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An even cheaper loan is the 1 month LIBOR ARM, which rate is currently 1.75. (There are no HELOCs this low.) If you're interested, respond to me off-board and I'll try to hook you up. I don't offer this loan personally.

Thanks for the offer, but a 1-month ARM would make DH crazy. As it is, we opted to go with the 5/1 ARM at 1/8 point higher than the 3/1 ARM because DH wants to have a fixed rate for a full 5 years, which should be at the outside of our window here.

It's all in process now, and we have already been approved pending income verification (provided) and the appraisal (scheduled for Thursday).

Now, we just have to find a suitable piece of land, and I am hopeful we can do that within a year.
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