I'm so mad as I'm writing this post.
Worried about the ever climbing interest rates, we pinged our NVR LO today... (who never pings us anymore). Remember when they tell you, they'll keep checking the rates for you, and keep you informed about your situation in the market....Well we were not counting on it, but whenever we call her or email her, she seems so disinterested in the conversation!!
Anyway, shopping around, we found out that the rates are gone up with every lender but the closing cost were not as bad as NVR is quoting. She responded saying, Oh sorry I couldn't reach you earlier but today's rate is 4.25% (what I saw online was 3.81% from most of the lenders). She never answers our question about waving their "origination fee", which our SR told they would do during the agreement fiasco!
On our weekly update call with our SR today, we mentioned our situation with NVR and a strong possibility to go with another lender. He very politely said that we should do what's best for us (translation... sure! say bye-bye to your builder's credit first). But he volunteered to have a chat with our LO.
On the OTHER hand:
Today we asked our PM when (and if) we can add soundproofing insulation. The answer of course NO! YOU CAN'T TOUCH ANYTHING IN YOUR HOUSE!!! (You just pay for it! Now and later x-|) They love the phrase "liability issues"!!
So we pay a higher rate and price, but we can't do our own wiring or add insulation or move a pin. We can do it all later of course (when dry wall is up and RH pack their bags) and pay extra money to a contractor, and live through a renovation!
We are invited to a block party at the model house tomorrow, to meet our future neighbors. I was very excited about it, but now I don't even feel like going! I'd rather use the time to reach out to some lenders!
Its just one of those days, when you question your most important decisions. Sigh!
Worried about the ever climbing interest rates, we pinged our NVR LO today... (who never pings us anymore). Remember when they tell you, they'll keep checking the rates for you, and keep you informed about your situation in the market....Well we were not counting on it, but whenever we call her or email her, she seems so disinterested in the conversation!!
Anyway, shopping around, we found out that the rates are gone up with every lender but the closing cost were not as bad as NVR is quoting. She responded saying, Oh sorry I couldn't reach you earlier but today's rate is 4.25% (what I saw online was 3.81% from most of the lenders). She never answers our question about waving their "origination fee", which our SR told they would do during the agreement fiasco!
On our weekly update call with our SR today, we mentioned our situation with NVR and a strong possibility to go with another lender. He very politely said that we should do what's best for us (translation... sure! say bye-bye to your builder's credit first). But he volunteered to have a chat with our LO.
On the OTHER hand:
Today we asked our PM when (and if) we can add soundproofing insulation. The answer of course NO! YOU CAN'T TOUCH ANYTHING IN YOUR HOUSE!!! (You just pay for it! Now and later x-|) They love the phrase "liability issues"!!
So we pay a higher rate and price, but we can't do our own wiring or add insulation or move a pin. We can do it all later of course (when dry wall is up and RH pack their bags) and pay extra money to a contractor, and live through a renovation!
We are invited to a block party at the model house tomorrow, to meet our future neighbors. I was very excited about it, but now I don't even feel like going! I'd rather use the time to reach out to some lenders!
Its just one of those days, when you question your most important decisions. Sigh!
Wow I have heard of other RH bloggers doing some things themselves this is interesting that they are doing this to you all. I hope that you all don't have to live through a renovation but Im sure your home will be beautiful anyway.
ReplyDeleteMaybe the other approach of "if insulation happened to appear after inspection would it be removed?" Might get you a different answer?
ReplyDeleteIt has been said that, "On the day of predry wall meeting, all the inspections that matter will be done.. that evening stuff may magically happen to make your home a very peacefully quiet place for years to come. When they come to dry wall the next day, they'll just cover up whatever is there.."
ReplyDeleteGood luck waiving the origination fee, that was negotiated through our entire process and promises of trying to get it lowered....it never was!!
ReplyDeleteNooooooo. They can't tell you to do that because they can get in trouble. The key is, if it's there the next morning after all the inspections are done, they are not going to pay their workers extra just to tear it out....
ReplyDeleteGo get your insulation and some flashlights and do what you have to do. I didn't do mind til about midnight but I got it done and I can soooo tell the difference between my home and others.
Just politely ask them exactly when they are going to do drywall or when the last inspections before that is and go do it yourself that evening.
Agree. The insulation makes a considerable amount of difference.
