Let’s build something great together
You’re building so much more than a house. You’re building your home. The place where family comes together, memories are made, and futures are planned.
At Webster First, we understand how important financial decisions with home construction 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 matters.
Apply NowConstruction loan program details
- Rates as low as 6.750% APR*
- Rates are the same as our fixed rate and adjustable rate mortgages, based on your financing choice
- Enjoy an extended 12 months to build your dream home
- No pre-payment penalties
- Shrink your term by making extra payments to your principal balance
- Your loan converts to a regular fixed rate or adjustable rate mortgage after construction is complete
- Save money with only one closing
Construction loan rates
| Type | Rate | APR1 | EMP2 (per $1,000) |
|---|---|---|---|
| Adjustable Rate Mortgages | |||
| 5&1 Fixed Variable | 6.750% | 7.066% | $6.49 |
| 7&1 Fixed Variable | 6.875% | 7.087% | $6.57 |
| 7&3 Fixed Variable | 7.000% | 7.095% | $6.65 |
| 10&5 Fixed Variable | 7.125% | 7.221% | $6.74 |
| Convertible 1 Yr Adjustable | 6.250% | 6.906% | $6.16 |
| 1 Year Adjustable | 6.250% | 6.906% | $6.16 |
| 3 Year Adjustable | 6.375% | 6.557% | $6.24 |
| 7&1 Variable 40 Year | 7.250% | 7.334% | $6.40 |
| Land Loan³ | 6.250% | 6.935% | $11.23 |
| Fixed Rate Mortgages | |||
| 15 Year | 6.875% | 7.027% | $8.92 |
| 20 Year | 7.250% | 7.376% | $7.90 |
| 30 Year | 7.500% | 7.600% | $6.99 |
| 40 Year | 8.000% | 8.093% | $6.95 |
| First Time Homebuyers | 7.375% | 7.438% | $6.91 |
2:EMP = Estimated Monthly Payment.
3:Land loans 1-10 years, 25% downpayment
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.
Underwriting
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.
Closing
Our in-house closing agent, WebFirst Mortgage, LLC, will walk you through your final paperwork. Congratulations, you're ready to build!
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 construction loan-related questions or provide assistance with completing an online construction loan application.
(774) 823-1665
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.
Sunday: Closed
Protect the home you build
Keep what you’ve worked hard to build protected with homeowners insurance, offered 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 MoreAward-winning service
Rated 5 Stars by Bauer
2022 Top Lender: Banker & Tradesman
2022 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.