Posts Tagged ‘Sovereign Bank’
Massachusetts Credit Union Mortgage Rates – Best APR’s
After getting word on some mortgage rates offered in the state of Massachusetts which feature APR’s that beat the national average by healthy margins, we thought we’d create a post dedicated to the lowest mortgage rates in MA offered through credit unions. As a comparison, we’ve noted the lowest mortgage rates from small community banks in Massachusetts as well.
The products that we’re covering are 30 year fixed rate mortgages and 15 year fixed rate mortgages. The banks and credit unions offering these products also have a wide range of refinance rates and new home loan rates with different terms that you can review by visiting their individual website.
Lowest Mortgage Rates in Massachusetts offered through Credit Unions:
(Rates accurate as of July, 2011.)
- Financial Resources Federal Credit Union, based out of Raynham, MA, has a 30 year fixed rate mortgage with an APR of 4.538% assuming 20% down on new home loans valued at $417,000 or less.
- Freedom Federal Credit Union, based out of Turners Falls, MA, has a 30 year fixed rate mortgage with an APR of 4.631% assuming 20% down on new home loans valued at $417,000 or less.
Lowest Mortgage Rates offered by Massachusetts Community Banks:
(Rates accurate as of July 2011.)
- Nantucket Bank, a division of Sovereign Bank located in Nantucket, MA, has a 30 year fixed rate mortgage going for 4.50% with a 20% down payment.
- Sovereign Bank located in Worcester, MA, has a 30 year fixed rate mortgage going for 4.50% with a 20% down payment.
- North Shore Bank (a cooperative bank) located in Salem, MA, has a 30 year fixed rate mortgage featuring an APR of 4.583% assuming 20% down.
- Pentucket Bank located in HaverHill, MA, has a 15 year fixed rate mortgage featuring an APR of 3.765% assuming 20% down.
- United Bank located in Worcester, MA, has a 15 year fixed rate mortgage featuring an APR of 3.671% assuming a 20% down payment.
If you live in Massachusetts and recently obtained a new home loan (or refinanced an existing loan) with lower APR’s than what we’ve listed above, 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
This week’s Lowest Mortgage Rates in Rhode Island
We’ve scoured the rate pages of dozens of banks and credit unions to find you this week’s lowest mortgage and refinance rates available to residents of the state of Rhode Island. The institution offering the best rates is a not for profit credit union called People’s Credit Union out of Newport, RI. They have a 5/1 ARM going for 3.34% APR as well as a 15 year fixed rate mortgage going for 3.91% APR. Keep in mind that credit unions can typically offer better home loan rates than banks can because they are not for profit, member owned institutions that pass their profits on to their members in the form of lower mortgage rates and/or higher savings rates. They are also more difficult to join than banks and typically require that you work for one of their selected employers, live within their geographic boundaries or are a member of some specific governmental or private organization.
If you cannot take advantage of People’s Credit Union’s mortgage rates, then here are some other noteoworthy offers for residents of Rhode Island…
Lowest Mortgage Rates in Rhode Island:
1) People’s Federal Credit Union has a 5/1 ARM going for 3.34% APR, a 15 year fixed rate mortgage going for 3.91% APR and a 30 year fixed rate mortgage going for 4.52% APR.
2) Charway Federal Credit Union (out of East Greenwich, RI) has a 15 year fixed rate mortgage going for 3.84% APR and a 30 year fixed rate mortgage going for 4.34% APR.
3) Sovereign Bank whom operates in many states in the northeast has 30 year fixed rate mortgages going for as low as 4.202% APR depending on point structure. They also have 15 year fixed rate mortgages going for as low as 3.824% APR depending on points. You can opt for between 1 and 3 points on your loan.
The above rates are time sensitive in nature, please refer to the date of this article for accuracy. If you live in Rhode Island and know of lower mortgage rates in which you’ve recently received from your local bank or credit union, please share by leaving a comment!
Sovereign Bank New Checking Account Bonus: $100
Although this checking account bonus is not available throughout the entire country, many of us are still eligible. We have a hunch that ever since Chase Bank began plastering their $100 checking account promo all over every billboard in America, we felt many banks needed to step in and offer their own new checking account reward.
Here is what you have to do:
- Open a new Sovereign Premier Checking, Business Owner Premier Checking, Interest Checking or Partnership Checking account by October 30, 2009, with a minimum opening deposit of $100.
- Request a Sovereign CheckCard and make 2 CheckCard purchases within 60 days after you open your account.
- Open any Sovereign savings or money market savings account with a minimum opening deposit of $100 or already have a savings or money market savings account.
- Enroll in Online Banking at account opening.
After you have completed those 4 steps they will toss the $100 into your new account. This checking account promotion is available in ME, VT, NH, CT, RI, MA, NY, NJ, PA, WV, MD, DE, & District of Columbia.
Follow this link to their promotional page.
