Hello James Mayer, Sunday Night Thought.

Thought of the day is construction loans when building a new house. A good friend of mine a few years ago was building a house. He started building it in November and interest rates were extremely low. He was able to move into his house six months later and interest rates rose by almost double what they started when he started construction on his house. Now luckily for him, he was smart enough to lock the mortgage in at the beginning of his construction. Had he not locked the mortgage in, his payment would have almost doubled, and you know what that would have meant for him and his family. They probably couldn’t have afforded that home. So, when you are building a house, it is extremely important to understand the interest rate terms of your mortgage and how that is going to affect your cash flow and your retirement plan. Quick thought. Have a great summer! Thank you.