We have locked a rate with an outside lender. It's definitely higher than what we would have liked, but hey! rates are climbing and that's a fact we got to face. This is the best rate and closing cost estimate we got in today's market. We would have liked to work with NVRM (they still have a chance, by the way) but NVRM was just not competitive. Their rates have been consistently higher (at least by a quarter point) than everybody else in the market and their closing costs are exactly higher by the "preferred lender incentive" amount offered by RH, so they are not "incentives" after all!
We have been constantly telling them how we feel about their rates and costs. We have sent them several GFEs as proof, and even today we sent them the GFE from "our" lender. If they can't come down, they loose our business! We are still saving like 3 grand (taking into account the lost "incentive"). So no regrets, I guess!
Oh, and one more thing.... Our lender said if we get a better "realistic" rate from another bank during the lock-in period, he would match it, to keep our business. Also, if the rates should fall (at least by a quarter point) from now to our closing date, our rate would go down too by .125% (comparative to the market), at the closing. So we can still hope for a dip in the rates!!!
We have been constantly telling them how we feel about their rates and costs. We have sent them several GFEs as proof, and even today we sent them the GFE from "our" lender. If they can't come down, they loose our business! We are still saving like 3 grand (taking into account the lost "incentive"). So no regrets, I guess!
Oh, and one more thing.... Our lender said if we get a better "realistic" rate from another bank during the lock-in period, he would match it, to keep our business. Also, if the rates should fall (at least by a quarter point) from now to our closing date, our rate would go down too by .125% (comparative to the market), at the closing. So we can still hope for a dip in the rates!!!
CONGRATS!!!!
ReplyDeleteWe decided to go with an outside lender too - such a great choice!
I would have loved to go with NVRM but you gotta do what makes the most financial sense! One less thing you have to stress about now!! =)
I know!!! After so much back and forth, its finally nice to have one thing less to worry about! :-) Not that we will stop looking...it has become a habit now! ;-)
DeleteDid you lock-in a rate yet?
Very nice. I agree that if they can't match the price it doesn't matter what they offer. Every penny helps.
ReplyDeleteOh definitely!
DeleteIt is always such a relief to lock in. Congrats!
ReplyDeleteYes it is :-) Thanks tourqeyes!
DeleteAwesome!!! I found NVR to be higher as well, and the supposed $4k we get at closing for using them gets sucked up in their insane origination fee and "electronic document storage fee" and crap like that! I couldn't believe some of the fees on there, lol!
ReplyDeleteCannot agree with you more. They are so unreasonable!!!
DeleteOh cool now its all a smooth ride from here!
ReplyDeleteI hope so too!!! :-)
Deleteyay ! thats good news ! which bank did you end up going with?
ReplyDeleteFirst Financial Services FFSI
DeleteCongrats on the lock in!
ReplyDeleteThanks Jennifer.
DeleteWoohoo way to go!!!!! So happy that is one less stress for you :)
ReplyDeleteThanks girl!! Learnt from your posts too!! :-)
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