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Home Borrow Home Lending Construction Loans Massachusetts

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.

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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.

Construction loan program details

Enjoy competitive rates designed to keep your monthly payments manageable as you build. Rates as low as 5.565% 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	APR^1,4	EMP³ (per $1,000)
Adjustable Rate Mortgages¹²
5&1 Fixed Variable¹²	5.625%	5.725%	$5.76
7&1 Fixed Variable¹²	5.750%	5.852%	$5.84
7&3 Fixed Variable¹²	6.000%	6.166%	$6.00
10&5 Fixed Variable¹²	6.125%	6.316%	$6.08

Convertible 1 Yr Adjustable¹²	5.125%	5.565%	$5.44
1 Year Adjustable¹²	5.125%	5.565%	$5.44
3 Year Adjustable¹²	5.250%	5.631%	$5.52
7&1 Variable 40 Year¹²	5.875%	5.962%	$5.42
Land Loan^11,12	5.125%	5.643%	$10.67

Fixed Rate Mortgages
15 Year	5.750%	5.921%	$8.30
20 Year	6.375%	6.518%	$7.38
30 Year	6.750%	6.862%	$6.49
40 Year	7.000%	7.099%	$6.21
First Time Homebuyers	6.500%	6.570%	$6.32

1:APR = Annual Percentage Rate.
4: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.
3:EMP = Estimated Monthly Payment.
11:Land loans 1-10 years, 25% downpayment
12: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

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

Expert guidance

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

Underwriter review

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

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.

Close with confidence

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

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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