Loan Conversion Process Underway
After spending a good amount of time this week on the phone with several different loan officers at Guardian Savings Bank, I was finally able to get the ball rolling on the process of converting the Construction Loan on the Starter Home 2.0 project to Permanent Financing. This involved paying off the final balance of the interest only payments on the construction loan, locking into an interest rate on the permanent loan (a portion of that form is shown below), and submitting to Guardian my latest round of pay stubs, bank statements and W2 forms from 2013-2014 for processing. In the end, the terms of the loan I agreed to is a 30-year fixed mortgage at a 3.875% interest rate. I will follow-up with another blog post about the closing process once that actually takes place.
