Santander Mortgage Review

Santander Bank was founded in 1902 as Sovereign Bank in Wyomissing, Pennsylvania. It is a wholly-owned subsidiary of Santander Group, a Spanish multinational bank founded in 1857.
The financial institution provides a wide range of loan products, including fixed- and adjustable-rate mortgages, FHA, VA, jumbo, combination, and construction loans.

Background of Santander Bank

Santander Bank offers mortgage loans to applicants with a variety of credit histories and scores. Their standards are relatively flexible, and buyers can apply for prequalification with their social security numbers (SSN), income information, email address, and the past two years of their home address history.

Borrowers may need to provide more complete information to receive a loan offer, as the documentation the bank will require will depend on the loan program they are applying for.

Santander Current Mortgage Rates

Santander Morgage Loans

Santander has a whole variety of mortgage options. Let’s explore each of them to help you decide which is best.

Fixed-Rate Loans

Fixed-rate loans from Santander Bank keep the same rate and monthly payment amount throughout the life of the loan. Borrowers can keep track of their budgets more easily because they will be paying the same amount toward their mortgage every month.

If you plan to keep your home for many years, this loan may be a very sensible option. 10, 15 and 30-year fixed-rate mortgages are available through Santander Bank.

Adjustable-Rate Loans

Offer applicants one rate that is subject to change throughout the life of the loan based on marketing conditions. Mortgage rates may go up or down, so borrowers could end up paying more money than they expected for their home loan. Rates may also go down over time, though, and often start out low for an initial fixed-rate period determined by the type of ARM selected.

Borrowers who are planning to hold their homes for a short period or refinance soon after purchase may benefit from an adjustable-rate loan from Santander Bank.

FHA Mortgage Loans

Government-backed FHA loans enable Santander Bank to offer lower rates and smaller down payments. This option is designed to make mortgages more affordable and accessible. As little as 3.5 percent down allows you to buy a home with an FHA mortgage.

VA Loans

For members of the armed forces, veterans, and surviving spouses, VA loans provide an affordable and flexible mortgage loan guaranteed in part by the Department of Veterans Affairs. Santander Bank can offer better terms for a VA loan than they can for conventional mortgage loan products.

Construction Loans

Applicants planning to build a home may want to consider applying for a Santander Bank construction loan. Preapproval for a loan amount allows borrowers to plan an accurate home-building budget with their contractor. Make interest-only payments while building your home so your mortgage stays affordable before you move in.

Jumbo Loans

For some borrowers with the right credit profile, Santander Bank offers jumbo loans that provide larger loan amounts. These loans are designed for homes located in high-value real estate markets.

H.O.M.E. Loans

This is an exclusive program from Santander Bank for applicants with limited funds available for a down payment. It enables borrowers to put as little as 3 percent down on a home purchase as long as they have taken a homebuyer education course.

H.A.R.P. Loans

For borrowers who are current on their mortgage payments and have homes that are worth less than they were at purchase, HARP can help reduce rates and lower monthly payments. Borrowers with a Fannie Mae loan may be eligible for this limited-time loan option.

Overview of Santander’s Diverse Mortgage Portfolio

Santander Mortgage Options	Key Features
Fixed-Rate Loans	• Stable Rates Throughout the Loan • 10, 15, and 30-Year Options Available
Adjustable-Rate Loans	• Rates Fluctuate Based on Market Conditions • Initial Low Rates May Change Over Time
FHA Mortgage Loans	• Lower Rates, Smaller Down Payments • Designed for Affordability and Accessibility
VA Loans	• Affordable, Flexible Loans for Veterans • Better Terms Than Conventional Loans
Construction Loans	• Plan Accurate Budgets for Home Building • Make Affordable, Interest-Only Payments During Construction
Jumbo Loans	• Larger Loan Amounts for High-Value Markets • Tailored for Specific Credit Profiles
H.O.M.E. Loans	• Down Payments as Low as 3% • Requires a Homebuyer Education Course
H.A.R.P. Loans	• Reduces Rates for Eligible Borrowers • Limited-Time Option for Fannie Mae Loans

Santander Mortgage Online Tools

Santander Bank customers rate the lender with mixed reviews. Many of the online reviews are negative, probably in part because of the 2016 overdraft scandal that resulted in Santander Bank ultimately being investigated by the Consumer Financial Protection Bureau (CFPB) for an alleged illegal overdraft of consumer accounts.

