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Get the security of a fixed term at a great rate!
A Sovereign Home Equity Loan gives you predictable monthly payments and the safety of a fixed term. Use the funds from your loan to make needed home improvements or repairs, pay off other high interest rate debt, take care of educational expenses, or make any major purchase.
A Home Equity Loan is the perfect fit for homeowners who have a one-time borrowing need and want the security of a predictable monthly payment for a selected term**. To apply or find out more, stop by a Sovereign Branch or call the Home Equity Hotline at 1.877.4.SOV.LOAN.
Home Equity Loan Features:
- No application fee
- No closing costs
- No appraisal fee
- Interest may be tax deductible***
- Optional Loan Protection Plan†
Ask about our new 15 year term loan rates. Call us at 877-4-SOV-LOAN.
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To get the APRs shown, you must have or open a Sovereign checking account and use automatic payment from that account. The APR and payment on your loan may increase after you obtain credit if automatic payment is discontinued. The APRs shown assume that your loan term will be 5 or 10 years, your Sovereign home equity loan will be in second lien position at the time of loan closing, and that your total mortgage loans, including the home equity loan, will not exceed 80% of the appraised value of your 1-4 family owner-occupied residential property in MA, RI, CT, NH, NJ, PA, DE, ME, VT or DC. Other rates and terms apply to investment properties and loans in first lien position. The monthly payment amount on a $25,000 loan secured a home with a 5-year term, 80% LTV, and 4.99% APR is $471.66. The monthly payment on a $25,000 loan secured by a home with a 10-year term, 80% LTV and 5.24% APR is $268.10. Property insurance is required. Flood insurance may be required. Rates and other terms accurate as of 5/6/2013 and are subject to change thereafter. Applications are subject to credit approval. The minimum loan amount is $10,000 and the maximum loan amount is $750,000. If your home is on the market for sale at the time of application you are not eligible for this offer.
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Terms are available on 5,7,10 and 15 years for a first lien and 5,7,10, 15 and 25 years for a second lien.
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Check with your tax advisor.
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Eligibility requirements, terms, conditions and exclusions apply. Ask for details.
Your privacy is important to us. The email form in this section of the Website is not secure, so please do not submit any information you consider confidential such as Social Security Number or Account Numbers. Please include name, address, and telephone number so we may respond to you.
Be sure to call our loan rate hotline at 877-4-SOV-LOAN or email us at sdnet@sovereignbank.com for rate confirmation.
The rate and payment calculations provided herein are based on answers you provided and assumptions that may include:
- That this property is your primary residence
- That you would like to receive the lowest rate possible by having your monthly payments automatically deducted from your qualifying Sovereign Bank deposit account through electronic payment
- The estimated value of your home
- Remaining balances on your first mortgage
- That there are no other mortgages currently on this property
Loan or line of credit amount quoted is solely based on equity assumed to be available in your home and does not consider other qualifying factors. The maximum amount we can lend you depends on the value of your home, your income, amount of debt, credit history and other factors. This is not an offer of credit, and is intended for informational purposes only.
A formal application for credit is needed to allow Sovereign Bank to make an offer of credit. Rates and other terms are accurate as of the date indicated above, and are subject to change thereafter. |
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Equal Housing Lender - Member FDIC
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