Lending FAQs

What type of loans does Superior National Bank offer?

We provide personal, mortgage, and business loans. We can provide financing for just about any of your financing needs. Contact us at (906) 482-0404 or toll-free at (866) 482-0404 to discuss your individual lending needs.

How do I apply for a loan?

We welcome your phone call at (906) 482-0404 or toll-free at (866) 482-0404 to schedule an appointment with one of our lenders. You may also stop by one of our offices to meet with a lender or fill out a Personal Loan Application and email it to one of our lenders.

Which Superior National Bank offices have loan officers available?

Hancock, Houghton, Baraga, Calumet, Chassell, and L’Anse. Does your schedule make it next to impossible to reach us during business hours? Contact us at (906) 482-0404 or toll-free at (866) 482-0404 to arrange a solution that works for you.

Are there any down payment requirements for personal loans?

We will finance 100% of a personal loan, except for manufactured homes. If you want to purchase a manufactured home by itself, we offer personal loans with down payments ranging from 15%-25%.

Does the age of a vehicle affect the interest rate on a loan?

Yes, generally the interest rate is higher for older vehicles.

What can I finance with a personal loan?

Almost all personal items or needs.

What is an escrow account?

Escrow is an account linked to your mortgage loan that can be used to pay homeowner’s insurance, life insurance, and property taxes. A portion of each mortgage loan payment is added to this account. Not all loans have escrow.

Can I have my loan payments automatically deducted from my checking or savings account?

Yes, you can set up an automatic funds transfer (AFT) to deduct a loan payment from either a checking or savings account.

How long is the draw period for a Home Equity Line of Credit?

We offer Home Equity Lines of Credit with a five-year draw period and a 10-year repayment period.

I’m concerned I may not be able to make my loan or mortgage payment. What should I do?

Superior National is committed to all of our customers. We’re invested in this community and you are part of this investment. If your situation has changed and you need to discuss options that may be available to you, contact a lending officer at (906) 482-0404 or toll-free at (866) 482-0404.

What’s the difference between a home equity line of credit and a home equity loan?

With a Superior National home equity line of credit, you use the equity in your home to secure a credit line with a variable rate. And you can withdraw funds only when you need to use them – by either writing a check or by withdrawing funds from your line of credit. A Superior National home equity loan is also based on the equity in your home. However, you receive the entire loan amount in one lump sum. To learn more about home equity lines, contact a lending officer at (906) 482-0404 or toll-free at (866) 482-0404.