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Angie and Cris' Journey:
reaching for our goals... building our forever home
This past week, we met with a mortgage specialist at Summit Credit Union, based on the advice from our Summit financial coach. Our goal is to start the building process in the Spring of 2020. That really isn’t that far away, and where do we start? We have never built a home before, so we need to know a lot. Being that Cris has been a carpenter the better part of 20 years, he wants to build it himself. Do we find a flexible general contractor, or do we go through the paperwork of Cris becoming his own general contractor?
We will need a construction contract, cost breakdown, construction plans and specifications, bids, purchase contract, down payment, builder’s risk insurance, and builder’s liability insurance. Should we be our own builder, some of the aforementioned items will not be necessary. We do have someone already working on house plans for us. Once we receive the house plans, and make any necessary changes, we can start with cost breakdown and specifications.
We were advised we would need a minimum of 10% down and to get a pre-approval, which is good for about 4 months. Once we get all the documentation, we can finalize our loan and lock in our interest rate. There is an appraisal fee based on the lot and the construction plans and specifications. Once approved, we can go to closing and start building!
We hope to have enough saved for the down payment. If we don’t, we already have a Home Equity Line of Credit we can use from our current home to use if we need a little help. So far, Project Money, along with the advice of our coach, Melanie, have really set us up for success in this endeavor. There will be many decisions to be made, problems to be solved, and paperwork galore, but we know Summit will be there for us.
Angie & Cris