Sterling Bank And Trust Fsb Mortgage Rates, Fees & Info
Southfield, MILEI: 549300ZEHLZ064G58146
Tax ID: 38-2524834
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Mortgage Data
Review & Overview
Sterling Bank And Trust Fsb is a smaller bank specializing in Cash Out Refi loans. Sterling Bank And Trust Fsb has a high proportion of conventional loans. Their top two markets are San Francisco and New York .Sterling Bank And Trust Fsb has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Sterling Bank And Trust Fsb is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 7.14% | 11/17/24 |
| 30 Year Conventional Refi | 7.28% | 11/17/24 |
| 30 Year Cash-out Refi | 7.02% | 11/17/24 |
| 30 Year FHA Purchase | 6.27% | 11/17/24 |
| 30 Year VA Purchase | 6.27% | 11/17/24 |
| 15 Year Conventional Purchase | 6.44% | 11/17/24 |
| 15 Year Conventional Refi | 5.86% | 11/17/24 |
| 15 Year Cash-out Refi | 5.86% | 11/17/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Sterling Bank And Trust Fsb Mortgage Calculator
Your Estimates
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
4Origination Dollar Volume (All Markets)
$7,410,000Relative Rate
Sterling Bank And Trust Fsb's average 30 year fixed mortgage rate was
5.5%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of -0.98%.
Relative Fees (Closing Costs)
Sterling Bank And Trust Fsb's average total fees/closing costs for a 30 year fixed rate
mortgage were $3,653.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $4,180,000 | $2,090,000 | $3,653 | 5.50% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 2 | $3,230,000 | $1,615,000 | $0 | 0.00% |
Similar Lenders
We use machine learning to identify the top lenders compared against Sterling Bank and Trust FSB based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
Similarity Rank: 72
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 4 | $7,410,000 | $1,852,500 | $3,653 | 5.50% |
For 2023, Sterling Bank And Trust Fsb's most frequently originated type of loan was Conventional, with 4 originations.
Loan Reason
| Loan Reason | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Cash Out Refi | 3 | $6,635,000 | $2,211,667 | $0 | 0.00% |
| Refi | 1 | $775,000 | $775,000 | $3,653 | 5.50% |
For 2023, Sterling Bank And Trust Fsb's most frequently cited loan purpose was Cash Out Refi, with 3 originations. The 2nd most popular reason was Refi, with 1 originations.
Loan Duration/Length
| Loan Length | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| 10 Year | 3 | $6,635,000 | $2,211,667 | $0 | 0.00% |
| 30 Year | 1 | $775,000 | $775,000 | $3,653 | 5.50% |
For 2023, Sterling Bank And Trust Fsb's most frequently cited loan duration was 10 Year, with 3 originations. The 2nd most popular length was 30 Year, with 1 originations.
Origination Fees/Closing Costs
| Origination Fee/Closing Cost | Originations | Total Value | Average Loan |
|---|---|---|---|
| $1k-2k | 1 | $775,000 | $775,000 |
Sterling Bank And Trust Fsb's average total fees were $3,653, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 1 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 5-6% | 1 | $775,000 | $775,000 |
During 2023, Sterling Bank And Trust Fsb's average interest rate for loans was 5.50%, while their most frequently originated rate bucket for loans was 5-6%, with 1 originations.
Loan Sizing
| Loan Size | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $1MM+ | 3 | $6,635,000 | $2,211,667 | $0 | 0.00% |
| $600k-1MM | 1 | $775,000 | $775,000 | $3,653 | 5.50% |
2023 saw Sterling Bank And Trust Fsb place emphasis on $1MM+ loans with 3 originations, totaling $6,635,000 in origination value.
Applicant Income
| Applicant Income | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| $250k+ | 1 | $775,000 | $775,000 | $3,653 | 5.50% |
Sterling Bank And Trust Fsb lent most frequently to those with incomes in the $250k+ range, with 1 originations.
Applicant Debt to Income Ratio
| DTI Ratio | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| <20% | 1 | $775,000 | $775,000 | $3,653 | 5.50% |
Sterling Bank And Trust Fsb lent most frequently to those with DTI ratios of <20%, with 1 originations.
Ethnicity Mix
| Applicant Ethnicity | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Not applicable | 3 | $6,635,000 | $2,211,667 | $0 | 0.00% |
| White | 1 | $775,000 | $775,000 | $3,653 | 5.50% |
Approval Rates
Total approvals of all applications97.56%
Sterling Bank And Trust Fsb has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination75.00%
Sterling Bank And Trust Fsb has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 4 | $7,410,000 | $1,852,500 |