Preconstruction FAQ

1. What are the costs associated with my construction loan?
2. What do I need to bring to Ozaukee Bank to get started?
3. What type of homeowners insurance do I need?
4. How many closings are there?

Q. What are the costs associated with my construction loan?
A. The closing costs can vary with the size of your loan. Generally, closing costs are $1,200 plus title costs. Ozaukee Bank keeps your closing costs as low as possible.

Q. What do I need to bring to Ozaukee Bank to get started?
A. Ozaukee Bank will need a few items from you to get the application started.

• W-2s from the previous 2 years
• Current pay stubs showing 30 days of earnings
• Federal tax returns including all schedules from previous 2 years for self-employed or commissioned borrowers
• Verification of your down payment
• Title insurance policy if you already own your land
• Signed building contract
• Building plans
• Building specifications
• Signed offer to purchase, if purchasing land

Q. What type of homeowners insurance do I need?
A. During construction, you will be required to purchase a Builder's Risk policy. Consult your insurance agent for details.

Q. How many closings are there?
A. One of the many benefits Ozaukee Bank has to offer is a "one close" construction loan. You will close on your construction to permanent loan prior to the beginning of construction. When construction is complete, you will have a closing with the builder. This closing does not involve the bank, but you will "settle up" with the builder for any overages/shortages you may have incurred during construction.