WESTconsin Credit Union
American not-for-profit financial cooperative.
How do I access funds from my construction loan?
“Your builder will be working directly with you to build the home and to prepare the construction draw requests. These requests authorize us to release funds. Upon your authorization, the builder will submit the draw to the title company for their review and submission to us.”
View in the company profileWhen is my payment due?
“You will make interest-only payments during the construction phase, with the payments due by the 15th of the month.”
View in the company profileWhat should I do if I want to make changes to the project?
“The cost to build was established at closing based on your contract. If you make any changes to the contract with the builder to change the cost to build or that may impact the project value, we as the “Mortgagee” must approve the changes.”
View in the company profileWhat happens if the cost of a material/labor is greater than the builder’s allowance for that material/labor?
“Allowance overages must be paid at the time the invoice is to be paid.”
View in the company profileWhy does the title company need to inspect my home?
“The title company performs required inspections by WESTconsin Credit Union at the time of a draw request to assure that the requested funds pay for the work completed. These individuals should not be confused with a “Building Inspector.””
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