Friday, June 12, 2009

Mortgage locked and loaded

So our mortgage is approved and locked-in. We paid two points and ended up with a 5 3/8% interest rate. We have the cash to do a 30% down payment but we've taken the advice of our lawyer and put down 10% instead. The thought is that we're better off holding our money back and using it toward the renovation because of how much work needs to be done immediately.

Now that things are moving forward we're feeling pretty antsy about getting our hands on the house. I'm excited to get a crowbar and start pulling down walls while Brigit has been browsing the internet for furnishings non-stop. At this point we're not sure how far the money we have will get us, but I'm hoping to have all the guts done by winter whether or not we're sitting on milk crates and eating ramen noodle.

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