Welcome to Upper Peninsula State Bank

Loan Information

Personal Loans | Business Loans | Mortgage Loans | Other Loan Services


Personal Loans

Consumer Loans are granted to qualified borrowers for various purposes, such as: Automobiles, ATV's, snowmobiles, recreational vehicles, boats, misc. retail purchases and for personal use. The terms of these loans are based on the age and type of collateral offered, with competitive interest rates. Call one of our Loan Officers for details.

Check Credit
Upon pre-approval, a line of credit can be attached to your checking account. Reduce the worry if you inadvertently overdraw your account or write yourself a loan just by writing a check. The amount of the line of credit will be determined by your credit capacity and may or may not be secured by collateral.

Loans Secured by Certificates of Deposit
We can offer flexible loan terms to borrowers who use their Upper Peninsula State Bank Certificate of Deposit as collateral. The interest rate will be only 2% over the rate on the Certificate of Deposit with a common maturity date.

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Business Loans

For over 100 years, Upper Peninsula State Bank has been providing financing for economic development of Upper Peninsula businesses. Our business relationships have ranged from start-up activities to generations of progress. See how one of our Commercial Lenders can help you.

Term Financing
Amortizing loans are available for a variety of purposes, including acquisitions, permanent working capital, and equipment financing. Annually renewable lines of credit are available with the option to convert the outstanding balance at the end of each year to a term loan with an amortization ranging from five to seven years.

Commercial Real Estate
Commercial mortgages are available for new construction, acquisition and refinancing purposes. Construction loans run from twelve to eighteen months with the option to convert to a term loan upon completion of the project. Term loans generally amortize from fifteen to twenty years.

Commercial Line of Credit
Working capital lines of credit are provided on a revolving basis and are annually renewable.

Government Programs
These programs often benefit businesses in the form of lower down payments, smaller monthly payments, and long term fixed interest rates. These programs, available through the U.S. Small Business Administration and local community development corporations, allow us to creatively tailor a financing package to fit the needs of the borrower.

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Business Credit Card


Mortgage Loans

Fixed Rate Mortgages
Long term mortgage products are available at competitive fixed interest rates to qualified borrowers. Low downpayment options available with approved Private Mortgage Insurance.

Home Equity Line of Credit
A home equity line of credit (HELOC), secured by a borrower’s real estate, offers the flexibility and convenience for financing all types of items. A predetermined credit limit can be used any time for any purpose just by writing a check. The amount available is based on the equity in the property, which is the difference between the value less any liens or mortgages against it.

New Construction Loans
Have you always dreamed of building a home? Borrowers can construct a home, making interest only payments on the construction credit line. Once the home is completed, the credit line will be converted to the loan option that is best for you.

MSHDA Mortgages
Upper Peninsula State Bank is one of the leading lenders in Upper Michigan for mortgage loans through Michigan State Housing Development Authority (MSHDA). This mortgage product offers a below-market fixed interest rate to low and moderate income households for the purchase of a single-family residence. The household income and sales price limits change periodically, so call one of our Mortgage Loan Officers to get details.

Rural Development Guaranteed Mortgages
No downpayment is required for qualified moderate income borrowers based on household size. This guarantee must be used with the MSHDA or Freddie Mac Fixed Rate Mortgage Programs.

Conventional Mortgages
Balloon mortgages offer a fixed interest rate during the balloon term, with a longer amortization period for affordable payments. Upon maturity of the balloon term, the mortgage then needs to be renegotiated for the next balloon term. This is the perfect mortgage product for purchasing a home, vacant land, or a hunting camp!

Mortgage Application Checklist
Checklist of items needed to process your mortgage application:

  1. Completed & Signed Uniform Residential Application
  2. W-2's for past two years (with complete tax returns, if self-employed or income includes commissions or unemployment)
  3. Copies of last month's paystubs, showing year-to-date income
  4. Copy of Driver's License and Social Security Card
  5. Complete copy of Purchase Agreement (if applicable) and/or property's legal description
  6. Bank Statements from last two months to verify assets to close
  7. Signed Certification & Authorization Form


Contact one of our Mortgage Loan Officers for current interest rates and further information.

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Other Loan Services
Credit Card
Automatic Payment Deduction
Bi-Weekly Mortgages
"Second" Mortgages

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