Construction Loans

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.

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Construction program details

  • Rates as low as 6.324% APR1
  • 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

Home lending rates

Type Rate APR1 EMP2 (per $1,000)
Adjustable Rate Mortgages4
5&1 Fixed Variable4 6.250% 6.733% $6.16
7&1 Fixed Variable4 6.375% 6.724% $6.24
7&3 Fixed Variable4 6.500% 6.609% $6.32
10&5 Fixed Variable4 6.625% 6.736% $6.40
Convertible 1 Yr Adjustable4 6.000% 6.674% $6.00
1 Year Adjustable4 6.000% 6.674% $6.00
3 Year Adjustable4 6.125% 6.324% $6.08
7&1 Variable 40 Year4 6.750% 6.914% $6.03
Land Loan3,4 6.000% 6.727% $11.10
Fixed Rate Mortgages
15 Year 6.375% 6.554% $8.64
20 Year 6.875% 7.023% $7.68
30 Year 7.000% 7.115% $6.65
40 Year 7.375% 7.479% $6.49
First Time Homebuyers 6.875% 6.949% $6.57
1:APR = Annual Percentage Rate. All mortgage APRs are for 1-4 unit owner occupied primary residences based on 20% down payment. APRs may vary with lesser down payment. All mortgages with a loan to value of 80% and over require Prime Mortgage Insurance (PMI). Rates subject to change without prior notice. Zero points on all mortgages. Guidelines available upon request.
2:EMP = Estimated Monthly Payment.
3:Land loans 1-10 years, 25% downpayment
4:ARM loans are variable rate loans, interest rates and payments may increase after consummation. Rates and payments will remain the same for the first 5, 7, or 10 years and then can adjust to a new rate and payment every 1, 3 or 5 years based on a current index, depending on the ARM program you choose. For example, if you select the 5 & 1 Fixed Variable program your rate and principal & interest payment will be fixed for the first 5 years (the 5 in 5& 1), after that the interest rate and payment could change every 1 year for the remainder of the mortgage’s term (the 1 in the 5 & 1).

What to expect after you apply

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We'll put it together

Your Mortgage Loan Officer will help you gather the necessary documentation and take care of disclosures.

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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.

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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.

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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.

Sign up on your mobile or desktop

With a single log-in, navigate all aspects of the home buying journey on your preferred device.

To start your loan inquiry in Spanish, click the “Español” button on the account creation page.

Calculate your mortgage options

Easily explore mortgage scenarios to see what you can afford and what your mortgage payments will be.

No need to wait on your loan officer to run calculations for you. This is self-service at its best.

Get pre-approved

Fill out an application from anywhere to get your letter fast.

Don’t waste your time (or paper!) with printed applications or complicated forms.

Authorize credit reporting

Authorize your Loan Officer to run your credit report with the click of a button.

You’ll enjoy having one less paper form to sign and submit.

Automatically verify your information

Verify your income, employment, and assets automatically in the platform.

This means fewer paperwork hassles for you and a faster application process.

Securely scan documents

Upload required documents with our built-in mobile scanner. It’s encrypted and completely secure.

No need to fuss with a physical scanner, unsecured emails, or trips across town.

Get real-time status and notifications

See where your loan is at in the process and what steps you have ahead of you.

Receive notifications when you have new tasks and important updates.

Sign disclosures

Receive and eSign disclosures with ease.

If any documents need to be physically signed, you can print, sign, scan, and upload from your mobile device.

Buy homeowners insurance

Complete your required homeowner insurance tasks before closing.

Upload proof of existing insurance, or compare rates and coverage and purchase a new policy within the platform.

Provide consent

Easily give consent for necessary steps, including the use of electronic signatures and information release authorization.

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 & Friday: 8:00 a.m. – 5:00 p.m.
Saturday & Sunday: Closed

Award-winning service

2024: Newsweek Best Regional Banks and Credit Unions

2023 Top Lender: Banker & Tradesman

2023 Winner: Best of Central Mass

Webster First 5-Star Bauer Rating Badge

Rated 5 Stars by Bauer

2022 Top Lender: Banker & Tradesman