Woo Hoo!!!!!! Met with the bank who owns the house I'm looking at today. They approved me for a builder's loan to finish the house and I should know by the end of the week if I'm approved for a home loan
( Read more... )
Well the contract on my apartment expires in December, so I won't have to worry about it for much longer.
My plan is if I get this house, I'll take the construction loan and finish the house myself for a fraction of the loan (I'm thinking I can finish the house for less than 10 grand, maybe even half that). Then I reserve some of the leftover money for house payments, which really won't be much more than I'm paying for rent now, and then use all the remaining money to pay back the construction loan. The faster I pay off the construction loan, the better.
Comments 2
What are you going to do about your house payment if you still have an apartment payment though?
Reply
My plan is if I get this house, I'll take the construction loan and finish the house myself for a fraction of the loan (I'm thinking I can finish the house for less than 10 grand, maybe even half that). Then I reserve some of the leftover money for house payments, which really won't be much more than I'm paying for rent now, and then use all the remaining money to pay back the construction loan. The faster I pay off the construction loan, the better.
Reply
Leave a comment