Webster Bank’s general parameters for consumer lending products

Home Equity Lines of Credit

• Home Equity Line of Credit amounts from $10,000 to $500,000 in CT, NJ and RI (call for lines of credit > $500,000) and $10,000 to $750,000 in MA and NY.
• For line of credit amounts less than or equal to $250,000, Combined Loan-to-Value (CLTV) up to 80%.
• For MA and NY only, line of credit amounts up to $750,000 with a Combined Loan-to-Value (CLTV) up to 80%. For CT, NJ and RI, line of credit amounts up to $500,000 with a Combined Loan-to-Value (CLTV) up to 80%.
• Lines of Credit are available where Property State is CT, NJ, MA, NY, and RI.
• 1-4 Family owner-occupied residences and 1-unit second homes.
• Investment properties available at higher rates. Combined Loan-to-Value (CLTV) restrictions may apply.
• Properties currently listed for sale are ineligible, however may be eligible for a Bridge Line of Credit.

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 currently 8.50% APR as of 7/27/2023, 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 or greater and meeting product credit qualifications covered below and assumes less than or equal to 80% Combined Loan to Value (CLTV). 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 9.74% APR would result in a monthly interest-only payment of $405.83 and a 30-year line of credit of $50,000 at 11.24% APR would result in a monthly interest-only payment of $468.33. As of 7/27/2023, rates ranged from Prime + 1.24% to Prime + 2.74%. Rates and payments listed include the discounts identified below in “Current Rate Option” section. Maximum rate that can apply is to 18% APR. Minimum interest 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.

Webster offers an Introductory Rate Option

The introductory rate option is currently available and may be withdrawn at any time. The introductory rate of Prime minus .76% (currently 7.74% APR) is valid for 12 months from funding date. This rate is eligible for all newly originated Home Equity Lines of Credit or refinancing of existing Webster Bank Home Equity Lines of Credit that are within 18 months of their End of Draw period. The Prime Rate is currently 8.50% APR as of 7/27/2023, which is the highest U.S. prime rate as published in The Wall Street Journal. After the introductory period, 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, CLTV, credit, occupancy, property type and any applicable discounts. Maximum rate that can apply after the introductory period is 18% APR. Minimum rate that can apply after the introductory period is 3.50% APR. Contact a Webster banker for more details or if you have any questions.

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, NJ, MA, RI, NY, with a minimum of $10,000 and maximum of $500,000 in CT, NJ and RI, and a maximum of $750,000 in MA and NY. No closing costs for home equity lines of credit up to $500,000 that are secured by 1-4 family, owner-occupied residences. There are no fees or costs retained by Webster Bank, but for certain lines of credit a Structural Engineering Assessment Report or Transfer Tax may be required and the borrower would be required to pay for this as part of the line of credit process. Hazard insurance is required. Flood insurance is required, if applicable.

Line of credit amounts over $250,000 may be subject to asset verification. This offer is valid on 1-4 family owner-occupied, second home, or investment properties. This offer is not valid on co-ops. A prepayment penalty of $450 will apply if the line is closed within 3 years of opening for lines in CT, NJ, MA, and RI. 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.

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

Home Equity Loans

• Home Equity Loan amounts from $10,000 to $500,000 in CT, NJ and RI (call for loans > $500,000) and $10,000 to $750,000 in MA and NY
• For loan amounts less than or equal to $250,000, Combined Loan-to-Value (CLTV) up to 80% in CT, NJ, RI, MA and NY
• For MA and NY only, loan amounts up to $750,000 with a Combined Loan-to-Value (CLTV) up to 75%. For CT, NJ and RI, loan amounts up to $500,000 with a Combined Loan-to-Value (CLTV) up to 80%.
• Home Equity Loans are available where Property State is CT, NJ, MA, NY, and RI
• 1-4 Family owner-occupied residences and 1-unit second homes
• Investment properties available at higher rates. CLTV restrictions may apply
• Properties currently listed for sale are ineligible, however may be eligible for a Bridge Line of Credit.

Current interest rate option

Displayed “As low as” interest rate assumes a loan amount of $50,000, a 5-year term, a credit score of 740 or greater and a Combined Loan-to-Value (CLTV) of 80% or less and includes the following discounts:

• 0.25% interest rate discount = Automatic Loan Payments (ALPA) are set up from a Webster Personal Checking account
• 0.25% interest rate discount = Private Checking Account relationship.^*
• 0.25% interest rate discount = First lien position

Customers may qualify for additional discounts (U.S. Military, etc.) See a Webster banker for more details.

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 Loans are available in CT, NJ, MA, RI, and, NY, with a minimum of $10,000 and maximum of $500,000 in CT, NJ and RI, and maximum of $750,000 in MA and NY. No closing costs for home equity loans up to $500,000 that are secured by 1-4 family, owner-occupied residences. There are no fees or costs retained by Webster Bank, but for certain loans a Structural Engineering Assessment Report or Transfer Tax may be required and the borrower would be required to pay for this as part of the loan process. Hazard insurance is required. Flood insurance is required, if applicable.

Loan amounts over $250,000 may be subject to asset verification. This offer is valid on 1-4 family owner-occupied, second home, or investment properties. This offer is not valid on co-ops.

Other Rates: Rates are determined based on credit qualifications and other factors, such as loan amount, Combined Loan to Value (CLTV), and Webster relationship. Minimum loan amount of $10,000. The APR you will receive is dependent on a variety of factors including household income, debts, and other underwriting criteria.

All loans and lines of credit are subject to credit approval.

^*Private Checking. 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 7/31/2023 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.