetermined maximum amount. Insurance fees are added to your existing mortgage payment. Contact your Loan Officer for more information.

Mortgage Insurance

Property-Ayres-Oak Insurance Services
The customer is free to select an insurance provider of their choice.
Mortgage Life Insurance
If the head of household dies, mortgage life insurance offers an affordable solution for paying off a mortgage or reducing payments.
Mortgage Accidental Death Insurance
If death occurs due to an accident, coverage is available to pay off or reduce the amount of your mortgage.
Mortgage Disability Insurance
If a homeowner becomes disabled, insurance coverage can help with mortgage payments.

Bank Owned Property

If you are interested in our inventory of automobiles, recreational vehicles, vacant land, homes, investment properties or commercial properties contact us today!

Notice of Error Resolution & Information Requests

If you think an error has occurred on your mortgage account or if you need specific information about the servicing of your loan, contact us as soon as possible.

By mail: Sturgis Bank & Trust Company

Attn: Loan Servicing Department

PO Box 600

Sturgis, MI 49091

By email: loanservicing@sturgisbank.com

By phone: 1 (888) 255-7372

All written requests for information or notices of error should contain the following information:

Your name and current contact information.
Your account number and property address.
Describe the error and explanation as to why you believe it is an error or a request for specific information regarding the servicing of your loan.