INTERIORITY COMPLEX

THINGS TO KNOW WHEN...

you want to refinance a mortgage.

When we first started this blog -- nearly a year ago now! -- we wanted to not only chronicle our process of renovation but also educate on things we've learned.  So here goes on how we recently refinanced our mortgage:

1. GET YOUR STUFF IN ORDER.  Get your paperwork together -- tax returns, etc.  Do it up front so you don't have to scramble in the end.

2. FIND A GOOD MORTGAGE BROKER.  Ours was recommended from a friend -- the best way to go.  They can help you navigate the ins and outs of how the process works.  Ours was a construction refinancing which required lots of hoop-jumping.

3. KNOW YOUR CREDIT SCORE.  Knowing this up front will help you gage what sort of rate you can qualify for.

4. TIE UP THE LOOSE ENDS.  Anything that looks fishy, is fishy to the bank.  Any old judgments -- valid or otherwise -- need to be settled.  Old tax issues, any past due nasties, etc. should be cleaned up neatly before you get too far along.

5. HAVE PATIENCE! -- This is not an easy process -- they will make you earn that money!  These days there are lots of hurdles to jump -- more if you have a complicated loan situation.  Just keep your eye on the prize!

It's all worth it in the end!

OUR SCHEDULE

As you can see on the video we just posted we are wrapping up what we are calling Phase 1...very Alias sounding, we know.  Since we chose to bite the bullet and renovate all the interior systems of the house in one shot we are going to have to do the finish work slowly...so our bank account can catch up really.

The original plan was to first open all the walls (pre-Phase 1, if you will) which we did ourselves -- and saved a ton of money along the way.  After that we really stepped away and our amazing contractor started.  His scope was to include new electrical wiring, new plumbing throughout, new heating, central air conditioning, insulation, and finally -- drywall.  What we hadn't anticipated was all the carpentry work that would be needed.  The fact the foundation sill along the back of our house was rotted and had to be re-built was what could be called a "big extra."  That, plus all the leveling of drywall nailers (the studs and beams that the new drywall would be fastened to) led to a pretty hefty amount of carpentry work.  And a hefty price tag attached to it.

This is why we are pausing on the professional work at this point.  However, we will finish the floors throughout and install a new bathroom ourselves in the upcoming weeks.  Stay tuned for the progress!

We hope to be living partially in the house March 1.

WALLS! WE HAVE WALLS!!!!!!!!

Ceilings, too.  It is so, so comforting that it's beginning to look like a house again.  Who knew sheetrock could be so cathartic?  Our decision to go with drywall, as opposed to plaster, or skim coated drywall was purely an economic one.  We went with what we could afford.  We would have loved to be purists and rebuild the walls as they once were, but we would also like to not be in debt for the rest of our lives (we're hoping, anyway).  

     

DID YOU KNOW?

The government offers significant tax credits for home renovation work done with Energy Star items?  These can include new windows, doors, insulation, HVAC, and a lot more!  This should help us offset a small part of the giant nut we are spending on this...

Just wrote the second check...still gasping for air.

FIRST CHECK

We wrote the first check to our general contractor today.  We won't get into details, but the first number is higher than 1, and there are many zeros after it.  All we can say at this point is, "Who are we?  The Rockefellers?"  Fact is, no -- we are not.