September 19, 2006

We met with the mortgage rep and discussed what we can afford and what we want to spend. Luckily she says it will be no problem to get what we want. Apparently we can 'afford' significantly more than that but we won't take their word for it.

The draws on the mortgage are getting stricter all the time and some builders get into trouble trying to have enough done with the money they receive to get the next draw. We should be able to get this place roof tight and avoid the first two draws before we have to start the mortgage. If it's possible to build with our own money (or line of credit) for the first 1/3 to 1/2 of the project things will be much easier.