Wednesday, January 1, 2014

Financing APPROVED!

It's been a busy 10 days!  3 days before Christmas we meet with Nick (our builder) to go over the proposed costs for the house.  On Boxing Day (December 26 for those who aren't familiar with it) we met with our mortgage broker and she gave us a letter of commitment --  approval for the mortgage.  The next day we met with the Construction Loan Officer at the Port Aransas branch of American bank.  We need the contract and the official plans before we can officially get the  construction loan -- that's all on Nick.

We know Nick had a quick meeting with the Architect this past Monday.

We've been using Alese's long holiday time to visit the subcontract suppliers to look at the proposed appliance, plumbing, and lighting fixture suppliers.  We are getting pricing on some items we want to add or upgrade.

We're waiting on the final drawings.  We need to get them to the developer for official approval from the Architectural Approval Committee.  We were told we'd have the approval as soon as they see the official plans.  Final plans are also required for the construction loan approval -- actually for the appraisal to justify the amount of funding.

Things should move more quickly once the construction loan is approved.  And, Nick says, 6 months from ground-breaking the house will be done.  We'll see.


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