Rates as of Wednesday March 15, 2017.
10 year $25,000 $50,000 $100,000 $250,000 Loan
5.115% 4.615% 4.615% 4.615% Loan
$266.57 $520.97 $1,041.94 $2,604.84
15 year Loan
5.365% 4.865% 4.865% 4.865% Loan
$202.48 $391.89 $783.78 $1,959.45
20 year Loan
5.740% 5.240% 5.240% 5.240% Loan
$175.38 $336.64 $673.29 $1,683.21
Home Equity Loan
A "closed end" Home Equity Loan features a fixed interest rate so you can plan for the long run and always know what your monthly payment will be. You get the entire loan amount up front in one lump sum.
If you know the exact amount of money you need to borrow and will be using the funds over a relatively short period of time, this product may be a good choice for you.
Key features and benefits of a loan:
- Loan Amounts from $25,000 to $500,0002
- The security of a fixed-interest rate - featuring fixed principal plus interest payments over a set period
- Easy one-time financing - get the full amount upfront
- No closing costs on loan amounts up to $500,0001
- Terms available from 5 to 30 years
- 0.25% rate discount with automatic payments from your personal Webster checking account1
- Tax deductible benefits3
Popular uses of this product: Home Improvements, Vehicle Financing, Debt Consolidation, Vacation, College Tuition, Medical or Dental Expenses, Refinancing, Wedding Expenses
What does "home equity" mean?
This term essentially represents how much equity is in your home, which is calculated by subtracting the unpaid balance of your mortgage from your home's current market value.
Should I choose a Home Equity Line of Credit or a Home Equity Loan?
Generally, a Home Equity Line of Credit is a good choice if you aren't sure exactly how much money you may need and over what period of time you'll need it. A Home Equity Loan, on the other hand, is ideal if you want access to a one-time lump sum of money and more predictable repayment terms. Get in touch with a Webster banker today for help choosing the right product for you.
How does a Home Equity Loan work?
With this product, you'll choose your exact loan amount and term length. You'll receive your loan amount in one lump sum, and will repay it on a monthly basis with a fixed interest rate.
What information will I need?
You may be asked to provide the following information:
- recent pay stubs or income tax returns
- deposit account information; checking, savings and retirement funds
- the names, birth dates, current addresses, employer names, monthly income, and current mortgage or rental expenses for up to two borrowers
Home Equity Loan: 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. There are no fees or costs retained by Webster Bank, but for certain loans a Structural Engineering Assessment Report may be required and the borrower would be required to pay for this report as part of the loan process. Hazard insurance is required. Flood insurance is required, if applicable. Customers who sign up for an Automatic Loan Payment (ACH) from their Webster Checking Account are eligible to receive a rate discount on Home Equity Loans. Offers may not be combined with any other promotional offer. This offer is subject to change without notice. Loans over $500,000 are considered on a case by case basis.
All loans are subject to credit approval. Please see a Webster banker for details.
Consult your tax adviser for details