Mortgage lending built on trust and experience
Becoming a homeowner means so much more than buying a house. It’s your home. A place where families come together, memories are made, and futures are planned.
At Webster First, we understand how important financial decisions with your home can be. That’s why our commitment is to you and understanding your unique needs. We’ll help you make the right decision, so you can focus on what really mattersApply Now
- As low as 7.027% APR*
- Your rate and payments are fixed for the life of the mortgage
- Terms of 15, 20, 30, or 40 years
- Good option if you plan on staying in your home for longer than 10 years and prefer your payments stay the same
- As low as 7.066% APR*
- Fixed rates and payments to start that are subject to change after a few years
- A variety of terms are available
- Good option if you plan on moving in less than 10 years and prefer a lower payment at the beginning of your mortgage
First Time Home Buyer
- As low as 7.438% APR*
- Your rate and payments are fixed for the life of the mortgage
- A 30 year fixed rate term
- Great option if you are looking to purchase your first home
Your mortgage team
Real Estate Agent/Realtor
Your Real Estate Agent or Realtor will help you find your dream home. You tell them the features you want in a home and what your budget is, then they search. When you’re ready to see a house in person, they will get access to the house and take you to a showing. When you decide to put in an offer, they will communicate with the seller on your behalf.
Mortgage Loan Officer
Your Mortgage Loan Officer (MLO) takes your application for a mortgage. They will collect the necessary personal documents from you like recent paystubs, bank statements, and tax documents. You will mainly communicate with your MLO throughout the whole mortgage process.
Home Inspector/Pest Inspector
Your Home Inspector/Pest Inspector will check out the home you’re looking to buy and make sure that everything is up to code. They create an inspection report that will list everything that may need repairing or replacing in the house. Inspections are never required but are highly recommended.
Your Appraiser visits the home and determines its value based on its condition, number of rooms, and values of other comparable homes in the area.
Your underwriter works with your mortgage loan officer to review the documentation and ensure that all criteria is met for the loan to move forward. They analyze credit reports, income, assets, and liabilities. They decide whether you will be approved or denied for the mortgage.
Your Mortgage Processor assembles your mortgage paperwork and makes sure every page is in order and accounted for. They will verify your employment status and any other mortgages you have.
Your closing attorney will work with their paralegal to deal with anything and everything relating to the title of your home. They will run a title exam to make sure there are no liens, easements, or encroachments on the title. In other words, they want to make sure that the title is clear so the mortgage and sale can go through.
They communicate with everyone involved in the real estate transaction including the seller, buyer, lender, home insurance company, city/town tax collector, and the seller’s attorney. They will meet with you on your closing date to have you sign the necessary paperwork and collect your down payment. After that, they are responsible for recording the necessary legal documents at the Registry of Deeds such as your mortgage and deed. And they will disburse the loan funds to the seller. (With a home equity loan they will disburse the funds to you.)
The Mortgage Servicers are the only people to deal with your loan after it closes. They program your loan into our system, apply payments, generate payoff quotes, and can answer any questions you may have about your loan. If you would like to drop PMI from your loan payment, make a large payment to principal, or pay your escrow deficiency, the mortgage servicers are who you contact.
Mortgage servicers are also in charge of disbursing funds for construction loans. When your mortgage is paid off, if a fee has been collected they will discharge your mortgage at the Registry of Deeds and send you your legal documents to keep for your records. If no fee was collected, they will prepare the discharge documents and forward them to you. It will be your responsibility to send the discharge and fee to the Registry of Deeds in this case.
What to expect after you apply
We’ll put it together
Your Mortgage Loan Officer will help you gather the necessary documentation and take care of disclosures.
Our underwriters will pull your credit and make calculations to determine if you are approved for the mortgage. They will also determine your interest rate based on those calculations.
Processing and appraisal
After approval, our team will process your loan and order your appraisal. When your appraisal is returned, the processors can complete their verifications and put together your Closing Disclosure.
Our in-house closing agent, WebFirst Mortgage, LLC, will walk you through your final paperwork. Congratulations, you're a home owner! It’s time to celebrate.
Our mortgage app makes it easy
Looking to buy or refinance a home? Our digital mortgage app makes it easy and convenient.
With one login, you can apply for a loan, complete tasks, securely scan and upload docs, submit payments, check on your loan status, eSign documents, and more. When you start an application online, you’ll find links to download the app to your favorite device.
How can we help?
Our dedicated loan center team is happy to answer your mortgage-related questions or provide assistance with completing an online mortgage application.
Monday – Wednesday: 8:00 a.m. – 4:30 p.m.
Thursday: 8:00 a.m. – 7:00 p.m.
Friday: 8:00 a.m. – 5:00 p.m.
Saturday: 8:00 a.m. – 12:00 p.m.
Protect your home for years to come
We’re pleased to offer homeowners insurance through our subsidiary, WebFirst Insurance, LLC. WebFirst Insurance will work with you to determine the right coverage for your needs, and then search their network of carriers to find the right price.Learn More
Rated 5 Stars by Bauer
2022 Top Lender: Banker & Tradesman
2019 Winner: Best of Central Mass
Why choose Webster First?
Smart money decisions are in our DNA
Webster First is one of the most well capitalized credit unions in Massachusetts as a result of our hard work and determination to make the best possible financial decisions. With our experience and dedicated team, we’re confident we can help you make the right financial decisions too.
Local, neighborly know-how
Our roots are in Massachusetts, opening our first branch in the small town of Webster back in 1928. Since then we’ve grown to over $1.2 billion with over 80,000 members who trust us with their banking. Since our lending team is locally grown too, they personally care about the success of their neighbors and community.
Authenticity you can trust
As New Englanders, we believe in being upfront and honest. You can expect straightforward answers to all your mortgage questions. Each relationship starts with trust and it’s the cornerstone of our acclaimed member service.
Do you offer mortgage refinancing?
Yes, Webster First offers refinancing of Mortgages, Home Equity Loans, and Home Equity Lines of Credit.
How do I apply?
You can easily apply online.
Can I get pre-approved or pre-qualified?
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.
What documents will I need with my application?
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.
Do you offer VA or FHA loans?
Not at this time.
What are your application fees?
Application fees are $350 for a mortgage and $600 for a construction loan.
What is your fee for a late mortgage payment?
Late fees will vary based on your total mortgage payment. See your statement billing information. For example:
What is the difference between a fixed rate and an adjustable rate?
A fixed rate mortgage will have the same interest rate for your entire term. Adjustable rate mortgages 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.
Do you offer land loans?
Yes. Webster First land loans are only available as adjustable rate loans from 1-10 year terms and require a 25% down payment. See our land loan page for more info.
How do Construction Loan disbursements work?
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
How do I bring in my down payment?
Bring a certified bank check/treasurer’s check on the day of your closing.
What do I do in the event of a borrower’s death?
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.
I received a check for an insurance claim on my house with Webster First’s name on it. What do I do now?
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.