Future Advance

The problem with most of the houses for sale these days is that hardly any of them come with secret lairs. Like...don’t builders know that secret lairs sell houses? Wait, maybe that’s kitchens and bathrooms. Anyway, that’s why we’ve decided to have our dream home built from the ground up: so that we can be sure we get the secret lair we’ve always wanted.

For financing, we’ve decided to take out a future-advance mortgage, which gets its name due to the fact that it has a future advance clause. These clauses are great for projects like ours, because they allow us to borrow additional money against the asset (our secret-lair dream home) without having to go through the headache of applying for an additional loan.

So if, for example, construction is humming along, and it’s time for the pool company to come and start digging the enormous heart-shaped pool we’ve always dreamed of (don’t judge) in our backyard, we can ask our mortgage lender for the cash we need to get it going. Thanks to the future advance clause in our mortgage loan, they’ll give it to us.

We need to keep in mind that future advance clauses don’t promise us endless amounts of money forever and ever. If our lender suspects we might not be able to pay back the advance in addition to our mortgage, they might tell us we’re going to have to find another way to pay for that epic heart pool. But the deets of what we’re eligible for, how it works, and how it gets paid back are all going to be part of our mortgage docs, so if we have questions, we could always give those a read-through. But until then, back to the lair.