Why choose a Webster First construction loan?
- Enjoy competitive rates designed to keep your monthly payments manageable as you build. Rates as low as 5.565% 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 | APR1,4 | 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 Loan11,12 | 5.125% | 5.643% | $10.67 |
| Fixed Rate Mortgages | |||
| 15 Year | 5.375% | 5.542% | $8.10 |
| 20 Year | 6.000% | 6.139% | $7.16 |
| 30 Year | 6.375% | 6.483% | $6.24 |
| 40 Year | 7.000% | 7.099% | $6.21 |
| First Time Homebuyers | 6.250% | 6.318% | $6.16 |
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 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're officially a homeowner!
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
Award-winning service
2024: Newsweek Best Regional Banks and Credit Unions
2023 Top Lender: Banker & Tradesman
2024 Winner: Best of Central Mass
Rated 5 Stars by Bauer
2022 Top Lender: Banker & Tradesman