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If you happen to’re an present home-owner searching for a decrease price in your mortgage, Sovereign Lending Group thinks it’d be capable of assist.
Their mantra is “Cease overpaying in your mortgage,” a standard situation that impacts hundreds of thousands of People.
In truth, mortgage analytics firm Black Knight mentioned there have been 15.1 million prime quality refinance candidates available in the market as of the top of July.
And these owners might save a collective $4.5 billion per thirty days in the event that they did one thing about it.
What makes Sovereign Lending Group distinctive is that almost each mortgage the corporate originates is a refinance. In order that they should have the method down pat.
Let’s study extra about them to see if they might enable you lower your expenses too.
Sovereign Lending Group Quick Information
- Direct-to-consumer mortgage lender
- Based in 2005, headquartered in Costa Mesa, CA
- Funded greater than $2 billion in dwelling loans throughout 2020
- Practically all of their manufacturing consists of refinance loans (however additionally they supply buy financing)
- At present licensed to do enterprise in 45 states and D.C.
- Most lively in dwelling state of California which generated 35% of total mortgage quantity
Sovereign Lending Group is a direct-to-consumer retail mortgage lender based mostly in Costa Mesa, California.
They function a centralized name heart that connects their clients with loan officers and processors.
Whereas they provide dwelling buy financing, they seem like largely a mortgage refinance store, with such loans accounting for almost 100% of quantity just lately.
The corporate received its begin again in 2005, proper earlier than the housing market went kaput. However they’re nonetheless right here as we speak and funding billions yearly.
Final yr, they originated greater than $2 billion in dwelling loans, with about half of them VA loans and the opposite half typical. In addition they did a small quantity of FHA loans as nicely.
Sovereign Lending Group is presently licensed to do enterprise in 45 states and the District of Columbia, however most lively of their dwelling state of California.
They don’t seem like obtainable in Kansas, Missouri, New York, Ohio, or Wyoming.
Learn how to Apply with Sovereign Lending Group
To get began, you may go to their web site and click on on “Apply Now,” or just name them up on the telephone.
If you happen to go the web route, you’ll have to fill out a brief lead type that features your private info and property particulars.
As soon as accomplished, a mortgage officer will get in contact with you to debate mortgage pricing and eligibility.
Assuming you want what you hear, you’ll be capable of formally apply for a mortgage on-line as soon as a hyperlink is offered.
Whereas particulars of their digital course of are scant, they do seem to have a borrower portal the place you may add paperwork and eSign disclosures.
Moreover, you may examine the standing of your mortgage or view messages out of your originator through the portal.
All in all, it seems they provide some digital capabilities, however maybe lower than the extra tech-enabled lenders like Better Mortgage or Rocket Mortgage.
Mortgage Packages Provided by Sovereign Lending Group
- Residence buy loans
- Refinance loans: price and time period, money out, streamline
- Typical loans backed by Fannie Mae and Freddie Mac
- FHA loans
- VA loans
- Second mortgages: dwelling fairness loans
- Mounted-rate mortgages
- Adjustable-rate mortgages
Sovereign Lending Group seems to be a no-frills lender, focusing totally on originating low-cost mortgage refinances.
Nonetheless, they do have the commonest home loan types obtainable that ought to swimsuit the vast majority of owners.
This consists of dwelling buy loans, together with all varieties of refinances, together with cash out refinances.
You will get a conventional loan backed by Fannie Mae or Freddie Mac, an FHA loan, or a VA mortgage.
They seem to focus totally on typical and VA loans, with the latter being their most provided product. So in case you’re a veteran, Sovereign Lending Group may be a very good match.
The one huge mortgage varieties they appear to be lacking are jumbo loans and USDA loans.
However they provide each fixed-rate and adjustable-rate mortgages in a wide range of completely different mortgage phrases. And apparently second mortgages too.
Sovereign Lending Group Mortgage Charges
Whereas Sovereign Lending Group doesn’t put up their mortgage rates on-line, you may join their “Fee Watch” and get notified if and when mortgage charges drop.
To be able to get as we speak’s pricing, you’ll have to get in contact with a licensed mortgage officer first.
You are able to do this by filling out the lead type on their web site or by calling them straight.
They are saying they “will beat nearly any mortgage price quote,” so in case you discover one thing higher, SLG may be capable of do higher.
Their principal purpose is to supply one of the best refinance charges and lowest closing prices doable, so to that finish they seem like a reduction mortgage lender.
After all, you’ll nonetheless want to buy round to confirm that they’re low priced. And make sure to inquire about any lender charges charged.
My guess is that they specialize within the no cost refinance, during which no closing prices are paid by the borrower straight.
Whereas it’d be good to see their mortgage charges on-line, I might assume they’re aggressive as a result of they function as a direct lender with out branches.
This low-cost construction might permit them to be extra aggressive than the brick-and-mortar banks and lenders on the market.
Sovereign Lending Group Evaluations
At Expertise.com, Sovereign Lending Group has a wonderful 4.71-star ranking out of 5 from almost 1,400 buyer opinions.
On that website, you may also see which mortgage officer the client labored with, and fine-tune your search.
From there, you may be capable of request that particular particular person to work with if their opinions are significantly better than their colleagues.
Over at LendingTree, they rating a 4.8 out of a doable 5 from over 1,500 opinions, with a 97% beneficial price.
In different phrases, solely three out of 100 previous clients wouldn’t suggest them to others.
On Google, they’ve received a equally robust 4.4-star ranking from about 700 opinions.
Lastly, Sovereign Lending Group shouldn’t be Higher Enterprise Bureau (BBB) accredited and presently has a ‘B’ ranking based mostly on buyer grievance historical past.
To sum issues up, they’re very a lot a refinance store so that they’re most likely finest fitted to present owners.
If you happen to’re searching for a decrease rate of interest in your present mortgage, or need to pull money out, they could possibly be a good selection because of value and velocity.
These buying a house or with extra sophisticated mortgage situations might need to look elsewhere.
Sovereign Lending Group Execs and Cons
The Execs
- Focus on mortgage refinances
- Say they will beat nearly any mortgage price quote
- Provide a streamlined mortgage approval course of
- On-line borrower portal to handle your mortgage and monitor standing
- Good collection of mortgage packages to select from
- Glorious buyer opinions throughout a number of ranking websites
The Cons
- No bodily places
- ‘B’ ranking with the Higher Enterprise Bureau
- Could switch your mortgage after closing
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