Sterling Bank and Trust Mortgage Interest Rate and Cost Review

Is Sterling Bank and Trust a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by Sterling Bank and Trust to those of other lenders for a comparable set of borrowers. Here is our review of Sterling Bank and Trust nationally:

Review ItemSterling Bank and Trust
Interest Ratelower than other lenders (-0.13%)
Loan Related Closing Costssimilar to other lenders (-$12)
National Rate and Closing Cost Star Rating(4)

On average, Sterling Bank and Trust’s interest rates were lower than those of other lenders (-0.13%). On the other hand, its loan related closing costs were similar to those of other lenders, with a difference of -$12. Overall, combining interest rates and closing costs we estimate that Sterling Bank and Trust tends to be a cheap lender, and give it a National Rate and Closing Costs Rating of 4 out of 5 stars.

We maintain our independence by not accepting any money from the mortgage lenders we review. To visit Sterling Bank and Trust, check out its website at: https://www.sterlingbank.com.

Sterling Bank and Trust’s Rate Review by City

Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders in your area, click here. In particular, among the cities we track Sterling Bank and Trust was most active in:

  1. San Francisco, CA
  2. Los Angeles, CA
  3. San Jose, CA
  4. Sterling Heights, MI
  5. Sacramento, CA

Sterling Bank and Trust’s Rate Review by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Sterling Bank and Trust originated Conforming and Jumbo mortgages for new home purchases and refinances. Its average interest rate and total loan related closing cost difference relative to other lenders by mortgages type is as follows.

Purchase/Refinance:
New Purchase MortgagesConformingJumbo
Interest Rate Difference-0.03%+0.01%
Loan Related Closing Cost Difference-$19+$110
Cost Adjusted Rate Difference-0.03%+0.01%
National Star Rating(3.5)(3.5)
Refinance MortgagesConformingJumbo
Interest Rate Difference-0.17%+0.01%
Loan Related Closing Cost Difference-$23+$123
Cost Adjusted Rate Difference-0.18%+0.01%
Average Star Rating(4.5)(3.5)

As a summary, Sterling Bank and Trust is similar to other lenders for Conforming and Jumbo purchase mortgages. For refinancing, Sterling Bank and Trust is cheap for Conforming mortgage refinance. It is similar to other lenders for Jumbo mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.

Other information about Sterling Bank and Trust:

Registered name: Sterling Bank and Trust, FSB
Registered city and state: Southfield, MI, 48076
Regulator: Office of the Comptroller of the Currency (OCC)
Top holder: STERLING BANCORP, INC.

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Sterling Bank and Trust’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.