Finances Afoot

Our primary loan for the house has been approved. A decent interest rate of 6.125%. We checked with another lender but she couldn't match the rate and certainly couldn't re-work the numbers in the time frame we needed.

So we're pretty much set. After the closing we'll have the 1% of the loan necessary to lock in the rate. That way if the interest rate drops, we can still get the better rate but if it goes up, we'll be locked in.

We will need the secondary loan since we're doing an 80/10/10 loan. The final figures for the secondary loan will be hammered out once we know exactly how much cash down we will have saved up after the condo closing. But things are progressing. And that's exactly what we need.