I haven’t posted about the progress of Rental Property #2 in a few weeks, so I thought now was a good time for an update. The loan process is moving along smoothly, and I am nearing the final stretch. Most of the major hurdles have been cleared, so that’s good news. The loan is now in underwriting for a final review.
I should be able to close by the end of February, probably around the 25th or 26th. Interest rates have been climbing a bit lately, so I wasn’t able to get the best rate. I didn’t lock in the rate last month (which I should have done), and ended up with 4.375%. In retrospect, I probably should have shopped around a bit more, but I went with the same bank/loan agent as last time. We have a good relationship, but ultimately, it’s going to impact my bottom line.
I really do wish I wasn’t so busy with work right now… I’m not putting much effort into this whole process. Instead, I’m just trying to close ASAP. Still, I can’t wait until the check is delivered and I get the keys! I’m all for being frugal, but I’ll confess, when that moment arrives, I’m going out and celebrating! 🙂