Our house in VA is officially under a ratified contract and off the market. The expected closing date is October 1. *fingers crossed* that we make it to closing on time!
We’re going in to sign the paperwork to start our new construction on Saturday – putting 8k into escrow, with a ballpark final price of 362k. That’ll put our estimated mortgage (with taxes and insurance) payment at as low as 1800/mth , and as high as 2100/mth, depending on the interest rates available when we close and how many points we can pay. One local lender is offering 3.25% right now for 2 points, but if we go with them, we’ll lose out on a 35k builder incentive credit. We have to go with the builder’s lender to save that – already figured into the 362k amount. Their rates aren’t bad, but I don’t know what options we have for paying points to reduce our total payment.
I ran a few numbers, and paying points up front will lower our payment more than putting more down. We’re going to put 20% down, whatever the final cost is, and save the rest for either paying points or paying for appliances that aren’t included (fridge and washer/dryer). Anything else will go towards paying the movers and replenishing our emergency fund.