Monday, April 22, 2013

Dry wall complete! Still trying to figure out the rate locking stuff...

Well, the drywall is completed, just needs tape and mud!  The house looks so different now that it's all dry walled up!  Part of me thinks it looks smaller??  Especially the formal dinning area, but then again, I knew it was small when we picked out our floor plan.  Would I have like to have a bigger house?? Sure!  But I didn't want the bigger mortgage that went alonG with it.  This is still more space than we've ever lived in so we will make it work!

Speaking of mortgage, I'm kind of pissed off at NVR, no one has got in contact with me regarding locking and given me much options, I feel like they should be sending me all of my options, like, everyday and watching the rates for me.  I see most people locking in at 60 and 90 days with better interest rates and credits that what I'm being offered at a 30 day lock.  Right now, my LO said it's 3.5% 60 or 30 day lock, the 60 day has a measly .125% credit and she wouldn't even tell me what the 30 day lock credit was, only that it was slightly higher.  I feel like 3.5% doesn't sound competitive to me when I see 3.25% and 3.375% on bankrate.com.  I mean, can I negotiate my rate??  Ask for something more competitive?  I am putting 10% down, is that affecting my rate?  My husband's credit is spotless and over 740 so I don't think that is making a difference.  Any advice on this rate locking process would be MUCH appreciated!









13 comments:

  1. Nice pictures. To follow up on your question it was for a 30 year loan. I know that if I wanted to pre-pay my PMI that I could do that but have a higher interest rate. Maybe that is what you are running into. Good luck with locking in! I had to email my LO every day to find out the interest rate and credit %. Then it was a hassle trying to get someone live on the phone to lock it in before the 3PM cut off each day.

    ReplyDelete
    Replies
    1. maybe that's what it is, because we are pre-paying our PMI and rolling it into the mortgage, I personally don't want to because I know that since we are already putting down 10% we can probably eliminate our PMI after about 1-2 years just by throwing in a few extra payments and I know the value of our home is going to increase more than the typical 2-3% but my husband doesn't want that extra 150$ or so each month, but I may have them draw up a GFE with not buying out our PMI upfront.

      Delete
  2. I had to STAY on NVR regarding rates and REQUEST information. I think it all depends on your LO. I followed several blogs who offered advice about locking rates. Here's a post that I personally saved: http://movingtothecountryryanhomes.blogspot.com/2012/08/nvr-rate-lock-in-options.html

    This let me know that you have options--make NVR share!!

    ReplyDelete
  3. We are getting close to the point where we can lock in. I am not sure what the rates are today or what they have been since last week. I know tourqeyes is correct about the pre-pay PMI that can make the rate go higher.

    However, we were told by our LO that even if we made double payments and paid the correct percentage our PMI is stuck on there for 5 years. It does not matter how much we put in the house.

    ReplyDelete
    Replies
    1. Yeah I'm not sure what the deal is, are you FHA or conventional? We are doing conventional and I don't think there were restrictions on how soon you can eliminate your PMI but I could be wrong, it's all just overwhelming I want to make sure we are not getting ripped off and I want to know all of our options, I stopped by to see my SR today to see if we are on the schedule yet for close and she doesn't have a firm date yet and we are almost 30 dys out from what our PM said was our close date no one seems to know when we are closing! I hope by Friday we have everything figured out!

      Delete
    2. Agreed. Depending on the type of loan determines how long you pay PMI. We are doing 10% down, conventional, no pre-paid PMI, with our closing costs financed. We haven't been able to lock in but I confirmed with our LO that we could request for PMI to be dropped as soon as the Loan-to-Value reached 78%.

      Delete
  4. Our LO said, 5% or 10 % down does not affect the rate. Ours is a conventional 30 yr locked @ 3.5 with no points down. We are pre paying PMI with our agent rebate (2% of loan). God willing we will be closing on May 28th. Please shop around and present the competitive rate/closing costs and then present it to NVR.

    We had a tough time dealing with NVR LO, but when we told the we are shopping around and forwarded them the GFE by another lender they reduced some closing costs. As per rates 3.5 is the best rate now. You can subcribe to this site to get daily updates.
    http://www.mortgagenewsdaily.com/mortgage_rates/

    ReplyDelete
  5. I'm no hope, we put down 25% conventional, so we got a "better" rate without a PMI and paid closing costs up front....BUT our rate was still 3.25 with 1/8 of a point to be paid. So it sounds like you guys are getting better deals anyway and we had 25% down which the said gave us a BETTER rate??? Who knows in this business...

    I tried to negotiate our rate so hard, go other GFE from others banks to show them, it never mattered!! But we had to stay with NVR to got our incentive.

    As far as getting NVR to contact YOU.....uh..aint gonna happen...we had to call everyday, everyday, everyday...leave messages and HOPE someone got back to us by 3pm in case we decided to LOCK....That part was a bitch!! Good luck, but honestly that rate they are offering you is pretty damn good!!! Better than ours...if you do better, it wont be MUCH better to really notice, but I'm no expert...Just my 2cents worth!!

    ReplyDelete
    Replies
    1. I honestly don't want to go through all the trouble if they are just going to say no, I've accepted that the rate will be what it is, I'm more looking into the credit at close and the closing costs. We are paying those all up front, only rolling in our PMI into the mortgage (I personally don't want to do it, but we just don't have the extra cash on hand to pay it at closing) it won't really make a difference though in our monthly payment, just a few dollars. I think I'm always just worried about not getting the best deal, I'm always trying to live a champagne lifestyle on a beer budget lol, most of the time I can pull it off, but I think I just get frustrated when it comes to this because I feel like I don't have control. We would also loose our incentives if we went with another lender and it wouldn't make up for that loss.

      Delete
  6. If you don't have a lot of incentives to tie you to NVR it makes sense to shop around. You could also look at shopping around settlement services, since you'd still get the incentives using NVR, but just reduce the settlement costs going with someone else. Are you both on the loan or only your husband. Our LO said since my wife and I were both on the loan that they took the lower (between my wife and I) of the middle credit score.

    Drywall looks great! Can't wait to see the doors, fixtures, and everything else installed.

    ReplyDelete
  7. Hi! I am currently shopping out rates with other mortgages. We were told if NVR can't compare rate or closing wise then we keep the incentives and can go else where. I had the bank work up a good faith and I faxed it over to NVR. They didn't say we couldn't go with the other company. As of now NVR came back with a better closing deal but it still isn't enough to compare. We are still in negoation and are just breaking ground.

    We were told if we were looking to lock rates. To lock around the time the shingles went on the roof. At least that's what our PM told us :) good luck!

    ReplyDelete
    Replies
    1. I was told it was only if you can't get approved through NVR they will honor the incentives, either way, I am still going to get settlement estimates since you don't have to use NVR to settle, to try and at least save on closing costs. I think it's just so outrageous to have to pay all that money to close, it doesn't cost any more closing on a home that is 100k than a home that is 300k but yet they make more money off of it! And, with all of the issues we are starting to have, I think they owe us a deal or some free shit atleast....

      Delete