Well, I got my mind on my money and my money on my mind.
I told my husband last night, this is the last time I want to take out a mortgage - ever. I am so done. It is not only the fact that I will owe someone a large sum of money for a very long time, but the probing that goes into makes me feel like I am at a Proctologist!
So far, we have had to give them
1. Tax Returns - for 2014, 2015, 2016
2. W2s - like the returns were false.
3. Paystubs for the past 6 months
4. Bank Statements for the past six months
5. The paperwork on our landpurchase
6. Title company preference
7. Provide proof of a builder in good standing with the state of Texas
8. A set of house plans, electrical plans and outside view plans
9. A signed builder contract
10. A descriptions of materials needed
11. An estimate of the entire project
12. A draw schedule (withdrawing money during the building process)
This all had to be turned in before we could even start the lending process. Yes, even to this level, I am squirming in my seat with people looking at our financials - I am actually quite private about it.
They will need our closing docs when close on this home in 2 weeks! (it is starting to sink in!)
The questions have not started yet though. Last time we were getting a loan, they made us sign a notarized statement that we were not getting divorced within the foreseeable future and that we were not move under duress.
I am sure there will be questions about our home plans. My biggest concern though is that the house will not appraise at the level we are building. There is not a lot to go on for the area. BUT, if they extend outside of our neighborhood about a 10 mile area, I think we will be ok. An appraisal was done on the land in January and it was $5000 over what we paid for it. So, I hope it all works out.
Right now, we turned everything in, and they sent us a lot of papers to sign for proof of receipt - like the truth in lending, the credit report pull, the terms of the construction to permanent loan, interest rate and since these loans are ARMs - the schedule for that (yes, we will refinance to a fixed rate before the first change which is in 4 years and to lower the interest rate), for us to know there is counseling available, yada-yada-yada. We will sign ALL of it again at closing, plus many sheets saying we are married and US citizens.
I am really hoping we can close in just a few weeks and get moving on with the process. Now that we are only 1 week away from RV living - it feels a little more urgent!