Sovereign Lending Group Incorporated
Thank you for reaching out to Sovereign Lending Group. In support of recent marketing and advertising activity we provide you with the following disclosures (as applicable to the advertisement that brought you to this page).
- 15 Year Fixed Rate Mortgage
- 30 Year Fixed Rate Mortgage
- 5/1 ARM Loan
- $6,000 Guarantee
- 7 Year Warranty
- Debt Consolidation
15 Year Fixed Rate Mortgage
Assumes a loan on a single-family, owner-occupied dwelling of $300,000 with an interest rate as of [DATE OF RATE SHEET- SHOULD BE RELATIVELY RECENT] of[ X.0%/X.XX%] APR with 2 discount points and $1995 in finance charges and 180 payments of [PAYMENT HERE], credit score of 720 or higher. Payment does not include taxes, insurance or, if applicable, mortgage insurance. Loans available for lower loan amounts and lower credit scores, though pricing may be higher. Rates are subject to change. Loans are subject to underwriting and approval.
30 Year Fixed Rate Mortgage
Assumes a loan on a single-family, owner-occupied dwelling of $300,000 with an interest rate as of [DATE OF RATE SHEET -SHOULD BE RELATIVELY RECENT] of [X.0%/X.XX% APR with 2 discount points and $1995 in finance charges and 360 payments of [PAYMENT HERE], credit score of 720 or higher. Payment does not include taxes, insurance or, if applicable, mortgage insurance. Loans available for lower loan amounts and lower credit scores, though pricing may be higher. Rates are subject to change. Loans are subject to underwriting and approval.
Assumes a borrower with 720 credit score, and an adjustable- rate mortgage loan on a single-family, owner-occupied dwelling of [$300,000] with an interest rate of [RATE%/APR%] APR [with 2 discount points, as applicable] and [$1995 OR WHATEVER PREPAID FINANCE CHARGE APPLIES] in finance charges, with 360 payments based on a rate of [RATE HERE] for the first five years, and adjusting every 12 months for the remaining life of the loan. ARM feature details: Target rate based on the [INDEX HERE] and a margin of [MARGIN HERE]. On [DATE HERE], the index was [INDEX HERE], making the fully-indexed rate [index rate + Margin) [FULLY INDEXED RATE HERE]. The first interest rate adjustment after the fixed period may not adjust more than 5% from the fixed rate period, and thereafter no more than 2% each year as compared to the prior year and may not ever exceed 5% from the fixed-period interest rate for the life of the loan. Based on these assumptions, this makes the sample payment stream: [FIRST FIVE YEAR PAYMENT], [FIRST ADJUSTED PAYMENT FOR 12 MONTHS], [SECOND ADJUSTED PAYMENT FOR 12 MONTHS], [SAME AS FIRST AND SECOND UNTIL MAXED AT FULLY INDEXED RATE, WHERE NUMBER OF PAYMENTS = NUMBER OF REMAINING PAYMENTS]. Payments do not include monthly payments for property taxes and insurance.
* Sovereign Lending will close the loan on or before the scheduled date designated in the purchase agreement between Buyer and Seller (“Closing Date”) or it will pay the $6,000 guarantee to the Seller. Payout is guaranteed even if, after Sovereign issues the pre-approval, Sovereign is unable to fund the loan due to Buyer’s inability to maintain the financial ability or creditworthiness on which preapproval was rendered. This guarantee is subject to following conditions: Receipt of an acceptable appraisal, title commitment, removal of inspection and/or sales contingencies and short sale approval by bank (if applicable); Buyer does not withdraw the loan from Sovereign at any time; Buyer or Seller, or their agents, do not take action or inaction that cause delays; Buyer does not use another lender to fund the loan; or the scheduled Closing Date is no more than 60 days from the issuance of the pre-approval. Applies to purchase-money loans only. Guarantee applies only if Buyer’s Advantage Approval/Seller Guarantee Addendum was issued by Sovereign Lending and the seller the corresponding addendum prior to the Closing Date. Certain loan types do not qualify for this offer.
7 Year Warranty
*Sovereign Lending Group Incorporated’s (“Sovereign”) 7-Year Guarantee (“the Guarantee”) — The Guarantee applies to future refinances made within 7-Years from the funding of your initial loan with Sovereign, which is secured by the same property and by the same borrower(s) of that initial refinance, subject to specific terms and conditions. The Guarantee is non-transferable. The Guarantee may not be applied to a purchase money loan, a home equity loan, a personal loan, or combined with other discounts or promotions. The Guarantee applies only to loans made through Sovereign’s Consumer Direct channel, and not loans made through any other of its business channel. Any future refinancing is conditioned upon certain factors, including but not limited to loan “seasoning” restrictions that would limit or prohibit Sovereign from refinancing your loan within a certain time period from when that loan was made. If there are no such limitations or prohibition, you must still wait at least 180 days from the funding of your loan before you may redeem this Guarantee. Your loan approval for any future loan is not guaranteed. When applying for your future loan, the appraised value of your home, the income you must show you make, and your credit profile must all comply with the applicable program and underwriting requirements in effect at that time. The interest rate and loan terms are also subject to the interest rates and programs available at the time of your future loan. To redeem the Guarantee you must tender this Guarantee Certificate at the time of loan application of your future loan. For the future loans meeting the above requirements and which are funded, your appraisal fee will be reimbursed at the closing of the loan transaction, and no Lender Fees will be charged. “Lender fees” includes only fees paid to and earned by Sovereign directly and does not include discount points associated with your loan transaction, or fees charged by other parties in the transaction. “Appraisal Fee” includes only the fee associated with the first appraisal on your loan transaction and does not include any ancillary appraisal fees that may be charged in connection with your loan transaction (e.g., second appraisal fee, appraisal re-inspection fee, appraisal recertification fee, etc.). This program is only available to applicants who closed their loan with Sovereign and received a “7-Year Guarantee ” certificate. The Guarantee has no value. If your future loan contains no Lender Fee or Appraisal Fee, Sovereign is not obligated to apply the Guarantee to other fees. Sovereign is not required to honor the Guarantee if it no longer makes loans, or is otherwise unable to or prohibited from making, loans in your state. For details and contact information please go to www.slgmortgage.com.
If you consolidate other debt into your mortgage loan refinance transaction, please note that the consolidation may increase the overall amount of interest paid or increase the time of repayment, or both, on that debt.