Looking for a line of credit that combines the best features of a flexible line of credit and a fixed rate loan into one great account? With Sovereign's FlexLock® Home Equity Line of Credit, you'll get an equity line that will continue to fit your financial situation for years to come.
So that we may customize your rate, please answer the following questions and
your rate will be displayed. APR, terms, and conditions are
subject to change without notice.
Where is the
property located?
How much would
you like to borrow?
Are you
interested in having your payment automatically deducted from your Sovereign
Account with e-Pay?
Yes
No
You must select a
state
You must select an
amount
Your rate could not be found at this time, please call
877-SOV-BANK for more information.
Using the equity in your home gives you features you don't always get with Credit Cards or Auto Loans, such as no balance transfer fees and larger lines of credit. In addition, the interest you pay may be tax deductible.†
Sovereign's FlexLock Home Equity Line of Credit allows you the option to lock in all or part of your credit line balance at a fixed rate, with a with a monthly payment of principal and interest. The amount of your credit line that you don't convert to a fixed rate will remain available to use like a traditional line of credit, at a low, variable rate.
In either case, you'll only pay interest on the amount of money you actually use. For more information, contact a Sovereign Loan Representative at 877-4-SOV-LOAN (877-476-8562).
Home Equity Topics in Tools & Planning
To help you determine if a Sovereign Home Equity Loan is right for you, follow these links to the Home Equity topics in the Tools & Planning section of this site:
FlexLock® is a registered trademark of Sovereign Bank or its affiliates or subsidiaries in the United States.
Maximum loan-to-value ratio is 89.99% in PA, NJ, MD, NY, CT, RI, MA, and NH. The maximum loan-to-value ratio in all other states in which Sovereign lends is 70%.
* Minimum monthly payments are based on a credit limit of $250,000 or more and an APR of 4.74%. Minimum monthly payment may vary each month based on the unpaid balance and the Prime Rate. Although a principal payment is not required during the draw period, it is recommended in order to reduce the balance owed.
To get the APR shown, you must have or must open a Sovereign Premier, Business Owner Premier or Sovereign Partnership Checking account, or Premier Money Market Savings account, and use automatic payment from the qualifying account. The APR on your line may increase after you obtain credit if automatic payment from the qualifying account is discontinued. The APR assumes that your total mortgage loans, including your home equity line of credit, do not exceed 80% of the appraised value of your 1-4 family owner-occupied home in NY or MD. Property insurance is required. Flood insurance may be required. Rates and other terms accurate as of August 18, 2008, and are subject to change thereafter. Applications are subject to credit approval. Account use is subject to the terms of the Sovereign Home Equity Line of Credit Agreement.
Variable rates are subject to change and may vary monthly based on the latest U.S. Prime Rate as published in the Money Rates section of The Wall Street Journal as of the first business day of the month, plus a margin of -.26% for lines of $250,000 and above (currently 4.74% APR), a margin of +.24% for lines of $75,000-$249,999 (currently 5.24% APR), a margin of +.49% for lines of $25,000-$74,999 (currently 5.49% APR) or a margin of +.74% for lines of $10,000-$24,999 (currently 5.74% APR). Maximum APR is 18%. Minimum APR is 1.99%. Other rates and terms apply to investment properties, NY co-ops and loan-to-value ratios up to 89.99%. There is a $220 termination fee if you close the line within 30 months. There is a $50 annual fee that is waived if you have a Sovereign Premier, Business Owner Premier or Sovereign Partnership Checking account. If your home is located in MD or NY, mortgage recording tax will be paid by Sovereign but must be reimbursed if the line is closed within 24 months for MD and 36 months for NY.
The fixed rate lock APR is determined based on loan amount, term and other factors at the time lock-in is requested and applies only to the portion of your line that has been locked in at a fixed rate. Lock rates differ from the current variable rates described above. There is a $50 fixed rate lock fee for each lock-in request, which is waived through December 2008. Fixed rate locks are subject to the terms and conditions explained in your loan documents, and must be repaid over a fixed term in substantially equal monthly payments of principal and interest.
Maximum line 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. May not be combined with any other home equity offers.
