The Log house Project begins........

[bindian]

a local credit union has approved our re-finance. Good by Farm Credit(forever) and hello Consumer Credit Union:thumbsup:

YIPPEE!
hugs, Brandi

 

[MotorSeven]

Wood, it's 2.95% variable for 5 years. At that time the new rate can be locked in for another 5 years. I don't know what it's based on, but it sounds like T Bills & I'll find out. We are doubling up on the payments, so a 5 year lock does not scare me at all.

 

[tony Cecil]

That`s good news.....I always thought it strange the other people treated you as they did.....Tony

 

[woodlandfarms]

3% is a SCORE!!!!!!!! Nearly free money, although in some circumstances (like you are really loaded) a nice tax writeoff from a steep mortage payment is not a bad deal.

 

[MotorSeven]

...and their fee is $500, plus the $400 appraisal fee. This beats FC hands down with their $2500 in closing fees.

I hear folks talking about their mortgage tax write off as a "bonus"...it's not. You are just getting back some of the money you already paid, so with a low low rate you just don't pay "that" money in the first place. We will take the lowest rate we can get and pay it off as fast as possible...our goal is to do this in 10 years. We took the 30 year amortization, an doubling up(paying extra principal only) monthly and lump sums a couple of times a year should get that done.

 

[woodlandfarms]

The bonus on Mortgage is in the top 1%. Not for you and I (I assume that you are not pulling in 100 million a year - If I am wrong, sorry). This is not an attack, its just when you have a mortage on a 5mil or higher home, you start playing numbers games that are way over my head, and get you into the "I made 100 million and paid 14% bracket". Not the "I made 60K and I made the 30% tax bracket".

But no matter, this is about how cool it is you guys are in a good place with the loan. We are starting our re-fi. 8% is our current rate, but as it is 40 acres and manufactured, we have little chance of getting out of the loan any time soon.

 

[MotorSeven]

Ha...100 million a year?..a 5mil home??? Those folks don't live in my universe:confused3:

Have you tried a FHA or VA or inquire into a "rural development loan". Manufactured homes can quality for these, you just have to talk to the right people and rates are l o w.

 

[MotorSeven]

I plumbed the whole house for propane. 3/4 copper from the tank to the house, then 3/4 black pipe to the instant hot water heater and through the wall, then 1/2" copper through the floor trusses with shut off's to each appliance. Copper inside the house was a dollar a foot cheaper than black pipe so I taught myself how to flare fittings...pretty easy. Then I put a gauge with a schrader valve on it and put 10 psi of air into the system last night. 14 hrs later it shows 9 psi and 10 hrs after that it is still holding at 9psi....so I think I did things right.

I also got the inside gables done in Poplar:

Kitchen windows trimmed out in Walnut:

 

[MotorSeven]

I insulated and installed all the interior bird blocks:

I used some really dark spalted Poplar in the master bedroom:

 

[ctanski]

Wish I was there with ya! Lookin good and congrats!