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Today we had our loan closing!  It was a long time coming and a relief, but at the same time a little scary.  I never expected us to be in a position to be able to build a house of this size and the future payments are a bit daunting compared to our old house payment, but we’ve done a lot of paying off of old debt using Dave Ramsey’s snowball method and any sacrifices we have to make will be worth it! Refinancing it in the future is also part of our plan to bring that payment down a bit once we put a bit more equity in and can find a good interest rate on a normal loan.  Construction loans are slightly higher interest than normal home loans and that half a percentage point will add up on a loan of this size over the years and will be worth refinancing it at some point after the house is built.

The one thing that has been nice about this whole process is how schedule-friendly it is now.  We haven’t done any real estate transactions in recent years and were surprised to find that we didn’t have to go to an office somewhere, but instead could have closing agents come to our home to take care of the paperwork.  Most preliminary documents didn’t have to be signed and mailed in or turned in at an office, nope you just got a secured login and electronically signed 90% of the paperwork in the early stages and could upload other paperwork via the secure networks.

So now that all the paperwork is buttoned up, we can start moving forward.  First up on the long to-do list is the meeting to get our zoning permit on Friday.  We have been warned that this can sometimes be a challenge as the zoning inspector can be nitpicky and a bit difficult.  So far he only asked for us to bring our elevations and our land plan and said it will take about 15 minutes.  We shall see…

Thanks for reading!

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