HomeQuest Mortgage Review(s) and Rates

HomeQuest Mortgage has come onto our radar lately with some decent mortgage rates. Keep in mind though that they are not a banking institution but rather a licensed mortgage broker with a network of around 40 mortgage banks and lenders throughout the country. They were established in 2001 and serve the general New England area. Since their inception they claim to have funded more than $2.0 billion in mortgages to homeowners.

Related: Review the differences between mortgage brokers and loan officers.

HomeQuest Mortgage’s Philosophy and Approach (from HomeQuest):

PHILOSOPHY: “WE GIVE YOU OPTIONS”

Let’s face it, not all borrowers meet traditional lending guidelines. When others say “No”, we have conventional, alternative & flexible mortgage programs to get you the money that you need. With a network of over 40 mortgage banks & lenders nationwide, we can finance almost any home loan request. HomeQuests’ loan consultants will provide you with at least 5 different loan options to choose from…you make the decision, not us!

WE WORK FOR YOU AND NOT THE BANK

As a licensed mortgage broker, HomeQuest can offer you an unbiased opinion towards any mortgage loan program(s). Our loan consultants don’t stop working until we get your home loan approved or we exhaust all the opportunities to find a solution. We don’t get paid until your loan closes!

Mortgage Rates offered through HomeQuest Mortgage:

(Rates accurate as of 9/2010. Visit hqworksforme.com to get updated rates and information.)

- Conforming 30 year and 25 year fixed rate mortgages for home loans under $417,000 going for 4.316% APR with 0 points.

- Conforming 20 year fixed rate mortgages for home loans under $417,000 going for 4.320% APR with 0 points.

- Conforming 15 year fixed rate mortgages for home loans under $417,000 going for 3.820% APR with 0 points.

- Conforming 10 year fixed rate mortgages for home loans under $417,000 going for 3.890% APR with 0 points.

- Conforming 40 year fixed rate mortgages for home loans under $417,000 going for 5.417% APR with 0 points.

- 3/1 ARM (adjustable rate mortgage) for home loans under $417,000 going for 3.746% APR with 0 points.

- 5/1 ARM (adjustable rate mortgage) for home loans under $417,000 going for 3.768% APR with 0 points.

- 7/1 ARM (adjustable rate mortgage) for home loans under $417,000 going for 4.101% APR with 0 points.

- 10/1 ARM (adjustable rate mortgage) for home loans under $417,000 going for 4.996% APR with 0 points.

- 30 year interest only mortgage for home loans under $417,000 going for 5.449% APR with 0 points.

HomeQuest Mortgage also has a number of jumbo mortgages available to qualified borrowers. The above mortgage products are available to residents in Massachusetts, Connecticut, Rhode Island, New Hampshire and Maine.

BBB (Better Business Bureau) has given HomeQuest Mortgage a rating of: A+

If you have experience in the home loan or refinance process with HomeQuest Mortgage please share by leaving a comment.

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