Enable Accessibility
×
Close
Personal Banking Login
Legacy Webster Clients who accessed online banking through websterbank.com or public.websteronline.com:
Legacy Sterling Clients who accessed online banking through SNB.com, please enter your log in credentials below:
If you need assistance, please contact Client Services at [email protected] or 855.274.2800.
e‑Treasury Business Banking
Log in
Safeguarding your online banking sessions is our top priority. For information about how you can help protect your online banking sessions, or if you need additional assistance with your e-Treasury log-in, please contact Client Support at [email protected] or 855.274.2800.

Download our e-Treasury Secure Browser

Business Online Banking
If you need assistance, please contact Client Services at [email protected] or 855.274.2800.
e‑Treasury
Log in
Safeguarding your online banking sessions is our top priority. For information about how you can help protect your online banking sessions, or if you need additional assistance with your e-Treasury log-in, please contact TM Service at [email protected] or 212.575.8020.


Download our e-Treasury Secure Browser

Download the Sterling e-Treasury Token Client


Business Online Banking
If you need assistance, please contact Client Services at [email protected] or 855.274.2800

For optimal viewing experience, please use a supported browser such as Chrome or Edge

Download Edge Download Chrome

DonÕt let these mortgage myths stop you from making your move

Published on October 19, 2022 | Webster Bank

ÒFor SaleÓ signs keep catching your eye and you find yourself daydreaming about your some-day dream home, but somethingÕs holding you back from making your move. If itÕs mortgage myths dissuading you from taking that step from renting to owning, donÕt let these misconceptions stop you from buying your first home.

Myth 1. You need a 20% down payment.

That used to be the case. But today, your down payment could be much less.* Certain programs offered by the state may even offer 100% financing. So be sure to talk to a professional about whatÕs possible for you.

Myth 2. You need a substantial credit history.

You havenÕt yet built a solid credit score by conventional measurements? DonÕt let that stop you. Many lenders will consider non-traditional credit sources Ñ like your utility payments, rent, and cell phone bills Ð to prove you are fiscally responsible and that your finances are in good shape.

Myth 3. A mortgage is a mortgage is a mortgage.

Not all mortgages Ñ or mortgage lenders Ñ are created equal. For example, lenders that understand the specific rules in your state may have tailored programs to better serve your area. Different lenders may also present the details differently. Some help you navigate the process and guide you through your options, others are more hands off. Make sure youÕre comparing apples to apples to find what works best for you.

Myth 4. A low mortgage rate is all that matters.

The rate is just part of the story. Some advertised rates donÕt consider factors that can increase your costs Ñ like when a lender increases your closing costs based on property type, loan-to-value, and your credit score. Others may not actually reflect your specific situation Ñ such as assuming youÕre making that not-always-necessary 20% down payments.

Myth 5. Rates are too high to buy.

ItÕs natural for potential homebuyers to get a little nervous seeing mortgage rates tick up Ð especially after years of historic lows. But rates are relative Ð and could be at their lowest for the foreseeable future. Plus increasing rates can cool housing markets Ð giving you an extra boost of bargaining power during bidding.

Myth 6. All lenders offer mortgages insured by the Federal Housing Administration (FHA).

This is definitely not true Ð and as a first-time home buyer, you may need the advantages of an FHA-backed loan. These types of mortgages allow you to put less money down and are typically less strict about minimum credit scores. Because these loans are backed by the federal government, lenders take on less risk and can more flexibility than with traditional mortgages.

Myth 7. You need a raft of paperwork to get started.

At your first meeting with a lender, keep the filing cabinet back at home. You donÕt need to bring pay stubs, W2 forms, tax returns, or bank statements. Thanks to Truth in Lending laws, you canÕt be required to provide that information until you actually apply for a mortgage. Just jot down your income for the past few years, your checking and savings balances, and some idea of your debt. You wonÕt need to talk specifics until youÕre ready to get down to business.

Bottom line: one hour with a mortgage banker can save you days of confusion.

Especially for first-time home buyers, the tidal wave of mortgage facts and figures can be daunting. ThatÕs why we recommend talking to a mortgage banker to zero in on the plan thatÕs uniquely right for you Ð and make the process a lot less stressful.

Webster Bank can help. WeÕre a major player across the region, with $4 billion in mortgage loans on the books, and another $2 billion administered for Fannie Mae, the federal mortgage loan program. Webster Bank tops the list in single-family purchase loans.

Just as important, Webster is a bank you can hold to a higher standard. With us, expect a personal relationship built on trust and personal service invaluable to first-time home buyers. Take your first steps toward home ownership nowÐconnect with a Webster mortgage banker at 877-647-5137.

More than eighty years later, that level of personal service is still our great strengthÑand the kind of help thatÕs invaluable to first-time home buyers. Take your first steps toward home ownership now by connecting with a Webster mortgage banker at 877-647-5137.

*Restrictions Apply. Down payment percentages may differ by product. Please speak with a Webster Mortgage Officer for additional details.

General Disclosures

The opinions and views in this blog post are for informational purposes only and are not intended to provide specific advice or recommendations for any individual. Please consult professional advisors with regard to your individual situation.

Related Resources

Personal BankingArticles
Condo shoppers: Six potential bumps in the road to a mortgage
As millennials shop for first homes and empty nesters consider downsizing, condominiums are increasingly hot properties. Buying a condo can be the perfect sweet spot between buying a house and renting an apartment, Condos typically come with smaller price tags, require less upkeep than a freestanding property, and are an attractive way to enterÐor stay […]
Personal BankingArticles
Conquer your financial fears
Everyone can have financial worries: not having enough money for retirement, losing a job and having no income, or debt piling up. However, by having money set aside automatically, we eliminate the worry of having savings as well as the ÒchoiceÓ to save money. We don’t see it. We don’t touch it. We don’t even […]
Personal BankingArticles
10 practical home-buying tips to write home about
Thinking of purchasing your first home? Or finding a new house with more space? With inflation on the rise, market conditions are evolving which could impact your home purchasing decisions. Interest rates are likely to increase which, in turn, can affect future monthly payments. So you may want to try to lock in current rates […]
Connect With Us
Learn more about Webster products, services and the communities we serve.
We’d love your feedback