Yesterday I had a call form our SR, it was the kind of call I had been waiting for. At last they will be breaking ground this week, the wait is finally over! I asked myself why I should be thrilled with them starting construction, wasn't that supposed to be a given? After all wasn't that why I was paying all that money?
My joy was short lived as today I received an updated Good Faith Estimate from our loan officer. The interest rates had spiked from 3.6% when the first estimate was given to 4.625%. Boy was I upset as that added an additional $300 to our monthly payments. Something has got to give! We have to drop some options.
Called our SR up and asked to drop at least 10k to lower our monthly payments so as to stay within our budget. She was quite receptive and said she would convey my request to her manager, but I shouldn't be too hopeful for certain things might just not be possible to drop at this time. Well, as she advised me not I am hopeful :-) I am already figuring out what must go!!!