Webster Bank “Peace of Mind” Home Purchase Guarantee: Webster's "Peace of Mind" Home Purchase Guarantee, guarantees a condition free Commitment Letter by the mortgage contingency date stated in your home purchase contract. Your mortgage contingency date must be at least 30 days from the date we receive your completed mortgage loan application in order to be eligible for this guarantee ("Commitment Guarantee"). This condition free Commitment Letter may bring you one step closer to purchasing your new home on time!
If after receipt of your Completed Mortgage Loan Application, we do not meet the Commitment Guarantee, Webster will provide you, the applicant(s) with a total maximum $1,000 closing cost credit.
A "mortgage loan 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.
A Completed Mortgage Loan Application is defined as follows:
-Fully executed offer to purchase and/or purchase and sale agreement
-Satisfactory income documentation required for your selected mortgage program
-Asset documentation as required for your selected mortgage program
-Required upfront fees paid at time of application for appraisal and credit report
-Signed 4506T and Borrower’s Authorization
You, the applicant(s), are responsible for providing Webster the required information and documentation to satisfy the Completed Mortgage Loan Application criteria. Any delays due to an incomplete application are not covered by the Commitment Guarantee. The Guarantee does not cover delays caused by the applicant or third parties delivering required documentation on behalf of the applicant(s).
To be eligible for the Commitment Guarantee, the Completed Mortgage Loan Application must be for a 1 to 4 family, primary residence or second home. The Commitment Guarantee is only available in CT, RI, MA and Westchester County, NY. Loan amounts over $1,000,000 are excluded.
-Loans secured by Condos
-Closing delays due to non-marketable title
-All FHA and state agency loans
-Delays caused by borrower should additional documentation be required after initial loan submission
-Delays caused by third parties (including but not limited to sellers) providing, delivering or submitting required documentation on behalf of the applicant(s)
-Product changes, counteroffers, loan type changes
All mortgage loans applications are subject to credit approval. Only closed and funded loans for which the Bank did not meet the Commitment Guarantee qualify for the $1,000, closing credit. This offer may be withdrawn at any time without notice and may not be combined with any other offers. Please consult a Webster Mortgage Bank Officer for more details.
Jumbo Mortgage: Annual Percentage Rate (APR) on a Webster Jumbo mortgage is listed as an example only and does not represent a guaranteed rate by Webster bank. Rate quoted is valid as of the effective date listed on the mortgage rate page. Rates are subject to change at any time. Please call 1-877-892-4798 or visit WebsterBank.com to check the latest rates. Rate assumes a loan amount of $417,000 or greater and automatic payments (ACH) made from a Webster personal checking account. If the ACH is terminated at any time, the rate will increase by 0.125% for loan amounts up to $1,000,000. There are no ACH discounts for loan amounts over $1,000,000. This discount does not apply to Government Assisted Mortgages. Quoted rate for 30 Year Fixed Jumbo mortgage is for loan amount greater than $417,000 and 0 points paid (0% of the loan amount). Quoted rate displayed for 15 Year Fixed Jumbo mortgage is for loan amount greater than $417,000 and 0 points paid (0% of the loan amount). All loans are subject to the credit approval process. This offer is subject to change without notice and may be withdrawn at any time. Rate assumes purchase of a primary residence, single family property.