Loan Application

We filled out the official loan application papers for the construction loan on Friday. We had a brief scare when we saw the "monthly payment" We had done the calculations on our own and thought we knew what number to expect but when he told us that the number he showed us was without taxes included Jill and I both just about fainted. It took me a couple seconds to realize that the number was based on 100% of the construction loan. Once our down payment generated from our current home sale was added into the mix the number came back down to what we were expecting.

Of course we're still waiting on the assessor to come back. We're hoping it comes back Monday. Keep your fingers crossed that it comes back 5% above cost.