Money

About a week ago we had an appointment at our local Chase Bank branch to talk about getting money. I’m already approved (without counting Liane’s income) for a good amount through Bank of America, who holds my current Fort Wayne mortgage, but that amount won’t pay for the build, so if we go that route I’ll have to get approved for more. The Chase meeting was to serve a couple of purposes:

1) To see how much money we could really get.

2) To learn more about how the process works when building.

#1 was easy. They are willing to loan us quite a bit more money than I think would be prudent. Haven’t the banks learned anything? No problem for us. The money seems to be available and we certainly have enough common sense to know what we can realistically handle…assuming there is no major upheaval in our lives, which is a fear that always lives in the back of my mind.

We also got a lot of answers on #2. We learned about how builders can take multiple draws over the course of the project, about how buying the land outright can serve as a down payment, etc. Most of it put our minds at ease about the process, but there are lingering concerns. Is the land really suitable for building? With money anything can be made to work of course. We just need to know all the particulars going in. They recommended we get some people out to look at the property, do soil samples, etc.

Nicole has also expressed concern about the topography. It looks to her like drainage may be an issue. We still have a lot to learn…