I got a phone call from Tom today, who is a “Renovation Loan Specialist” at the bank.  I have spoken to him a few times and he has been very helpful.  I need to put together a huge pile of personal information about my wife and I for him to start a file for us.  Interest rates are low, so I want to get this going soon, but I have been distracted by the holidays and such.  I’m putting it out to the universe that I hope to have everything to him within a week, maybe that will help make me accountable!

He was the first person to give me anything that I could consider real estimates on how much this costs.  We worked out a calculator that included insurance, taxes, etc. and came up with a formula stating that for every $10,000 we borrow from the bank, our mortgage payment will go up approximately $70 a month.  This will be helpful as we start to talk to architects/contractors on where to spend, and cut, out plans for the renovation.

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