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MWBank Mortgage Construction Loan
Building a new home is an exciting prospect, and at
MWBank, we make it easy for you. Because each construction
project is unique, we work with the borrower to create a customized loan
package that best fits his or her needs. As with our conventional
mortgages, approval and decision making is done locally, so you get quick
turnaround times and dependable service.
MWBank Construction Loan Options
 | One year balloon note, extended as needed. |
| Interest only loans. |
| Easy transition to permanent financing. |
| Loan amounts up to 90% of appraised value for
qualified borrowers. |
For more information about construction loans, call our
Mortgage Department at 414-442-5800.
MWBank Construction Loan Process
We work to ensure your construction loan process runs
smoothly and quickly. In general, here is what you can expect when you
apply for a mortgage at MWBank.
1. Application
Call our mortgage department at 414-442-5800 to
schedule an appointment. If you stop into our offices to apply, the
following documents will help speed up the process.
| Social Security Numbers (for all borrowers). |
| Employment history for past two years, including
dates and income. |
| Payroll stubs for one month and W-2s for last two
years. |
| Checking and savings accounts. |
| Tax returns for last two years. |
| Credit information, including account number, payment
amount, and current balance for all accounts. |
| Proof of other income, such as land contracts or
dividend income. |
| If renting, landlord's name and address. |
| Loan information and address of current mortgage
lender. |
| Construction contract. |
| Complete set of plans and specs. |
At the time of application, initial disclosures, along
with a Good Faith Estimate of closing costs, will be provided.
2. Underwriting
At this time MWBank will:
| Review the application. |
| Pull credit bureau reports. |
| Based on findings of underwriting procedure, proceed
to verification process. |
| Approve the loan. |
3. Verification
MWBank will verify the information you provided through
income/employment checks, credit checks, and verification of assets. We
will assess the property you intend to purchase.
4. Closing
To prepare for the closing the following steps are
taken:
| MWBank contacts all parties involved to schedule a
closing date. |
| Your closing statement will be reviewed with you
prior to closing and the exact amount needed at closing will be
determined. |
| At the closing you will need a Cashier's check for
the exact amount required, homeowner's insurance policy or binder, and
a paid receipt. |
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