We're in the process of finalizing our home plans. The budget for the house is $1.15M and we have $1.05M cash on hand. So I would need about $100k in a mortgage to cover the gap. I was thinking of putting $200k of the cash aside and taking a $200k loan in order to ensure we have plenty of money to cover extras that pop up. Ideally I would like the total cost to not exceed $1.15M but I've built homes before and anticipate the worst. What is the best way to go about doing this? I'd like the smallest payment possible. Additionally, if I only ended up needed $50k of the loan are they any options after the fact to refinance/re-close on the construction loan or whatever loan it is to reduce the size and payments?
Statistics: Posted by freakinhobo — Tue Aug 27, 2024 9:25 am — Replies 0 — Views 63