* Minimum monthly payments are based on a credit limit of $250,000 or more and an APR of 4.49%. Minimum monthly payment may vary each month based on the unpaid balance and the Prime Rate. Although a principal payment is not required during the draw period, it is recommended in order to reduce the balance owed
To get the APR shown, you must have or must open a Sovereign Premier, Business Owner Premier or Sovereign Partnership Checking account, or Premier Money Market Savings account, and use automatic payment from the qualifying account. The APR on your line may increase after you obtain credit if automatic payment from the qualifying account is discontinued. The APR assumes that your total mortgage loans, including your home equity line of credit, do not exceed 80% of the appraised value of your 1-4 family owner-occupied home located in PA, NJ, CT, RI, and MA. Property insurance is required. Flood insurance may be required. Rates and other terms accurate as of August 18, 2008 and are subject to change thereafter. Applications are subject to credit approval. Account use is subject to the terms of the Sovereign Home Equity Line of Credit Agreement.
Variable rates are subject to change and may vary monthly based on the latest U.S. Prime Rate as published in the Money Rates section of The Wall Street Journal as of the first business day of the month, plus a margin of -.49% for lines of $250,000 and above (currently 4.49% APR), a margin of -.01% for lines of $75,000-$249,999 (currently 4.99% APR), a margin of +.24% for lines of $25,000-$74,999 (currently 5.24% APR) or a margin of +.49% for lines of $10,000-$24,999 (currently 5.49% APR). Maximum APR is 18%. Minimum APR is 1.99%. Other rates and terms apply to investment properties and loan-to-value ratios up to 89.99%. There is a $220 termination fee if you close the line within 30 months. There is a $50 annual fee that is waived if you have a Sovereign Premier, Business Owner Premier or Sovereign Partnership Checking account.
The fixed rate lock APR is determined based on loan amount, term and other factors at the time lock-in is requested and applies only to the portion of your line that has been locked in at a fixed rate. Lock rates differ from the current variable rates described above. There is a $50 fixed rate lock fee for each lock-in request, which is waived through December 2008. Fixed rate locks are subject to the terms and conditions explained in your loan documents, and must be repaid over a fixed term in substantially equal monthly payments of principal and interest.
If your home is on the market for sale at the time of application, you are not eligible for this offer. May not be combined with any other home equity offers.
**Your annual percentage rate (APR) is based on a loan-to-value (LTV) of 80% or less on 1-4 family owner-occupied residences. You can save up to .50% by using e-pay from a Sovereign account. For LTVs of 80.1-89.9%, add 1.50% to the rate. APRs on Home Equity Lines of Credit are based on the highest Prime Rate (as published in the Money Rates section of the Wall Street Journal on the first business day of the month) plus a margin, and can adjust monthly. There is a retirement fee of $220 if you close the account within 30 months of the date your account was opened. The maximum APR is 18.00% and the minimum APR is 1.99%. A $50 annual fee during the draw period will be waived as long as a Sovereign Premier account relationship is maintained. Property insurance is required, and flood insurance may be required if it is determined that your property is in a flood zone. A mortgage tax is charged in the following states: Alabama, Florida, Kansas, Maryland, Minnesota, New York, Oklahoma, Tennessee, and Virginia. The cost varies by state and ranges from $.08 to $2.125 per $100 of the mortgage amount. Mortgage taxes based on loans up to $750,000. Also, attorney closing fees will apply in states that require an attorney closing.
**Your annual percentage rate (APR) is based on a loan-to-value (LTV) of 80% or less on 1-4 family owner-occupied residences and assumes that you have a Sovereign Premier Checking or a Premier Money Market Savings account and elect to have your minimum monthly payments deducted from a Sovereign checking, money market or statement savings account. For LTVs of 81.1-89.9%, add 1.50% to the rate. APRs on Home Equity Lines of Credit are based on the highest Prime Rate (as published in the Money Rates section of the Wall Street Journal on the first business day of the month) plus a margin, and can adjust monthly. There is a retirement fee of $220 if you close the account within 30 months of the date your account was opened. The maximum APR is 18.00% and the minimum APR is 1.99%. A $50 annual fee during the draw period will be waived as long as a Sovereign Premier account relationship is maintained. Property insurance is required, and flood insurance may be required if it is determined that your property is in a flood zone. A mortgage tax is charged in the following states: Alabama, Florida, Kansas, Maryland, Minnesota, New York, Oklahoma, Tennessee, and Virginia. The cost varies by state and ranges from $.08 to $2.125 per $100 of the mortgage amount. Mortgage taxes based on loans up to $750,000. Also, attorney closing fees will apply in states that require an attorney closing.
Be sure to call our loan rate hotline at 877-SOV-BANK or email us at sdnet@sovereignbank.com for rate confirmation. You should consult with your tax advisor concerning tax implications.
† Check with your tax advisor regarding tax deductibility.
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