Adjustable Rate Mortgage
Make your monthly payment more affordable and get more borrowing power with lower initial fixed rates, then transition to an adjustable rate.
Rates as of Tuesday, June 02, 2020
Calculate Your Rate and Estimate Your Monthly Payment
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Why choose an adjustable rate mortgage?
An adjustable rate mortgage is a popular choice for those who plan to own their home for a shorter period of time. You pay a fixed, lower interest rate for a set number of years, and then transition to an adjustable rate that may rise or fall over the life of your loan. You can secure annual and lifetime interest rate caps with Webster, and we’ll provide pre-determined rate change dates for the life of the loan so you know what to expect.
What are "points?"
Points provide a way for you to lower the interest rate, and in turn lower your monthly mortgage payment. One mortgage point is equal to 1% of your mortgage amount. For example, on a $200,000 loan, one mortgage point is equal to $2,000. You can pay 1 point, or $2,000, at closing in exchange for a lower interest rate over the life of your loan.
What's the difference between APR and interest rate?
Your APR, or annual percentage rate, reflects your interest rate plus any fees that you pay to obtain your loan. Your interest rate is simply the annual cost of your loan expressed as a percentage. This doesn’t factor in the fees you paid to originally obtain your loan.
What is the maximum conforming mortgage loan amount?
A conforming mortgage is the mortgage loan limit set by Fannie Mae and Freddie Mac. For single family properties in most counties, the conforming limit is $510,400 and any mortgage loan amount of more than $510,400 is a jumbo mortgage.
1. Adjustable Rate Mortgage: Annual Percentage Rate (APR) on a Webster Adjustable Rate mortgage is listed as an example only and does not represent a guaranteed rate by Webster Bank. Rate quoted is valid as of the effective date listed on the Adjustable Rate mortgage page. Rates are subject to change at any time. Please call 1-877-647-5137 or visit WebsterBank.com to check the latest rates. Rate quoted is a variable rate and will change annually after the initial fixed period. The interest rate will be determined by adding the index to the margin. Rate includes a 0.125% discount for automatic payments (ACH) made from a Webster personal checking account. This discount does not apply to all mortgage products. Quoted rate displayed for Adjustable Rate Conventional 7/1 mortgage is for loan amount less than $510,401. Quoted rate displayed for Adjustable Rate Conventional 10/1 mortgage is for loan amount less than $510,401. All loans are subject to the credit approval process. This offer is subject to change without notice and may be withdrawn at any time. Rate assumes purchase of a primary residence, single family property.
- Featured Rates include 0.125% off the rate with an automatic payment deduction (ACH) from a Webster Bank Personal Checking account, for loan amounts up to $1,000,000. There are no ACH discounts for loan amounts over $1,000,000. This discount does not apply to Government Assisted Mortgages. ACH offer is subject to change without notice and may be withdrawn at any time.
- The payment amount shown includes principal and interest. Your actual payment will be higher if escrow payments for property taxes and/or insurance are made in addition to the regularly scheduled loan payment.
- Combined Loan to Value (CLTV) up to 90% for certain mortgage products, property types and loan amounts.
- Mortgages are available in CT, MA, NY, RI.
- Rate assumes purchase of a primary residence, single family property.
- Actual rates may vary based on credit qualifications, loan amount, CLTV, term and geography. Rates are subject to change on a daily basis.
- All loans are subject to the normal credit approval process.
- APR assumes 20% down payment for a single family property and a Loan Origination fee of $900. APR also includes 0% - 2.0% (points) of the loan amount depending on which rate option is selected.
- Interest rates based on the average of the London Interbank Offered Rates (LIBOR) for one year dollar deposits as published in The Wall Street Journal.