the bank appointment

Posted: 12/12/2008 in house

went really well. i have some homework that i will work on sunday and monday and run to the bank as soon as i finish it. 

right now we are requesting pre-approval and we’ll go through a more detailed process in the spring. i was hoping to be able to do it all now and just open up the construction loan when we broke ground… oh well! i didn’t figure that was a possibility, but it still was my first preference. 

it looks like our first choice is to put the land on the house loan. if this is the case we will have an agreement and not actually own the land until this spring. not sure what option 2 is yet… hoping the current owner will go for this idea with a possible 10% cash “deposit”. 

i did a lot of crunching today and my figures look good. we have a $15,000 cushion from what my estimates are to what we want our loan total to be. that’s awesome! i imagine that will be gone quickly and we’ll still be over our desired loan amount in the end- cuz that’s just the way it goes with building a house. 😦 oh well! we’ll cross that bridge when we come to it.

i am super excited about the fixed loan rate right now: 5.3. now if it would just stay that way until spring. 🙂 i know, a girl can dream! 



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