Loan Questions

How does a Government-Assisted Mortgage work?

We work with a variety of government programs that provide eligible participants with lower interest rates, lower down payments and lower closing costs. These loans are particularly popular for first time home buyers and veterans.

How do I know if I’m eligible for a Government-Assisted Mortgage?

Government Mortgages have specific eligibility criteria, such as income level, property condition, and military service for VA loans. Like with any mortgage product, borrowers are subject to credit approval. To find out if you qualify, contact one of our mortgage experts today.

How do I get started?

A Webster Mortgage Banking Officer is here to help you find the right financing solution for your needs and guide you through the entire process. Contact one of our mortgage experts today.

What kind of construction-to-permanent loan options are available?

We offer a range of options that can be customized to fit your specific financing needs. Loans are available in Connecticut, New York, Massachusetts and Rhode Island. A General Contractor is required for all Loan-to-Value (LTV) over 80% and you may be eligible for a maximum LTV of up to 90% with PMI.

Fixed rate mortgages are available for both conforming and jumbo loan amounts, with a 15 or 30-year term to choose from. Adjustable rates are available for both conforming and jumbo loan amounts, for a 30-year term.

Why choose a construction mortgage?

This type of loan is perfect for anyone building a new home or renovating a home. It’s the one loan that can take you through the entire construction process and then converts to a permanent loan (your mortgage) when your home is complete and you’re ready to move in.

Can I apply for a Jumbo mortgage online?

Yes – you can apply online quickly with ease. To begin your application process click here to get started now.

What is a Jumbo Mortgage?

This mortgage is for loan amounts over $453,1001 on single family properties. A Webster Mortgage Banking Officer can help you find a flexible lending option for your needs.

Why choose an adjustable rate mortgage?

An adjustable rate mortgage is a popular choice for those who plan to own their home for a shorter period of time. You pay a fixed, lower interest rate for a set number of years, and then transition to an adjustable rate that may rise or fall over the life of your loan. You can secure annual and lifetime interest rate caps with Webster, and we’ll provide pre-determined rate change dates for the life of the loan so you know what to expect.

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