Since I last posted, we closed on the loan! (Yay!) I thought it would be exciting and dramatic, but really we just signed some paperwork at an attorney's office and then left. With a check in hand. Woo! So, although it was a little less exhilarating than I thought it would be, it felt a little surreal to see such a big check!
Here is my *brief* explanation of the loan:
We have what is called a "construction mortgage." Basically, the bank gives us chunks of money in increments which we use to pay the various sub-contractors to build the house. (The bank doesn't give us the full amount of our loan up front.) They will periodically inspect the progress of the build and give us more and more money as the project moves forward.
Then, once construction is complete and we obtain our Certificate of Occupancy, everything rolls over into a mortgage, so there is no need for another closing.
We do have to pay interest on the money we have been given starting now. (I guess this is good practice for when we have to make full-blown mortgage payments!)
Moving on....
Our concrete company has already poured the footings and has set up the staging to pour the full foundation! It was pretty crazy to see the staging set up to pour the walls. I have to admit that when it was just a giant hole, I panicked a little bit - thinking that we were building a way-too-humongous house! But, after the staging for the foundation was put up and we got a sense of the walls - it closed it in a little bit more so our house seems like it will be more modest. Phew! (It's crazy how my perception of everything totally changes ... it's hard to visualize an entire house in a spot where nothing is there!)
We are hoping the foundation is poured and done by the end of this week ...
Also ... we have a framer! We went through quite a few framers to find "the one." We had our hearts set on a man who apparently is the equivalent of a gold standard for our area. Everybody and their brother recommended him. We tracked him down and met with him. He took our plans and he was pretty confident that he would be able to "squeeze us in." We were pumped! Unfortunately, though, after reviewing the plans, he ended up declining the job because he didn't think he would be able to start and finish before another big job that he already has lined up is scheduled to start. So, we were pretty bummed about that.
But, we did have another recommendation for another framer and we met with him and both liked him a lot. His company is from another part of CT so he will have a little bit of a drive every day, but he seemed really knowledgeable and confident after reviewing our plans. He was very business-like and professional. We are excited that we found him. He even mentioned certificates of insurance without having to be asked for them - so of course he had my vote, haha. (For those who might not know, I work for an insurance company and am a stickler about documentation... hehe.) I think he is ready to start framing in mid-January. I
Whew! There is my mini-update! I will be back soon with updated pictures and more details about everything that has happened! I want to show you some pictures Carleton took of the property - he has some progression shots and they are pretty cool! I also want to post about the property layout (for my family who doesn't know) as well as the house layout. I promise I won't wait a month for the next update! Stay tuned!
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