Make more possible with a competitive rate

Webster Bank, National Association, hereafter referred to as “Webster” or “Webster Bank.” The words “You,” “I,” and “Your” mean anyone who applies for a Webster Bank Home Equity Line of Credit or Loan. Please note that “APR” means “Annual Percentage Rate.”

All lines of credit and loans are subject to credit approval. Consult your Webster banker for details. Offers valid for applications received during the period cited on email and/or direct mail.

All of our home loan originators are registered with the Nationwide Mortgage Licensing System and Registry (NMLS System). To obtain the NMLS identification number of a Webster Bank Loan Officer, please call our Client Assistance Center at 800-325-2424. The NMLS identification number can be used to search the NMLS National Database to view their background information.

¹PRE-QUALIFICATION TERMS AND CONDITIONS You were selected for this offer based on information contained in a credit report prescreen. You received this offer because you satisfied the criteria for creditworthiness. Credit may not be extended if, after acceptance of this offer, you do not meet the criteria used to select you which are: a) This offer is valid for the named individual(s) who are of legal age and who were sent this offer. This offer may not be transferred or assigned; b) This offer is not valid for individuals who are foreign nationals; c) This offer is conditioned on a satisfactory review of your credit report; d) Final approval for this firm offer of credit is subject to verification of employment, income and qualifying debt-to-income ratio; e) In order to verify that you meet the criteria used to select you for this specific offer we will require documentation in order to establish eligibility; and f) Federal law requires us to obtain, verify, and record information that identifies you. We will ask for additional information or identifying documents to satisfy these requirements. Not all applicants will qualify for the lowest rate.

²RATE AND OFFER INFORMATION:

HOME EQUITY LINE OF CREDIT: The introductory rate of Prime – .26% (currently 7.49%) is available in CT, MA, NY, and RI, and is valid for 12 months from the closing date. After the introductory 12 months, the rate will be based on the value of the index, plus or minus a margin that will be determined by the underwriting process: line amount, Combined Loan to Value (CLTV), credit, occupancy, property type and any applicable discounts. Minimum interest rate that can apply after the 12-month introductory period is 3.50% APR. Contact a Webster banker for more information or if you have questions.

The Webster Home Equity Line of Credit Annual Percentage Rate (APR) is a variable rate and will be based on the highest Prime Rate + 1.24% (the Prime Rate is 7.75% as of 11/08/2024, which is the highest U.S. Prime Rate as published in The Wall Street Journal). The Prime Rate + 1.24% rate is available for customers opening home equity lines of credit for $50,000 with FICO score of 700 and Combined Loan to Value (CLTV) of 80%, meeting product credit qualifications covered below. Other rates and terms are available for customers who do not meet the Prime + 1.24% requirements. As an example of payment, a 30-year line of credit of $50,000 at 8.99% APR would result in a monthly interest-only payment of $374.58 and a 30-year line of credit of $50,000 at 10.24% APR would result in a monthly interest-only payment of $426.67. The Prime Rate is 7.75% APR as of 11/08/2024, rates ranged from Prime + 1.24% to Prime + 2.49%. Maximum rate that can apply is 18% APR. Minimum rate that can apply is 3.50% APR. Principal balance will not decrease if interest only payments are made.

The monthly payment will increase once the line draw period (10 years) ends since new payment will include principal and interest.

Interest Rate Discounts: Discounts do not apply to introductory rate periods. Minimum rate is 3.50% APR after the introductory rate period.
(A) A 0.25% interest rate reduction will be applied to your Home Equity Line of Credit when you enter an Automatic Loan Payment Agreement (“ALPA”) and your payments are made from an eligible Webster personal checking account.
(B) An additional 0.25% interest rate reduction will be applied to your rate if you own a Private checking relationship. Minimum opening deposit of $25 is required. You can avoid the $30 monthly maintenance fee by keeping $25,000 in checking or $50,000 combined deposit balances, including CD’s, OR $100,000 in investment balances (Please note: it can take 14 days for balances of new or previously unlinked LPL accounts to be included). Private Checking earns interest and is a tiered rate product. The APY (Annual Percentage Yield) for Private Checking as of 11/08/2024 on balances between $0 and $49,999 is 0.01%, balances between $50,000-$99,000 is 0.01%, balances between $100,000-$249,000 is 0.01%, balances between $250,000-$499,999 is 0.01%, balances $500,000 or greater is 0.01%. The APY is subject to change at any time. Fees may reduce earnings.
(C) A 0.25% interest rate reduction if, at loan closing, an initial disbursement of $25,000 or greater is to be used to pay off any non-Webster debts or to pay off any Webster non-real estate secured debts. Larger discounts may be available when paying off higher amounts than $25,000, contact a Webster banker for more information or if you have questions. Any Webster debts secured by real estate, such as mortgages, home equity lines, or home equity loans, would not qualify for the discount.

Other Discounts: You may be eligible for additional Webster discounts (i.e., US Military, etc.). You may also be eligible for other regional discounts after the introductory rate period ends. Please contact one of our Mortgage Banking Officers (MBOs) for more details about specific eligible geographical areas.

Appraisal: An appraisal will be required to assess the value of the home. This value will represent the full value of the home that Webster will use for calculating the Combined Loan-to-Value (CLTV) amount, which will impact the rates and lending options available.

Restrictions: Home Equity Lines of Credit are available in CT, MA, RI, and NY, with a minimum of $10,000 and maximum of $500,000 in CT, RI, MA and NY. For primary residence properties with credit line up to $500,000, there are no fees or costs retained by Webster Bank. Hazard insurance is required. Flood insurance is required, if applicable.

This offer is valid on 1-4 family primary residence properties.

Prepayment: If the line is closed within 3 years of opening and is up to $500,000, a prepayment penalty of $450 will apply in all states except NY. If the line is closed within 3 years of opening and is for $500,001 to $750,000, a prepayment penalty of $1,000 will apply in all states except NY. For lines in NY, a prepayment penalty of $1,000–$5,000 (based on line amount) will apply if the line is closed within 3 years of opening.

Interest rates are determined based on credit qualifications and other factors, such as line amount, Combined Loan to Value (CLTV), and Webster relationship. The APR you will receive is dependent on a variety of factors including household income, debts, and other underwriting criteria. Minimum line amount of $10,000. A $50 Annual Fee is assessed to all accounts, but will be waived for Private Checking account owners.