Friday, May 24, 2013
Everything is out in the rain! More delays! Mortgage rates are up!
I know it's a pretty common practice to leave the framing wood outside for a few days but it's been sitting out there for about 2 weeks. They also left the stair case and doors outside uncovered and it's been raining last couple of weeks (raining right now as I write this). Our framing was pushed back for the 2nd week in a row and now our closing time went from June (when we signed contract) to July (when we started construction) to August (no enough framing crew, rain, or whatever reason).
What concern us the most is interest rates are on it's way up and we can't lock until the 30 day mark. When we signed the contract it was at 3.375% and now it's at 4%. That means our monthly payment already went up about $200 based on our loan amount. An extra $200 a month in interest is a lot of money, I can use that to lease a car or pay for a lot of home services (TV, internet, Netflix, etc...)
If we were on schedule with the initial June completion date, we would've already locked in at 3.375% 2 months ago. I mentioned it to our SR and she said we can always BUY DOWN THE RATE...
DUH!!!! really, are you going to give us the money for that or can we just go pick them off the money tree we are growing in our backyard. GRRRR SO FRUSTRATING.