Quote:
Originally Posted by Bill Lundberg
Thanks. Not sure why it didn't go through, but I just deleted a bunch of PM's maybe that will help.
As for the construction loan I would still try and get the builder to carry it; even if you trust him you won't have to start paying interest on something you can't live in.
You're going to get two options from everyone you talk to. A Lender paid option which will consist of a higher interest rate and lower closing costs and a consumer paid option which should get you the lowest interest rate (that said company offers) and slightly higher closing costs. Once you get both quotes let me know and I can show you the numbers on each so you can decide which one is right for your situation. The LO you talk to should do the same, but if you want me to check them to be sure they covered everything I would be more than happy to do so.
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You are the man Lundberg. I will definitely do that.
Since we were rolling the land into our loan, I think the bank might be the only way to go, this way we can have a sizeable downpayment, which would allow us to use some cash to pay down student loans.
The interest payment should be around 200 a month so that shouldn't be a problem at all.