Manzanita
We're Building a House
Episode 6: Show Me the Money
A very large part of building a house is coming up with the money to pay for it all! The lending process is a critical step. For our loan, we chose to go with Tom Hendrickson of Associated Mortgage Group (503 221-0064). We have known Tom for several years and have referred many clients to him, and they all seemed to be satisfied with his work. After meeting with him in his Portland office and delivering lots of documents and tax information, we received a complete application from him, ready for signatures, in the mail the next day.
One of the critical parts of the loan process is the appraisal. The appraiser's job is to assure the bank that their loan is safe - safe meaning that the finished home will be worth more than the lender is lending.
The appraiser in our case is Steve Gentzkow, one of the principals of PGP Residential Valuation. We have known Steve for several years (by the way, appraisers are selected by the lender) and have found him to be a very good appraiser and easy to work with. To complete his appraisal, Steve needed a complete set of plans and asked lots of questions about flooring, finishes, countertops, materials and appliances. He also came out to the coast for a visit to the site to evaluate the neighborhood and the view.
Another important piece of the loan process is the contract between us and our contractor. We are scheduled to meet with him next week to work out what we and he expect from each other. Our loan is supposed to be finalized on December 12. Our contractor says he will start on December 15.
We’ll see . . .