Build your dream home with a Webster First construction loan

At Webster First, we make it easy and affordable to finance your home construction from start to finish. With competitive rates, flexible terms, and personalized support, we're here to help you turn your vision into reality. To apply, you must be 18 years of age or older and live, work, worship, or attend school in Essex, Middlesex, Suffolk, or Worcester County.

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Why choose a Webster First construction loan?

  • Enjoy competitive rates designed to keep your monthly payments manageable as you build.  Rates as low as 5.473% APR1
  • Take up to 12 months to build your dream home with peace of mind and flexibility.
  • Make extra payments toward your principal balance any time to reduce your loan term and save.
  • Once construction is complete, your loan easily converts based on the product you have to a standard fixed or adjustable-rate mortgage — no need for a second closing.
  • Save both time and money by avoiding the hassle of multiple loan closings.

Home lending rates

Type Rate APR1,4 EMP3 (per $1,000)
Adjustable Rate Mortgages12
5&1 Fixed Variable12 5.875% 5.978% $5.92
7&1 Fixed Variable12 6.000% 6.104% $6.00
7&3 Fixed Variable12 6.125% 6.230% $6.08
10&5 Fixed Variable12 6.250% 6.357% $6.16
 
Convertible 1 Yr Adjustable12 5.375% 5.473% $5.60
1 Year Adjustable12 5.375% 5.473% $5.60
3 Year Adjustable12 5.625% 5.725% $5.76
7&1 Variable 40 Year12 6.250% 6.341% $5.68
Land Loan11,12 5.375% 5.598% $10.79
 
Fixed Rate Mortgages
15 Year 6.000% 6.174% $8.44
20 Year 6.500% 6.644% $7.46
30 Year 6.750% 6.862% $6.49
40 Year 7.000% 7.099% $6.21
First Time Homebuyers 6.625% 6.696% $6.40
Annual Percentage Rate accurate as of April 28, 2025.

What to expect after you apply

When you choose Webster First, we’re with you every step of the way. Here’s what happens once you submit your application:

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1
Expert guidance

Your dedicated Mortgage Loan Officer will help you gather the necessary documentation, take care of disclosures, and outline next steps.

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2
Underwriter review

Our team looks at your credit and financial information closely to decide if you qualify.

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3
Processing and appraisal

Once you're conditionally approved, we'll take care of the appraisal and finish collecting and ordering any remaining documents for your file.

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4
Close with confidence

Our in-house team, WebFirst Mortgage LLC, will lead you through the final steps. Congratulations, you are ready to build!

Start building today

Your dream home is just a few steps away. Apply online today and take the first step toward building the home you’ve always wanted. 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


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Award-winning service

America's Best Regional Banks and Credit Unions Newsweek 2025. Plant-A Insights Group.

2025: Newsweek Best Regional Banks and Credit Unions

2024 Winner: Best of Central Mass

2024: Newsweek Best Regional Banks and Credit Unions

2023 Winner: Best of Central Mass

2023 Top Lender: Banker & Tradesman

Webster First 5-Star Bauer Rating Badge

Rated 5 Stars by Bauer

2022 Top Lender: Banker & Tradesman