Home Mortgage Loans

Yes, Webster First offers refinancing of Mortgages, Home Equity Loans, and Home Equity Lines of Credit.

You can easily apply online.

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Webster First only does pre-approvals. Unlike pre-qualifications, a pre-approval requires a full underwrite and credit pull. You are not locked into an interest rate until we receive a property address.

While this varies depending on your situation, our team has put together a list of the standard documents for easy reference. Please note that additional documentation may be requested depending on your financial situation.

Not at this time.

Application fees are $350 for a mortgage and $600 for a construction loan.

Late fees will vary based on your total mortgage payment. See your statement billing information. For example:

A fixed rate mortgage will have the same interest rate for your entire term. Adjustable rate mortgages⁴ will change periodically based on the term you choose. Some adjustable rate mortgages are fixed variables meaning they are fixed for a certain amount of years, and adjusted after that period ends. For example: our most popular type of adjustable rate mortgage (ARM) is our 7&1 fixed variable, which means the rate is fixed for the first seven years and then changes once a year for every year after that. See our rates page for more terms.

Yes. Webster First land loans are only available as adjustable rate⁴ loans from 1-10 year terms and require a 25% down payment. See our land loan page for more info.

Construction funds are only disbursed for completed items. We will need the following items prior to your first disbursement being released.

• Proof of Insurance/Builders Risk Policy
• Building Permit
• Proposed Plot Plan

Inspections will be ordered by you, the borrower, through the Mortgage Servicing Department, available by:

• Phone – 800-962-4452 ext. 4094
• Email – MortgageServicing@WebsterFirst.com
• Fax – 774-823-1842

Once an Inspection has been requested, please allow a reasonable amount of time for the property to be inspected and the report completed, then returned to Webster First Federal Credit Union for approval. Once the report is approved, allow 1-2 business days for the funds to be disbursed.

Options for how funds can be disbursed:

• Deposited directly into the borrowers Webster First Federal Credit Union account
• Bank check made payable to the borrower(s)
• Bank check made payable to borrower(s) and the builder or contractor

Bring a certified bank check/treasurer’s check on the day of your closing.

Contact our Mortgage Servicing department at (800) 962-4452 Ext. 4094 and forward them the death certificate for the mortgage file. If there is a co-signer on the mortgage, they will still be obligated to make payments on the loan. Next steps will vary based on what the deceased had planned to pay off the remaining balance on their mortgage (terms in their will, a trust, life insurance policy, etc.). If there were no plans, the credit union may foreclose on the property.

If there was no co-signer, another person can request to be granted successor in interest which allows them to access certain mortgage information/documentation such as a payoff quote. Based on the circumstances, we will request specific documentation to approve a successor in interest request.

If you have a lien on your house and an insurance company pays you for damages (such as a fire, tree falling on it, etc.) the check will be made out to both you and the lien holder (Webster First). Our Mortgage Servicing department will be able to help you disburse the funds from the check, but portions of those funds may be held and released to you later. Contact them at (800) 962-4452 Ext. 4094.