DeleteHey S and P, I'm going to be your neighbor pretty soon. Pre construction meeting on June 10.. I think.
ReplyDeleteI googled for the lincolnshire floor plan earlier and found your blog. I then looked at pictures and said, huh, that looks really familiar. We are building a lincolnshire on lot 40 across the street!
We will definitely be keeping up with everything you post as you are leading the way for Lincolnshire's in the neighborhood :).
Hey Austin!! Glad you could find us. Trust me I know how it feels, I could not find a single Lincolnshire online!
DeleteDid you start your blog? IF you did, please share your blog with us. Its so good to finally find a TN and Lincolnshire buddy!! :-)
Did you attend the block party this Saturday?
Thank you all!! My hubby wants to discuss this issue with our SR and PM one more time before we decide to do our sound-proofing! I guess we are a little hesitant to offend our PM!! We are schedule to finish framing by Thursday, I think we have some time to make up our mind.
ReplyDeleteBut I'm definitely pumped up with your responses!! Thanks...
They can waive the origination fee. When we found an outide lender with the better rates and closing costs. I sent over the GFE and said we will be using an outside lender if NVR couldn't match. This was because NVR had basically taken our "Deposit" to start and ate it up in closing. When we initially wanted it to be a down payment. The outside lender was able to do this for us and pay most of our closing. NVR tried to match so they waived the origination fee and gave it as a credit. Yet, with the rates climbing they can't really match in that aspect. KEEP trying and looking!!! Our outside lender didn't even charge an origination fee. They say that is how they make their money back on that "credit" you get.
ReplyDeleteYep... Its was your post that made me shop around!:-)
DeleteIts very discouraging that some LOs work with their clients and some don't, from the same company! Same is true about the SR and PM too. Our team is being very inflexible. And when we questioned it, they said that's how it works in Tennessee... I'm not buying that!
NVR seems like a very expensive option (even with the builder's bonus). The rates in our county are sky rocketing, but we'll definitely consider all our options before we sign on the dotted line!
Definitely do that! I know a Project manager from our area just relocated to TN. So they should be familiar ;) That is such a bummer they are not working with you! Use the term "steering" the next time you chat with them. Google it! You will see what I mean. Our lending agent told us about the term and said for us to reference it in a conversation. That is when they started to work really hard in meeting our outside quote.
DeleteYes, this was the blog I read that talked about it! I'm glad I read this cause I wouldn't have shopped around otherwise. We are still a ways out from being able to lock rates, but when the time comes in a few weeks, I am definitely going to mention it to my LO at NVR and see what they can do. I really would rather use my own bank though, it's a military bank and they are just fantastic. I'd rather not be stuck with NVR who is just going to sell it off anyway. We'll see!
ReplyDeleteSounds like USAA is the better option for you guys! As I mentioned in my earlier reply to Sperkins....Seems like it varies from state to state or LO to LO, how much they care for your business.
DeleteThe response we got from our LO at NVR wasn't very encouraging! But I hope that's different for you guys and your LO is willing to at least try!...All the best! Keep us informed....
the rates started climbing up on us right around our 60 day lock in...our builder offered us a higher rate (of course) so we checked out BOA, who offered us 3.375 with a 60 day lock so we decided to go with them although our builder matched what BOA was offering but we were so frustrated with our LO that we said screw it. There are a lot of people in your boat. You should shop around for sure. My hubby and I were researching yesterday and some lenders are still offereing 3.25-3.3%.
ReplyDeleteWhen we first signed with Ryan NVR was competitive but we have experienced the same issues you are now. We started shopping for mortgages a couple of weeks ago. We tried to go back to NVR with our GFE but they couldn't match it would out us putting down points. We ended up walking away from NVR and going with First Financial Services which I hope turns our all right - our SR is concerned I think that we won't have everything ready to close within 14 days of the house being completed but the mortgage company we choose assures us that won't be a problem. Hopefully everything will work out /em crosses fingers!
ReplyDelete14 days is a good time I think to wind up after everything is done. That's really nice of the lender you choose to assure you that they will work with you! Hopefully everything will fall in place for you!
DeleteWe are still going thru this... as suggested by other bloggers I've stopped worrying too much till next couple of weeks, as that's when we'll be in the 60 day time frame. But we are receiving rates and closing cost quotes from NVR everyday and they are not looking good!