Enjoy the security and stability of having the same monthly payment with this home mortgage from Webster.

Fast Facts

• Flexible options to meet your needs
• Tax deductible benefits 1
• 7-Day or up to $250 closing guarantee 2

Our Home Equity Loans come with Webster's renowned personal service and a guarantee that you'll get your cash fast. In fact we guarantee to be ready to close your equity loan within 7 days or we'll pay you up to $250. 2

Home Equity Loan

A "closed end" Home Equity Loan features a fixed interest rate so you plan for the long run and always know what your monthly payment will be. You get all your money up front in one lump sum, but you won’t be able to draw more funds unless you apply for another loan. This is a great option if you have a specific expense you’re funding and you know the exact amount you need – like a home improvement or debt consolidation. What you lose in the flexibility of a line of credit, you gain in having a fixed rate for the life of the loan.

Popular uses for Home Equity Loans:

Disclaimer

1 Consult your tax advisor for details

2 Program Overview: Webster Bank guarantees to be ready to close a new Home Equity Line of Credit within 7 days, excluding Saturday, Sunday and Federal Holidays from the date of receiving a “completed application” by an applicant(s). Should 7 days be exceeded, Webster will pay the applicant $50 for every day beyond 7 up to a total maximum of $250. When an application includes more than one applicant, the total maximum is $250. Refer to additional important information contained below. Only closed and funded home equity lines and loans qualify for the Guarantee.

Completed Application: A ‘completed application is defined as an oral or written request for credit in which Webster received all “required information and documentation” to evaluate the application for the amount and type of credit requested. Required Information and Documentation: In addition to the oral or written request for credit, required information and documentation from the applicant(s) includes but is not limited to: income pay stubs, W-2 statements, tax returns, any other type of verification necessary to substantiate income, asset verification, title verification and any other additional information requested by Webster. Failure to provide the required information and documentation with the initial completed application will cause a delay in the 7-Day Guarantee process. The applicant(s) is responsible for providing the required information and documentation to Webster for meeting the requirements of a completed application. Any delays due to an incomplete application are not covered in the 7-Day Guarantee. The 7-Day Guarantee does not cover delays caused by third parties delivering required documentation on behalf of the applicant(s).

Additional Important Eligibility Information: To be eligible for the 7-Day Guarantee, the application must be for a home equity line or loan owner-occupied one-to-two family and must be approved and closed. Additional exclusions include loan amounts over $250,000 in states except New York; loan amounts over $150,000 in New York; properties requiring a full appraisal report; loans closing in trusts; loans closing with a power of attorney; home equity loans or lines closed simultaneously with a first mortgage loan; equity line increases for existing Webster owned equity lines; refinancing a mortgage, equity loan or equity line owned by Webster in New York.

Ready to Close Notification: the applicant can be notified by phone or voice mail message of Webster’s readiness to close. When an application includes more than one applicant, only one applicant will be notified. Any delays after being notified are not covered in the 7-Day Guarantee.

Prepayment Fees

Year 1 – 2% of the Home Equity Loan outstanding balance.

Year 2 – 2% of the Home Equity Loan outstanding balance.

Year 3 – 1% of the Home Equity Loan outstanding balance.

Customers have the option of buying out the prepayment fee for Home Equity Loans if they agree to an increase of .25% to their rate (.50% in NY).

Please note the prepayment fee for a Home Equity Loan will automatically be waived in the system if the loan has a Webster ACH or if the loan is designated HPML.

This offer may be withdrawn at any time without notice.

* Loans over $500,000 are considered on a case by case basis. No closing costs on loan amounts up to $500,000 that are secured by 1-4 family, owner-occupied residences. Loans greater than $250,000 may be subject to asset verification. Hazard insurance is required.

** Customers who sign up for an Automatic Loan Payment (ACH) from their Webster Personal Checking Account are eligible to receive a rate discount on Home Equity Loans. If the ACH is terminated for any reason, Your rate will increase by the amount of the discount initially given. Offers may not be combined with any other promotional offer. This offer is subject to change without notice.

All loans are subject to credit approval. Please see a Webster Bank associate for details.