About two years ago, I decided it was finally time to own my first home. My family owned quite a bit of land, so after much deliberation I decided that it was going to be easiest financially to just build a house on the land that was already there. I thought that once I had made this decision it would be a quick and easy process, but boy was I wrong. Every step of the way things kept getting pushed back and delayed. There were problems obtaining almost every permit needed to begin construction, which was very unfortunate considering I needed about 80 different permits. Two years later I am in the final stages of construction and am hoping to be able to move in within the next month or two. Right now I have what is called a construction loan, but once the house is done and I am able to close on it, my construction loan will become a 30 year fixed mortgage.
Obviously the entire process has been pretty intense and stressful, but a good deal of my stress comes from watching the interest rates fluctuate. It's like watching the wheel spin on The Wheel of Fortune. You decide when to set it into motion (look into buying a house) but you have very little idea where it will finally stop. I never anticipated that going on 2 or 3 years later I would still not be done with this whole process and a lot can change in that short amount of time. I have been using mortgage calculators to try to figure out what I am going to end up paying when this is all said and done, but I know they aren't exact and there is no real way of knowing where that wheel is going to land when the day finally comes. Being the control freak that I am, it is very anxiety-inducing to have so little control over something that is going to effect the next 30 or so years of my life. I just hope the fates are in my favor and it happens to be a day or week when the rates have dipped and I get a better rate that I am anticipating (Hey, a girl can dream, can't she?).