Webster Bank Mortgage Facts
Webster Bank is a mortgage lender that has been in the business of providing home loans for more than 100 years. The company was founded in 1919, in a small town in Connecticut and initially bought foreclosed properties from banks and placed them back on the market. Slowly but steadily the bank became popular and by 1960, had moved its headquarters to a larger city. Today, Webster Bank has over 400 bank branches with headquarters in various parts of the US.
Even though Webster bank started out as a small lender, it has a very strong reputation. Known for its customer service, modern loans, and value for money, the bank has a high trust and respect among people. Not just because it provides value for money mortgage rates but the way it treats its customers is impressive. In 2005 Webster Bank was awarded the Public Relations Society of America, Kaplan Silver, The Communicator Award and the Public Relations Society of America, Gold Why Public Relations Award, which is quite a big deal. The company has also been featured in Forbes Magazine as a great place to work.
Websites like Zillow, Trulia, and RealtyTrac, among others also have given high marks to the company. For its excellent customer service and trustworthy business practices, the company has been named Banker and Developer of the Year by Pappas Telecommunication Enterprises, Inc.
History of Webster Bank
Webster Financial Corporation is a bank holding company based in Waterbury, Connecticut. The bank opened for business in 1859 when Winslow Webster and Amos D. Adams opened a trust company in Norwich, Connecticut, and called it Wiley & Company.
The bank has remained in the same three families for six generations: 54 years with the Winslow family; 100 years with the Webster family; and over 200 years with the Hurlbut family.
Locally headquartered banks such as Webster Financial have become replaced by out-of-state and overseas banks, and that dynamic may be part of the bank’s determination to remain locally owned.
Webster’s long history as a local financial institution may be the reason the bank has not rested on its laurels. Webster, one of 15 banks named in that indictment, is on this week’s agenda of the Senate’s Permanent Subcommittee on Investigations for a hearing on alleged foreclosure abuses.
The bank, according to published reports, is among many in the U.S. that improperly processed foreclosures. Webster, to its credit, voluntarily contacted the customers and is setting up an arbitration process. We’ll look at how they may have been victimized and what they can expect.
Webster Bank Loan Specifics
Webster Bank is an online direct mortgage lender that launched in the mid-1990s. The company launched its first web-based mortgage product in 1999 and was one of the first online mortgage lenders in the U.S. As of today, the company offers fixed and adjustable rate mortgages. The company’s products include fixed rates as low as 2% and as high as 6%, and adjustable rates as low as 3.5% and as high as 7.125%.
As noted, the company has only one loan product at this time. The product is a fixed rate 30 year mortgage with a one-time permanent mortgage insurance premium. The rate can be found on the company’s website one week prior to lock.
Here’s a few of the company’s specific loan terms:
- No points and no closing costs
- Ability to repay (AOR) calcuations are included on the company’s website
- Ability to bundle their loan with other products
- The minimum credit score is 640
- They are one of two online companies (the other is Ditech) that have received the Best Chance for Approval designation from LendingTree
- The company is backed by the guarantee fund of the Federal Deposit Insurance Corporation (FDIC) up to the maximum amount allowed by law
Webster Bank Fixed Rate Loans
For a mortgage rate quote on a fixed-rate loan, a borrower will contact a loan provider. Many consumers will go directly to banks, credit unions or other financial institutions. Web shoppers will most often find fixed-rate mortgage rates through online financial giants.
Fixed-rate mortgage rates are equally available through traditional brick-and-mortar financial institutions. The major difference between the two lending methods is convenience. Using a brick-and-mortar financial institution involves a visit to the branch. In contrast, making a communication with an online lender usually takes place online from the consumer’s home or business.
Webster Bank Adjustable Rate Loans
Get a Great Deal
Whether you are working with a mortgage broker or doing all your own research, you will likely need to apply for an adjustable rate mortgage (ARM) at some point. Webbster Bank (WB) has some great options that you will not want to miss out on.
Webster Bank Jumbo Loans
In order to get the best interest rate on your home mortgage, you should pay off your credit cards and other high-interest debts as soon as possible. Most creditors offer a lower interest rate for people who have good credit, so you should also strive to maintain good credit. Do this by making timely payments, paying more than the minimum amount due on every loan, and keeping several years’ worth of credit history. Also, take out a loan for as smaller loan as possible and at a fixed rate. This will save you money in the long run.
While most home mortgage experts agree that a 30-year mortgage is the best option, some people believe a 15-year fixed-rate loan is the better choice. The shorter the term of the loan, the lower your interest rate will be. However, this can make you vulnerable to rising interest rates, which can increase the cost of your loan. Still, some people prefer the idea of paying off their home as soon as possible, and a 15-year fixed-rate loan can help make that happen a little faster.
