Land Loans
Finance the lot first and build when you are ready. Turn a piece of land into a plan.
Rates change. See Current Rates for today’s figures.
What a Land Loan Is
A land loan finances a parcel with no house on it yet. Because there is no dwelling to secure the debt in the usual way, land lending generally asks for a larger down payment and a shorter term than a mortgage would, and the rate is usually higher.
What You Should Know
Buy Now, Build Later
Secure the parcel while you plan, permit, and price the build.
Larger Down Payment
Land lending typically requires more down than a home purchase.
Shorter Terms
Land loans usually run shorter than a thirty-year mortgage.
Local Knowledge
We lend on land in Connecticut and Rhode Island, and know the towns, the zoning, and the surveyors.
Improved Land
Waypoint lends on improved lots with the essentials in place, such as road access and utilities. Land without those improvements may still be considered; ask a lender about your specific parcel.
25 percent down, minimum
A land loan requires a minimum of 25 percent down.
What to Have Ready
Land underwriting looks at the parcel as much as the borrower. Bring what you know about the lot and a Waypoint lender will tell you what else is needed.
- The parcel address or map and lot reference
- Any survey, perc test, or zoning information you already have
- A minimum down payment of 25 percent, with flexible terms based on your plans for the parcel.
Current Rates
Smart HELOC
As low as
4.99%APR²
Fixed Rate Home Equity
As low as
5.74%APR²
HELOC
As low as
6.25%APR²
Land Loans
As low as
7.00%APR²
APR = Annual Percentage Rate. Rates effective 16 September 2026 and subject to change without notice. Your APR may differ based on credit history, term, and loan to value. Not all applicants will qualify for the lowest rate. Equal Housing Lender. NMLS #404962.
Apply for a Home Equity LoanView all home equity rates and terms
| Loan Type | Rate As Low As | APR | Maximum Term (Months) |
|---|---|---|---|
| Fixed Rate Home Equity | 5.74% | 5.740% | 60 |
| Fixed Rate Home Equity | 5.99% | 5.990% | 84 |
| Fixed Rate Home Equity | 5.99% | 5.990% | 120 |
| Fixed Rate Home Equity | 6.25% | 6.250% | 180 |
| Fixed Rate Home Equity | 6.50% | 6.500% | 240 |
| Smart HELOC (6-month introductory rate) | 4.99% | 4.990% | 120 or 180 |
| Smart HELOC (12-month introductory rate) | 5.49% | 5.490% | 120 or 180 |
| Smart HELOC (24-month introductory rate) | 5.99% | 5.990% | 120 or 180 |
| HELOC | 6.25% | 6.250% | 120 or 180 |
| Land Loans | 7.00% to 9.00% | 7.258% to 9.091% | 60 to 240 |
Talk it through with someone who lends here.
Local decisions. No obligation.
A short conversation before you apply tells you what you can realistically borrow and what it will cost. Book a time at any Waypoint branch, or start online and we will pick it up from there.
Important Disclosures
Equal Housing Lender. NMLS #404962.
APR = Annual Percentage Rate. Rates are accurate as of 16 September 2026 and are subject to change without notice. Your APR may differ based on credit history, credit worthiness, collateral year, term of loan, loan to value, and fees that may constitute finance charges. Not all applicants will qualify for the lowest rate. Your actual APR will be included in the initial Truth in Lending disclosure.
Land loan rates range from 7.00% to 9.00%, with an APR of 7.258% to 9.091%, over terms of 60 to 240 months.