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Tuesday, July 9, 2013

Switched to NVRM

Yes.... We had to! Since we locked with FFSI, a lot has happened! All the back n forth with RH on the upgrades and lot of discussion about NVRM quotes. Not  to forget the added expense of our new bathroom upgrade, which we will have to pay upfront and the changed sales price etc etc etc.
Now RH has agreed to pay the "preferred lender incentive" in cash at the closing. And NVRM's "origination fee" has been finally waived completely. So the deal became much more lucrative!
Also our time line moved out about 7-10 days with master bath upgrade. Don't know how much more it will move, given that our PM might be quitting! (Just heard about it, don't know all the details yet.....it'll need a totally different post) We din't want to take any chances there.

So taking all these things into consideration and ever increasing rates,  we locked in with NVRM today at 4.75%, which is still .125% higher than other banks. But it came down to today Vs tomorrow money and about 25-30$ difference in monthly payments, I think I can live with that.....
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18 comments:

  1. UnknownJuly 9, 2013 at 9:34 PM

    Is the changed sales price due to your bathroom upgrade? Wow... you've had a lot going on!! At least you are locked and done worrying about it.. still watching those rates and waiting until we get close enough to lock!

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    Replies
    1. S and PJuly 9, 2013 at 10:02 PM

      Yes, our purchase price/ sale price went up by 5k but the loan amount can't change so we have to pay that increase along with the down payment. I just stopped trying to understand their policies and procedures!

      I know waiting and watching the rates go up sucks! But there's no other option...... Hang in there!

      Delete
  2. KellieJuly 10, 2013 at 5:26 AM

    I'm glad it has worked out. Now you can sit back and relax!! Can't wait to see this new bathroom!

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  3. CaitlinJuly 10, 2013 at 7:47 AM

    Congrats!! At least that parts over and done with!!

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  4. UnknownJuly 10, 2013 at 8:47 AM

    at least the hard part is over...

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  5. SperkinsJuly 10, 2013 at 10:45 AM

    GREAT NEWS!

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  6. J and MJuly 10, 2013 at 3:48 PM

    That stinks about needing to pay cash/out of pocket for the bathroom. At least NVR finally waived the origination fee for you. I've been avoiding watching rates since we're a month away from being able to lock with a 60-day. Hope it's a smooth transition if you get a new PM!

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    1. S and PJuly 10, 2013 at 11:13 PM

      I know! Waiting sucks.... Hang in there! You'll get there in no time.

      Delete
  7. newbietobuildingJuly 10, 2013 at 4:24 PM

    We had a positive experience with NVR when all was said and done. Hoping you will find the same! And if you have locked, the finish line is in sight!

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    1. S and PJuly 10, 2013 at 11:12 PM

      We don't even have dry wall yet! I can't see the finish line! :-|

      Delete
  8. HeavenlyHighgroveJuly 10, 2013 at 8:44 PM

    Sounds like you are back on track. So excited for you guys.

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    1. S and PJuly 10, 2013 at 11:17 PM

      I'm getting impatient as we don't have any dry wall yet! Hopefully we aren't too far!!

      Delete
  9. AnonymousJuly 10, 2013 at 10:05 PM

    Great news and great rate. I know it has been better but my in laws told me about the 17percent rate they had 30 years ago (we'd be buying a shack at those rates). Sorry about the out of pocket but you will be do happy with your bathroom now.

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    1. S and PJuly 10, 2013 at 11:16 PM

      Looks like rates will climb more....We waited one day and missed 4.625... Then we decided not to wait anymore!

      Delete