I haven't blogged for so long because I've been super busy with work and starting on the new house. The last thing that I've felt like doing at the end of the day is blogging. Work is going great but very, very busy. I love my job but it is mentally exhausting. However, this is no comparison to how I felt a little over a year ago at my old job.
For some of the questions on our construction loan, yes, it is a mortgage but not our permanent mortgage. The construction loan is an interest only loan and you only pay interest on the balance that had been advanced. For example, we needed to give our builder 30% upfront at the start of our construction loan. Until the next draw, we only pay interest on that portion. When the builder wants their next draw, they will submit an invoice and the title company will pay them. That portion will then go on our loan. Our construction loan is for a total of $212,000 but only the full balance will be advanced toward the very end of our project. We will then roll the construction loan into a 30 year fixed mortgage.
We will be having our land in the loan because it all on the same land parcel that the house is on. Also, we need the equity of the land to make it all work.
We've still not received the title for the mobile home and I paid it off on 4/13, almost 2 months ago! Luckily for us, the mover isn't requiring that we have the title as long as we can prove that we own it which we can.
We are about $6000 in overages at this point much to our chagrin. I'm getting a bit annoyed that we're 2 weeks in and already over by so much. We're not made out of money. At this point, we're relying on my upcoming commission checks to make this all work. I hate relying on upcoming money for anything, let alone paying for our house that we're already committed to. Our builder said that he would keep us in budget. THIS IS NOT IN BUDGET!!!!