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Business Banking| Home Equity/Second Mortgage Loan | |||||
|---|---|---|---|---|---|
| Minimum/Maximum Loan Amount | Loan-to-Value (LTV) | Term | APR | Monthly Payment per $1,000 Borrowed | |
| Second lien position only | Minimum: $10,000 Maximum: based on equity and qualify ratios | Up to 80% combined loan to value. | 5 years 10 years 15 years 20 years | 6.25%* 6.50%* 7.00%* 7.50%* | $19.45 $11.35 $8.99 $8.06 |
| apply online | |||||
*The Annual Percentage Rates (APR) reflects a .25% discount for automatic payment from a Webster Five account. An option is available not to choose automatic payments which will increase the rate by .25%. Other rates, terms and conditions may apply. An appraisal is mandatory for loan requests over $250,000. The Home Equity is only available on owner-occupied single-family homes, 2-4 family homes and condominiums. Please consult your tax advisor regarding the deductibility of interest. Rates and terms are subject to change without prior notice.
| Home Equity Plus Loan | |||||
|---|---|---|---|---|---|
| Minimum/Maximum Loan Amount | Loan-to-Value (LTV) | Term | APR | Monthly Payment per $1,000 Borrowed | |
| Minimum: $10,000 Maximum: $200,000 | Up to 95% combined loan to value. | 5 years 10 years | 7.25% 8.00% | $19.92 $12.13 | |
| apply online | |||||
*Home Equity Loans can only be in the second lien position. The Annual Percentage Rates (APR) reflects a .25% discount for automatic payment from a Webster Five account. An option is available not to choose automatic payments which will increase the rate by .25%. Other rates, terms and conditions may apply. An appraisal is mandatory for loan requests over $250,000. The Home Equity Plus is only available on owner-occupied single-family homes, duplexes, townhouses and condominiums. Please consult your tax advisor regarding the deductibility of interest. Rates and terms are subject to change without prior notice. Annual Percentage Rates are effective as of March 29, 2023.
| Home Equity Line of Credit | |||||
|---|---|---|---|---|---|
| Minimum/Maximum Loan Amount | Loan-to-Value (LTV) | APR | |||
| Minimum: $25,000 Maximum: based on equity and qualifying ratios | Max LTV 80% of the valuation of an Automated Valuation Model (AVM). LTV will include first mortgage. | 5.99% APR for the first six months; variable monthly at Prime + 0 (currently 8.00% APR) for the remaining term. | |||
| apply online | |||||
*Variable APR is based on the prime rate as published in the Wall Street Journal “Prime”. As of March 29, 2023, Prime rate is 8.00%. Prime may vary. Home Equity Line of Credit products have a ceiling of 18% and a floor of 5.99%. To open a line of credit there may be certain fees paid to third parties at closing, unless otherwise noted, these fees generally total between $0 and $805.00. There is no annual fee. You must carry insurance on the property that secures the plan. A termination fee of $350 will be charged if the line is closed out within the first three years. Other fees may apply. The Flexline is only available on owner-occupied single-family homes, 2-4 family homes and condominiums. Please consult your tax advisor regarding the deductibility of interest. Rates and terms are subject to change without prior notice.
| Home Equity Plus Line of Credit | |||||
|---|---|---|---|---|---|
| Minimum/Maximum Loan Amount | Loan-to-Value (LTV) | APR | |||
| Minimum: $25,000 Maximum: $200,000 | Max LTV 95% of the valuation of an Automated Valuation Model (AVM). LTV will include first mortgage. | Variable monthly at Prime + 1.49% (currently 9.49%) for the term of the loan. | |||
| apply online | |||||
*Variable APR is based on prime rate as published in the Wall Street Journal “Prime”, plus a margin and will vary with Prime. As of March 29, 2023, Prime rate is 8.00%. Home Equity Line of Credit products have a ceiling of 18% and a floor of 3.99%. To open a line of credit there may be certain fees paid to third parties at closing, unless otherwise noted, these fees generally total between $0 and $805.00. There is no annual fee. You must carry insurance on the property that secures the plan. A termination fee of $350 will be charged if the line is closed out within the first three years. Other fees may apply. The Home Equity Plus is only available on owner-occupied single-family homes, duplexes, townhouses and condominiums.