Sovereign Bank Mortgage Rates and Review(s)
Sovereign Bank, based out of Pennsylvania, is currently offering mortgage rates and home loan refinance rates with APR’s below the national average. They have a wide range of home loan products – offering fixed rate mortgages, adjustable rate mortgages, FHA/VA mortgages, construction loans and reverse mortgages (to name a few). Their 30 year and 15 year fixed rate home loans both come with APR’s below 5.0%.
Sovereign Bank is one of the largest banks in the United States. They have nearly $50 million in deposits and just under 750 offices throughout the country.
Sovereign Bank’s Recent History:
Sovereign expanded into New England in 2000, and the New York area in 2006. The expansion into New England included approximately $12 billion in deposits, $8.1 billion in loans, 281 branches, and 550 ATMs from FleetBoston Financial, which was the largest branch acquisition in banking history. Today, Sovereign offers more than 750 branches and 2,300 ATMs from Maine to Maryland.
Mortgage Rates offered through Sovereign Bank:
(rates accurate as of 8/25/2010, visit their mortgage page for updated rates)
- 30 year fixed rate mortgage with interest rates ranging from 3.75% to 4.375% on home loans less than or equal to $417,000 and depending on point structure.
- 15 year fixed rate mortgage with interest rates ranging from 3.25% to 3.875% on home loans less than or equal to $417,000 and depending on point structure.
Sovereign Bank Mortgage Benefits and Features:
- Online mortgage tools and planning
- Low down payment loans
- Reverse Mortgages
- Loans for as little as $15,000
- FHA/VA mortgages
- Pre-qualifications
- Fast approvals
- Zero points
- Construction loans
- Flexible terms available
Terms and Conditions:
Rates are subject to the borrower meeting minimum credit score and loan-to-value requirements.Sovereign Bank offers a diverse menu of conventional, jumbo, FHA/VA, fixed and adjustable rate mortgage products. The above rates are limited to properties located in Pennsylvania, New Jersey, New York, Delaware, Massachusetts, Connecticut, New Hampshire, and Rhode Island.
APRs are calculated assuming a property located in Massachusetts with a 30% down payment. It is also assumed that the loan is closing on the last day of the month. Based on a $100,000 mortgage loan of 30 or 15 years with a corresponding APR of 8.00% or 7.50%, you would make either 360 or 180 monthly payments of $733.76 or $927.01, respectively.
Recent Mortgage Reviews:
Vision Bank mortgage rates and reviews – featuring APR’s under 5% as of 8/2010
Fifth Third Bank mortgage rates and reviews – featuring APR’s below the national average
