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Sovereign Bank Mortgage

Sovereign Bank Mortgage offers benefits like low down payment loans, fast approvals, zero points and flexible terms. The wide spectrum of financing solutions include home buying & refinance loans, reverse mortgages, FHA/VA loans and construction loans. A bank that came into existence in 1902 in Pennsylvania kept on growing consistently in states like New Jersey, New York, Rhode Island and Massachusetts until it finally became a part of the Santander Group in 2009. Now it is a financial institution with over 700 branches and nearly 2,500 ATMs spanning from Maine to Maryland.

Sovereign Bank Reviews

The first step to apply for Sovereign Bank mortgage loan is to go through a pre-qualification process where you will be asked a few questions pertaining to your financial requirements, property locations, repayment capability and credit history. Next steps involve speaking to a Sovereign mortgage representative either via phone at 877.729.4801 or by visiting a nearby banking location. After that complete the application by providing detailed personal and property information and submit the same at a local branch or online at its website.

Upon the approval of your application, you will have to put down a certain amount along with the closing costs comprising loan servicing fees, taxes, insurance charges, etc in order to close the mortgage deal. The closing costs are usually between 3% and 6% of the price of the house. To set up an escrow account in order to pay insurance, taxes and other recurring fees, fax your written request to 1-888-534-3190.

Sovereign Bank Mortgage Rates

Sovereign Bank mortgage rates are among the lowest and offer you the best deal no matter whether you are purchasing a new home or refinancing an existing one. The interest rates are changeable and so you have to keep track of the current rates to get the best deal on a refinance or home purchase. Here is a sample of Sovereign mortgage rates you would see on the website of the bank.

Loan Types Amount Zero Point Interest Rates APR
30 Year Fixed $417,000 4.5% 4.587%
15 Year Fixed $417,000 3.875% 4.025%

The Sovereign of New York should note that they will have to pay 0.25 point additionally towards New York Real Estate Tax. Use Sovereign Bank Calculator and other tools and resources available online to get an estimate of how much you can afford and what types of loans are suitable for you. You can also use an appropriate calculator to decide whether buying is better than renting or a refinance loan can really help you out.

Sovereign Bank Mortgage Payment

You have flexibility to choose anyone among the four mortgage payment options that the bank offers to its customers. These are being mentioned here.
  • Electronic Payment: You can use this service to allow automatic transfer of funds from a checking or saving account to your mortgage account each month on the due date. You can have this service enabled within 15 days of request.
  • Online Banking: The Free Bill Pay Service of the bank allows you to pay through the online payment center provided you have a deposit account with Sovereign Bank. With this service enabled, you simply need to log in to online banking and click over the tab ‘Pay Bills’.
  • Pay by Phone: Call 800-232-5200 to pay mortgages by phone. Remember this is not a free service but a paid one.
  • Pay by Mail: Use the following address to send your payments via ordinary mail: Sovereign Bank, P.O. Box 12649, Reading, PA 19612-2649
To request for a payoff quote, you can either call the customer service department at 1-800-232-5200 or fax a written request with your signatures to 1-888-433-8779. You can also send your request to the payoff department via mail.

Sovereign Bank
Mortgage Payoff Team
Mail Code: 10-421-CN2
450 Penn Street
Reading, PA 19602

Sovereign Bank Mortgage Modification

Sovereign Bank does not want you to lose your home because it may lead to expensive foreclosures. Thus a number of home assistance programs have been put in place by the bank at the behest of the federal government. The Home Affordable Modification and the Home Affordable Refinance Programs under the Making Home Affordable Program are foremost among all options available for the assistance.

Besides, the bank offers alternatives like Repayment plans, loan modification, short sale or pre-foreclosure sale, deed-in-lieu of foreclosure, forbearance plan and loan assumption to assist homeowners at various stages of delinquency. You may call Sovereign Bank Loss Mitigation Department at 1-888-656-8101 or email at lossmiti@sovereignbank.com to get more details in this regard. The representatives at loss mitigation department will suggest the best program and help you come out of the financial crisis.

Sovereign Bank Mortgage Customer Service Department

New users can call 877.729.4801 to get step-by-step help in applying and obtaining detailed information on mortgage products. Existing customers can contact the loan servicing department at 1-800-232-5200, five days a week from 8 am to 7 pm ET. The department can be reached by email as well at mortserv@sovereignbank.com. For general enquiries use the following mailing address:

Sovereign Bank
P.O. Box 12646
Reading, PA 19612

The bank also has a wholesale lending division offering state-of-the-art solutions for wholesale and corresponding lending. Registered brokers and lenders are provided with login ID and passwords to access rate sheets and other online resources. The headquarters is located at Villanova PA and it also has an office at Clifton Park NY. Here are the contact details:

Phone Number: 866-364-8089
Email: wholecon@sovereignbank.com

Website: www.sovereignbank.com/


Sovereign Bank Mortgage