Ahh...The water is back on. Actually it was an easy fix. Apparently the switch shut off. It needed to be reset I think. It came on after a few tries. We'll watch it, but hopefully it is not a big deal. This photo is from my recent trip to Mexico (plaza at the Museum of Modern Art - Mexico City) and not a picture of our water pipes thank god.
Today's meeting with the loan officer went well. We essentially got approved to have the higher loan amount. There is nothing solid or in writing but good news that she said there should be no problem for the loan. I'll compare the fees (Good Faith Estimate) from each lender and see what the better deal is.
Most construction loans offer a "one time close" in which you switch to a standard mortgage loan immediately after construction without more closing fees. Construction loans have a higher interest rate than the standard mortgage loan (around 8.25%) but hopefully that only lasts 6-12 months.
For now, we need to keep working on the plans and get it as complete as we can to get it to a builder soon (1-2 months) for a good estimate. Also, the sooner the builder can commit to this project the better. Once it gets close to the summer months we may be waiting for contractors to get to our project.
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