Home Financing

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Home Financing

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Home Financing

  1. 1. More Home Financing Mortgage Info Looking to build, buy or refinance? We can help you bring it home. We Find a Way
  2. 2. More Mortgage Info Webster Bank is one of the region’s leading We can help you bring it home. residential lenders, with a branch network that As one of the region’s leading mortgage originators, covers CT, Southeastern and Southwestern MA, Webster Bank offers the expertise and financing Westchester County NY and RI, and lending expe- choices to make your dream a reality. Whether it’s rience nationwide. We offer a wide array of home a new home purchase, refinancing or construction financing products to fit most any needs. Your project, a Webster loan representative will help Webster loan representative can help you make you find a way to make it happen — quickly a clear and informed decision, and guide you and painlessly. through a fast, simple and easy application process. Mortgage Pre-Approvals Webster Home Financing product choices include: Knowing what you can afford before you begin o Fixed Rate Mortgages house-hunting can help you find the home that’s o right for you and your budget. And when you do Adjustable Rate Mortgages find that dream home, we’ll process your mortgage o Non-Conforming (Jumbo) Mortgages request faster. Just call 1-888-681-7788. Once o First-Time Home Buyer Programs you’re pre-approved, your Realtor and the seller o Reverse Mortgages will know you’re ready to buy. o Special Government Programs o Interest-Only Mortgages Fixed Rate Mortgages o Construction Mortgage Loans For those who want the same monthly payment o and interest rate for the life of their loan, Webster’s Bridge Loans fixed rate mortgages are a great choice. We offer o Home Equity Loans and Lines these loans in both conventional and jumbo loan amounts. At Webster, We Find a Way to help you achieve o Up to 40-year repayment terms your financial goals by getting to know you, o Predictable, stable payment terms building a trusting relationship with you, and o Interest-only options providing you with responsive service and the right solutions. Adjustable Rate Mortgages The flexibility of an adjustable rate mortgage may be a more suitable option for some borrowers. You have the ability to choose the adjustable rate program that provides the fixed payment period that best matches your needs.
  3. 3. More Mortgage Info o Interest rate varies over the life of the loan o Federal Housing Authority (FHA) according to the LIBOR Index and the margin o Veterans Administration (VA) of the loan o HOPE—Home Ownership Possibilities for o Lower initial interest rates increase your Everyone. First-time home buyers program borrowing power for low to moderate income borrowers in o Annual and lifetime interest rate caps protect designated cities in CT, MA, NY and RI. you in a rising interest rate environment o Interest-only payments available Webster also offers a down payment assistance program through housing authorities for qualified Non-Conforming (Jumbo) Mortgages applicants for an MHFA or CHFA loan. Ask a “Jumbo” mortgages can provide home financing Webster loan representative for details. for individuals who are purchasing or refinancing properties that require larger loan amounts than Interest-Only Mortgages Fannie Mae and Freddie Mac guidelines will allow. An interest-only mortgage lets you defer principal A jumbo mortgage typically has a higher interest payments during a specified period early in the rate and different down payment requirements loan term, instead of paying principal and interest than smaller loans due to certain underwriting every month like a regular mortgage. This means requirements. Webster offers competitive fixed that your monthly payments could be lower during or adjustable rates and quick approvals on the interest-only period and can be more affordable jumbo mortgage loan amounts to $1,500,000 for you. An interest-only mortgage may also give or greater. you the flexibility to make principal payments when you want to build equity or put the money Special Government Programs into other investments instead. Webster works closely with a number of federal, state and local government agencies to deliver affordable mortgages and favorable interest rates for eligible borrowers. The goal is to make home ownership available to more families in our communities. Listed below are some of these agencies. o Connecticut Housing Finance Authority (CHFA) o Massachusetts Housing Finance Agency (MHFA) o Rhode Island Housing Authority (RI Housing) o State of New York Mortgage Authority (SONYMA)
  4. 4. More Mortgage Info Construction Mortgage Loans the existing home, with financing available up to Building a new home is a major undertaking, 80% of the existing property value. but with Webster Bank on your team you’ll get the help you need from start to finish. We’ll Reverse Mortgages finance the construction costs of your home; even A reverse mortgage enables homeowners 62 years combine it with your land purchase to save you of age or older to utilize the equity of their home time and money by having just one closing. We as a tax-free source of cash. With a reverse can help you determine whether a fixed rate, mortgage, seniors don’t make monthly payments — adjustable rate or interest-only program fits your they can receive them. This special type of home needs best. equity loan is not due or payable as long as seniors o Funds disbursed as work progresses occupy their home as their primary residence. o Interest-only payments during the Home Equity Loans and Lines construction phase on the amount used o No principal payments until final disbursement Tap into the available equity in your home with o After construction, loan converts to a a home equity loan or home equity line of credit. Many homeowners, just like you, use their home’s permanent mortgage without additional equity to pay for home improvements, consolidate paperwork or fees — one loan, one closing high-interest-rate debt, pay for college expenses, or Bridge Loans to purchase a new car. There are no application A bridge loan allows for interim financing for fees or closing costs on lines and loans up to and individuals who are buying or constructing a new including $500,000 (New York residents should home but have not yet sold or closed on their consult with a tax advisor regarding mortgage existing home. The “bridge” is a real estate-secured taxes). In most cases, the interest may be tax line of credit in first or second lien position on deductible. (Please check with your tax advisor for details.) Home Equity Loans A home equity loan offers a fixed rate payment option. We can arrange for manageable monthly payments. Home Equity Lines of Credit A home equity line of credit is a variable rate, revolving loan based on the equity available in your home.
  5. 5. More Mortgage Info To apply for your Webster Home Financing, please call a Webster Loan representative at 1-888-681-7788. You may also visit a Webster branch to get started. All loans are subject to credit approval. Loan programs are subject to change without notice. LENDER EQUAL HOUSING The Webster Symbol, Webster We Find a Way, and Webster Bank, N.A. Webster Bank are registered in the U.S. Patent and Member FDIC Trademark Office. Equal Housing Lender WebsterOnline.com FN47608 10/08

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