Productive Week

Wow, I can hardly believe our own progress this week. We started on Sunday with the new kitchen, Tuesday with the electrical inspection and progress dismantling the kitchen cabinets, and now yesterday we made progress on the financial side: I spoke with the bank and we qualified for a home-equity line of credit which should cover the cost of our entire first floor renovation! YAY!

The final part of the loan-qualification process is on Saturday when the appraiser comes by to ensure the house is worth what I said it was. I’m not too concerned; several smaller houses have sold for much higher on our street in the last year. Ours may be missing a bathroom, but it’s got the wine cellar and media room to compensate…

One thing I like about the “line of credit” type of loan is that we dont have to pay interest on money we haven’t spent. This will allow us to pay for the renovation as it happens, and not have this crazy loan hanging over us with money that hasn’t even been put to use. I dont like borrowing money, but I think this will be okay.

And the cool part of this loan thing is that it has zero closing costs, and comes with a $100 gift card for Home Deposit!