(Brendan)
About three weeks ago I submitted 18 pages of forms, bank statements, and pay stubs to our contact at a local bank as part of the loan pre-approval process. Getting that stuff together took forever (my best comparison is to doing your taxes; hours of excruciating tedium). I also met with the bank and laid out our project, including a conservative estimate of how much it will cost for construction (based on all our bids and then working with Duane, our chosen contractor, since then). Well, after three weeks, I got the call from the bank while at work this afternoon...
We've been pre-approved for all of the construction funds we requested!
I must admit, I took this in stride when I was at work (it's busier than heck, after all), but after leaving work and getting more time to think about it I have slowly realized how huge this is. In this economy, in this loan environment, in this housing environment, we got approved for all of the construction funds we asked for. Praise the Lord!
All this said, the bank did note that final numbers would depend on how much we can sell our current home for, and how much our land gets appraised for, but even with conservative estimates on both of those items I think we're sitting good. Engineers are good at stringing together conservative estimates.
Now if we can just sell our house!
About three weeks ago I submitted 18 pages of forms, bank statements, and pay stubs to our contact at a local bank as part of the loan pre-approval process. Getting that stuff together took forever (my best comparison is to doing your taxes; hours of excruciating tedium). I also met with the bank and laid out our project, including a conservative estimate of how much it will cost for construction (based on all our bids and then working with Duane, our chosen contractor, since then). Well, after three weeks, I got the call from the bank while at work this afternoon...
We've been pre-approved for all of the construction funds we requested!
I must admit, I took this in stride when I was at work (it's busier than heck, after all), but after leaving work and getting more time to think about it I have slowly realized how huge this is. In this economy, in this loan environment, in this housing environment, we got approved for all of the construction funds we asked for. Praise the Lord!
All this said, the bank did note that final numbers would depend on how much we can sell our current home for, and how much our land gets appraised for, but even with conservative estimates on both of those items I think we're sitting good. Engineers are good at stringing together conservative estimates.
Now if we can just sell our house!
2 comments:
I wanted to add that I am anxiously awaiting the Solemnity of St Joseph (March 19)! I know he has come through for us in this regard and I'll admit I'd like to see what else transpires in the next several days. In any case, we'll be celebrating the feast day! I picked up a pack of Brendan's favorite Jones Soda just for the occasion!
Such good news!! We're praying the novena to St. Joseph for our house, too, and will indeed be celebrating on Thursday!
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