Webster Bank Construction Loans
If you are planning to build a new home, a construction loan is an option that you may consider. Construction loans can offer immediate access to funds, and can be a good way to finance the cost of building a new home. But if you choose to build using a loan, there are a few things to consider before applying. This is because construction loans can be more complicated than the conventional type of home loan. A loan for the construction of a new home is often referred to as a construction loan or a home equity line of credit (HELOC) for construction. You can use a construction loan to repay a construction contractor, home improvement contractors, or other contractors or suppliers.
Webster Bank Government-Assisted Loans
Looking for a home loan to fit your specific needs? Compare loans from the top banks.
Three things have changed recently with regards to government-assisted loans. First, the government has ended the program for new future loans, effective December 1, 2014. Second, the government has suspended foreclosures (if they haven’t already occurred) on these loans until later this year. Third, housing prices are currently on the rise.
The first change is good news, for the most part. No more government-assisted loans will be issued. The primary reason for this change was that a significant number of borrowers were not able to make sufficient payments on the loans. This left the lender holding the bag, and they then had to foreclose on the homes.
The second change is a bit of bad news and good news. Although these loans are still available if you’re previously approved, many lenders are no longer accepting them, and foreclosures are suspended until later this year. However, the interest rate for government-assisted loans has recently dropped to 3.3%.
The third change is good news. The housing market is improving in many areas, and this will likely improve further as more banks ease their lending standards. The government is also pressuring banks to ease lending standards in an effort to get the economy back into gear.
The last official government-assisted loan was closed out December 1, 2014.
Webster Bank Mortgage Customer Experience
Most people dread the mortgage process. It’s a crucial purchase, but it’s also one of the most expensive purchases you’ll make. Unfortunately, the mortgage business isn’t very customer-centric. It’s pretty much about numbers and spreadsheets for banks and lenders with the borrowers being the number crunchers in the equation.
For most home buyers, the right bank is one that has a website with a ton of information, a knowledgeable customer service team, and competitive rates. As long as their rates are competitive and you are comfortable working with them through the process, you’re good.
Webster Bank is not based in the US and they offer only a limited number of loan products is offered through their online portal. They have a simple online application that is quick and easy to complete. The underwriting process is speedy as well.
However, there is no live chat feature to get help, and the support team is not available for phone calls on a weekend. There is a limited number of loan products, and they don’t give any information about their rates.
Webster Bank Lender Reputation
Webster Bank has been a respected force in the banking industry since 1935. It’s a small local bank in Connecticut but is actually one of the biggest banks in the country, with over 900 branches. It’s a result of it merging with Bridgeport Bank and Trust Company in 2010.
Webster Bank offers checking, savings, brokerage, and lending products along with online, mobile, and telephone services. But the bank is not without its flaws. The bank has received complaints due to its policies that seem disorganized at times. There are also reports of the bank not evaluating product documentation properly.
When you’re applying for a Webster Bank mortgage, you’ll need to submit an application along with your credit report. The bank will look at your credit to determine your risk level and will base offer decisions on this information. Some of the important data for mortgage underwriting include job status, credit score, income, and credit history. The bank will look for stable employment and income in order to determine your repayment ability. The credit score and history will also impact the kind of loan that you’re able to get.
Webster Bank Mortgage Qualifications
Webster Bank, established in 1850, is a community bank with a long history of providing outstanding personal service to its clients. Its mission is to offer banking services that help customers reach their financial goals, and the company offers a variety of home and personal loan products to help customers reach these goals.
It offers a variety of home and personal loan products, including:
- Home mortgages, refinance and home equity loans
- Auto loans
- Small business loans and lending solutions
- Secured loans and lines of credit
- Investment and wealth management products
Webster Bank has a wide variety of loan products, which means that you can get a loan that fits your individual needs and specific financial circumstances. It has a large number of branch locations, with over 300 locations in Connecticut, eastern Long Island, eastern Massachusetts, and New York City.
Webster Bank offers low interest rates, as well as career growth and training, both within the company and in the communities that it serves. But what is the long-term value of Webster Bank? To answer this question, I took a deeper look at its APR, fees, and other factors, and I will present you with the results of my research below.
Webster Bank Phone Number & Additional Details
Webster Bank is a full-service financial institution that has been providing innovative banking options to consumers and business owners since 1926. Webster Bank is committed to transforming itself, going digital and to become more innovative than ever before.