NEW HOME CONSTRUCTION / PERMANENT FINANCING
PROGRAM FOR BOYL

The financing products provided by Wakefield’s Preferred Lenders offer lot acquisition, construction financing, and permanent mortgage financing at competitive rates with a Single Settlement / One-Time Close.

For those building a home on their own lot, our lenders can pay off the balance of your existing mortgage by incorporating it into your Construction Permanent Loan. You are guaranteed permanent mortgage financing terms and rates until your home construction is completed.

Prior to completion of your home, the bank will specify the date that your loan ‘Rolls-over’ or converts to your prearranged permanent mortgage. After the Roll-over date, you begin making monthly payments which are amortized over the term of your permanent mortgage. The details and forms for Roll-over are managed by the Bank and Wakefield Homes.

Benefits and terms of the Construction-to-Permanent-Financing program are summarized below:

• Construction Loan Duration – typically twelve (12) months but may be extended if needed.

• Construction Loan & Interest Rate – a simple interest loan which is calculated monthly. You are responsible for paying your lender monthly for the interest accrued for the previous 30 days based on your loan’s outstanding balance. A Construction Draw Schedule is provided as part of the Wakefield Homes contract documents.

• Permanent Loan & Interest Rate – you may select a Fixed Rate or a 5/1, 7/1 or 10/1 ARM permanent loan at the time you settle on your financing. The rate is based on Market at the time of application for the product you select.

• Construction & Permanent Loan to Value Ratio – based on the lower of the appraised value of the completed home and lot or the total acquisition cost (lot plus house costs). Ratios may differ between financial lenders.

• Permanent Loan / Mortgage Products –
◦ 15-year Fixed
◦ 30-year Fixed
◦ 5/1 ARM
◦ 7/1 ARM
◦ 10/1 ARM

All ARM loan products may be refinanced or modified into a 15-year or 30-year fixed rate after construction of the home is complete.