So I finally got the go ahead to lock in for a 30 day today, which means we are DEFINITELY closing on or before June 5th! So nice to have a real date :) I called NVR settlement too to schedule our closing, I had to leave a message but I'm hoping to close on Monday June 1st, that way we have a whole week to move in and clean the old apt, we are keeping the lease until June 9th now.
I'm still going to get a new GFE with the rate and the closing credit, it has been the same rate and closing credit for the past few weeks every time I inquired about it, so I honestly don't think it's going to get any better through NVR, and even the nation average was at 3.35 BUT that is if you have 20% down on a conventional, so I think that our rate is competitive, we locked at 3.5% 30 yr fixed with 10% down and buying our MI out upfront. We got a credit back of .375% too, which is nice so it will be a little over 1k less to bring to the table. All things considered, I think we are getting a good rate and so far I am pleased.
That's a great rate! Not the historic low but still better than a year or 2 ago.
ReplyDeleteYeah, unfortunately we didn't get what we thought would be closer to 3.25 or at most 3.375, but in just checking the rates out, a lot of the lower rates required fees and points or 20% down, I did call around and checked online and with our situation this was pretty competitive, I am going to send over our GFE to our Realtor and have him shop it around though to compare the settlement fees.
DeleteThis is a very good rate. It is even better news to have a date in mind and to know when you will move in. Very exciting to be so close. We wish you the best in this final count down.
ReplyDeleteWe got a 3.35% 30 fixed with 15% down and no PMI through Third Federal bank with a rate lock for 240 days. NVR Mortgage was not able to match these terms, which I wish they had at least attempted to so we'd have more options.. A month later our SR showed me current rates and they were better and similar to yours, but the ship had sailed by that time.. We also paid 3 points to bring the rate down to 2.6%, strictly as a financial saving upfront because we hope to be in this house for a long time.
wow that is incredible! We honestly are so short on time and resources, getting approved again from another lender with my husband's situation would be so time consuming it would be next to impossible for it to happen, and we would loose the NVR incentives, which was a lot, so the difference we would save with the rate wouldn't make up for the amount of $$ we would loose from all of the freebies. I wish I could have got out of paying that PMI though :( We don't have anymore chash to buy point, we are pretty strapped as it is with all the cash we dropped for the down payment and closing cost etc.
DeleteYeah, congrats!
ReplyDeletewhat do you mean "buy out your MI up front"??? So if we weren't approved for lender paid MI, we could pay money upfront to get that off our monthly mortgage? Or am I reading that completely wrong? lol
ReplyDeleteDepending on your credit score range there are different rates but you can buy out your PMI upfront ONLY on a conventional loan. It's a % of the sales price up front at closing, it a pay it now pay it later kind of deal, we have the cash upfront to pay it instead of having a bigger monthly payment. Hope that helps!
DeleteCongratulations on getting you low rate!! Honestly, the rates are so low that anything anyone gets at this time is much much much better than years before !! Even with 3.5-75 percent is still great--okay even 4 !! We were able to get 3.25 percent but still got stuck with the PMI! It's such a rip off but at the end of the day I am grateful that we still got a low rate and had the ability to put the 20 percent down to finance less and get in our home. Our situation was complicated too so we just chose to move forward instead of looking for another lender to get the conventional loan.
DeleteThanks Nadese :) I just feel like everyone worries if they are getting the best deal. How are you have g to pay PMI though? I thought if you had 20% down you didn't have to pay it???
DeleteOne of the advantages of going with Third Federal Bank is that the wave PMI with 15% down payment. That was the primary factor in us going with them, because that saved over $150 per month, which if we add as an extra payment every month, will fully pay off the loan in 25 years. If we did not get the PMI waved with the 15% down payment, we would have put 20% to wave it, but we absolutely would not have been able to buy the points.. As is, I am very seriously considering a finding an evening part time job to supplement our income. These big expensive houses come with lots of strings attached. Best of luck to all of us!
DeleteThat is a great advantage! Yeah, we decided to not go by what the bank says we can afford, we about cut in half what we were approved for and that's how we came up with our budget, being house poor is no fun, I think we are pretty comfortable with what our payment will be, we use to own an old home with heating/cooling bills that were down right criminal, not to mention all the repairs, so owning a new home will actually be about the same as our old cheap home we had!
DeleteThe method you describe to come up with your budget is one of the wisest things I have ever seen done with home buying. Great thinking!
DeleteWell, we are very fortunate that my husband owns his own business and it is doing very well, I feel very blessed to have such a hard working husband! But, our thoughts were that when we have children (in about 2-3 years) I will not be working, we will loose my income and my health insurance :( so we figured that if we cut everything in half of what we can afford now, we should be more than comfortable when the time comes for me to leave the workforce and buy our own insurance... and honestly, the insurance part is the scariest to me!
DeleteCongrats! Thats a great rate and to have a date is so exciting!
ReplyDeleteIf you can provide proof that NVR could not compare to another lenders rates you still get to keep the incentives. They cannot take them away if they cannot match the other lenders. We are going through this process now. CONGRATS!
ReplyDeleteThe whole mortgage thing was Greek to me and I still look back and feel like we could've gotten a much better deal shopping around. By the time I wised up it was too late :( #regretsaboutmymortgage
ReplyDeleteI agree. I'm not going to look or think about it because I don't want to know how much we over paid... lol
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