Loans - FAQs

Can I apply for a fixed rate mortgage online?

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

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.

Can I apply for an adjustable rate mortgage online?

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

Can I pay my loan with my credit card?

Webster does not offer this service.

Can I save my online application and finish it later?

Yes, you can begin the application, save it, and then finish it at a later time.

Do I have the option to make extra principal payments and is there a benefit?

Yes, you have the option to make extra principal payments. Your loan must be current with no fees outstanding before an extra principal payment will be applied. The benefit of making extra principal payments is that you'll pay off your loan sooner with less interest.

Do I have to have private mortgage insurance (PMI)?

If you put down 20% or more of your home’s purchase price, PMI is not required.  Some government-assisted loans, such as FHA loans, require fees in exchange for guaranteeing your loan so you can put less than 20% down. This is not considered private mortgage insurance, since FHA is the government agency, but it works like PMI.

Do I have to pay closing costs if I refinance my Webster Bank loan?

Yes, you will have closing costs on a first mortgage; costs can vary depending on the specifics of your loan agreement.  Your closing costs may be offset by choosing a pricing option that gives you a closing free credit.  And if you are refinancing an existing mortgage you may be able to finance some or all of your closing costs. Speak with one of our Mortgage Banking Officers for more information.

Do you offer loans to consolidate debt?

Yes, all of our first mortgage, home equity and personal loan products may be used for debt consolidation.

Does Webster Bank have personal loans?

Yes, find out more on our personal loan page.

Does Webster Bank offer student loans?

Yes, find out more on our student loan page.

Does Webster have a bi-weekly payment program?

Webster does not, however there is a “Bi-Saver” program administrated through a company called Nationwide; it is not affiliated with Webster.  Nationwide will send you information about the Bi-Saver program after your mortgage closing.  There’s a one-time initial fee of $399 and payments are drafted every other Wednesday. 

How are interest rates determined?

Interest rates fluctuate with market conditions, so they are subject to change at any time. Contact a mortgage banking officer for a mortgage rate quote by visiting any banking center, calling 1-800-325-2424, or locate a Mortgage Banking Officer near you

How are my loan payments applied?

Any payments will be applied to interest first, then to principal.

How can I apply for a loan?

There are number of ways you can apply: Visit any banking center, call 1-800-325-2424 or locate a Mortgage Banking Officer near you. You can also apply online for a first mortgage or home equity loan/line of credit.

How can I get my loan payoff information?

Call our Payoff Department at 1-800-270-5400 x 46510.

How can I make a payment on my loan?

Payments can be made at our banking centers, online, or by mail to PO BOX 1809 Hartford, CT 06144-1809.

How do I find out the status of my loan application?

We’re happy to give you the status of your application.  Just call us at 1-800-543-3375 between 9:00 a.m. and 5:00 p.m.

How do I find out the status of my refinance?

We’re happy to give you the status of your application.  Just call us at 1-800-543-3375 between 9:00 a.m. and 5:00 p.m.

How do I get my homeowner’s insurance binder?

Just contact your insurance agent and they will give you one.

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.

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 refinance my mortgage?

Visit any banking center, call 1-800-325-2424, locate a Mortgage Banking Officer near you, or apply online for a first mortgage or home equity loan/line of credit.  

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 much can I pay on my loan or line of credit from my account?

You can choose an amount to pay on your loan at any time; however, your regular scheduled payment will be due.

How much money is required at a mortgage closing?

The amount needed to close will vary depending on your loan; each loan is unique. Talking with a Mortgage Banking Officer can help you figure out and determine how much money you’ll need at a specific loan closing.

I am having a hard time making my loan payments. Is there someone I can talk to?

Contact our Restructure & Recovery Department at 1-800-270-5300.

Is my 1098 form for tax filing available online?

Yes.

My automatic payment is due and I will not have enough funds in my account. Is there any way to stop that payment?

The funds will be withdrawn from your account if they are not available. The system will look for the payment for 8 days. After that, you will need to make the payment yourself.

Should I refinance my mortgage?

In general, if current interest rates are a half percent lower than the rate on your existing mortgage you may want to consider refinancing.  In addition, refinancing can help you shorten the term of your loan, tap into your home equity for debt consolidation, or finance educational costs, home improvement and other investments. Speak with a Webster Mortgage Banking Officer who can give you guidance on managing your debt and equity.

What are "points?"

Points provide a way for you to lower the interest rate, and in turn lower your monthly mortgage payment. One mortgage point is equal to 1% of your mortgage amount. For example, on a $200,000 loan, one mortgage point is equal to $2,000. You can pay 1 point, or $2,000, at closing in exchange for a lower interest rate over the life of your loan.

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.

What is a rate lock?

A rate lock is a guarantee that your lender will give you a particular interest rate on a mortgage loan, at a certain price, for a specific time period. The price for a mortgage loan is typically known as "points" that are paid to get a specific interest rate.

What is an amortization schedule?

It is a complete table of loan payments that shows the amount of the loan’s principal and the amount of interest charged on each payment so that the loan will be paid off at the end of its term.

What is an origination fee?

An origination fee is what the lender and any mortgage broker charges for making a mortgage loan. Origination services include taking and processing your loan application, underwriting and funding the loan, and other administrative services.

What is private mortgage insurance (PMI)?

When your down payment is less than 20%, you usually have to pay for Private Mortgage Insurance, (PMI).  This protects the lender in case you don't make your house payments. If that’s the case, the lender would have to repossess your house and sell it for less than the amount left on the loan.

However, as a homebuyer with PMI you can buy a home with less than 20% down! In times past, banks wouldn't give you a loan under any circumstances unless you made a large down payment because they felt it was too risky. But now thanks to PMI, banks will take loans with very low down payments.

What is the difference between a home equity line of credit and a home equity loan?

With a home equity line of credit, you decide when and how much to withdraw from your credit line and only pay interest on what you borrow. The interest rate is variable.  With a home equity loan, you receive an upfront lump sum and the interest rate is fixed.

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% without PMI. (Without a contractor, LTV cannot exceed 80%.)

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.

Where can I see loan rates?

First mortgage rates and Home Equity loan/line of credit rates can be found on our website.

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.

Why choose a fixed rate mortgage?

A fixed rate mortgage gives you the security and stability of having the same monthly payment over the life of your loan. You can choose a longer term for lower monthly payments that fit your budget. Alternatively, you can choose a shorter term with higher monthly payments, which means you’ll pay less interest in the long run.

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.


What's the difference between APR and interest rate?

Your APR, or annual percentage rate, reflects your interest rate plus any fees that you pay to obtain your loan. Your interest rate is simply the annual cost of your loan expressed as a percentage. This doesn’t factor in the fees you paid to originally obtain your loan.