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| How can I increase the credit limit on my Home Equity Line of Credit? |
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| To increase your Home Equity Line of Credit limit, provide Sovereign with updated personal financial information. You can either complete a new application or call us at 877-SOV-BANK and provide us with the necessary information. In either case, the information provided will be reviewed using similar criteria as your original application, and a decision will be made. You will be notified of this decision within 3 business days of our receiving your request.
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| What is the criteria for interest rate adjustments on my Home Equity Loan or Line of Credit? |
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| Home Equity Loans have a fixed interest rate that will not change for the life of the loan. For Home Equity Lines of Credit, the interest rate is adjusted monthly. The interest rate is based on the Prime Rate plus or minus an index.
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| What is E-Pay, and what does it mean to me? |
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| E-Pay stands for Pre-authorized Electronic Payment and means you can authorize Sovereign Bank to deduct your Home Equity Loan or Line of Credit payment directly from your Sovereign Bank checking account at a designated time of the month. If you elect E-Pay from a Sovereign Premier Checking account as an option on your loan, you will receive a .50% interest rate reduction. If you elect E-Pay from any other Sovereign checking account you will receive a .25% interest rate reduction.
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| How soon after I am approved for a Home Equity Loan or Line of Credit will I have access to my money? |
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| You will have access to your loan or line of credit three business days after your loan closes. During this three-day waiting period you have the right to change your mind and cancel your acceptance of the loan or line of credit.
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Equal Housing Lender - Member FDIC
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