In order to apply for a loan with Santander Bank, borrowers will need to schedule an appointment with a loan specialist or apply online for preapproval. Borrowers need to present their Social Security Number (SSN) and provide information about their income and recent address history (within the past two years).

The lender does extend loans to borrowers with a variety of different credit scores and credit profiles, although applicants with higher scores and a low debt-to-income (DTI) ratio have the best chance of receiving a favourable offer from the bank.

Santander’s website has calculators, articles about mortgages, and other resources available for borrowers who want to estimate their own likelihood of approval before applying. Through the blog Prosper + Thrive, Santander Bank shares magazine-style articles on personal finance, including content on mortgage and home buying topics.

Santander Lender Grades

Receiving mixed reviews from consumers, Santander Bank has a Trustpilot score of 2.2 out of 10 and 1/5 stars based on 17 reviews. The lender received a next-to-last place on J.D. Power’s 2018 Mid-Atlantic U.S. Retail Banking Satisfaction Study Index Rankings, with only HSBC receiving a lower score.

This is an improvement from 2017, when Santander Bank had the lowest score, as reported by the Boston Business Journal. The bank appears to be working to correct its reputation and has moved up in the J.D. Power rankings after five straight years with the lowest ranking.

Information collected: November 20, 2018

Santander Mortgage Qualifications

Credit Score	Quality	Ease of approval
760+	Excellent	Easy
700-759	Good	Somewhat Easy
621-699	Fair	Moderate
620 and below	Poor	Somewhat Difficult
n/a	No credit score	Difficult

Applicants with scores below 699 may have fewer options available for a home loan, and terms may be somewhat unfavorable to borrowers. You may be better off making efforts to raise your credit score before applying if you have a low score or no credit history.

Santander’s loan specialists will work with you to see what options are possible, but the offers available to you depend on your credit profile. Applicants with credit scores of 760 and above should have little trouble applying for a mortgage from Santander Bank and should have multiple offers to choose from. With a credit score in the “Good” range, mortgage options are likely to be somewhat favorable for borrowers.

Debt-To-Income Ratio	Quality	Likelihood to Get Approved by Lender
35% or less	Manageable	Likely
36-49%	Needs Improvement	Possible
50% or more	Poor	Limited

Santander Phone Number & Additional Details

Santander Bank generally approves applicants with a debt-to-income (DTI) ratio of 35 percent or less. The lender typically considers loans to borrowers with a DTI of 42 percent or higher to be riskier and may not extend a loan offer under such circumstances or may require additional documentation before lending.

• Homepage URL: https://www.santanderbank.com/
• Company Phone: 1-877-729-4801
• Headquarters Address: 75 State Street, Boston, Massachusetts

States serviced: Connecticut, Delaware, District of Columbia, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont.

The Bottom Line – Santander Mortgage Review

Santander Bank, with its rich history and vast experience, offers a comprehensive range of mortgage options tailored to various borrower profiles. Whether you’re a first-time homebuyer, a veteran, or someone looking to refinance, Santander has solutions to address your needs.

Their array of online tools, coupled with their dedicated specialists, ensures that potential borrowers have the resources they need. While online reviews provide mixed sentiments, Santander’s commitment to rectify its reputation is evident.

As always, potential borrowers should engage directly with financial experts, ensuring they make the best decisions aligned with their individual circumstances.

How We Review Mortgage Lenders: 

Good Financial Cents evaluates U.S. mortgage lenders with a focus on loan offerings, customer service, and overall trustworthiness. We strive to provide a balanced and detailed perspective for potential borrowers. We prioritize editorial transparency in all our reviews.

By obtaining data directly from lenders and carefully reviewing loan terms and conditions, we ensure a comprehensive assessment. Our research, combined with real-world feedback, shapes our evaluation process. Lenders are then rated on various factors, culminating in a star rating from one to five.

For a deeper understanding of the criteria we use to rate mortgage lenders and our evaluation approach, please refer to our editorial guidelines and full disclaimer.