Sterling Bank's Home Loans and Reverse Mortgages

Sterling Bank is a full-service bank offering checking, savings, home loans, CDs and investment services in states of Idaho, Montana, California, Oregon and Washington. The best part is that these funds are tax free as long as you live in your home. New this year is the HECM Saver Reverse Mortgage. This lower-cost reverse mortgage requires significantly less in up-front costs as compared to the HECM Standard Reverse Mortgage. It is a smart solution for you to make a lower payment by using home refinancing program at Sterling Bank. After the three days have expired your funds are disbursed as a lump sum or set up for monthly payments depending on which payment option you choose. To assist borrowers who may have difficulty paying their property taxes and homeowner's insurance premiums annually, the Credit Union will establish a service for the borrower where the Credit Union will contact the respective county tax office and insurance agent to set up monthly installments for these items and establish an automatic draft for payment.

This program offers a low downpayment and expanded qualifying ratios. Attractive interest rates make homeownership a reality. The Credit Union will finance single and double wide manufactured homes through our 5-year ARM (adjustable rate mortgage) programs, our 10-Year or 15-Year fixed rate mortgage programs or through our First Time Homebuyer's Mortgage program. The disadvantage with a 15-year loan is that you commit to a higher monthly payment. Many borrowers opt for a 30-year fixed-rate loan and voluntarily make larger payments that will pay off their loan in 15 years.