- We have worked with four people - our first contact, our current loan officer, our underwriter and the settlement lady. It has not been a nightmare.
- I asked early on who my main point of contact should be and was told our loan officer. He has been fantastic to work with and very responsive to my many questions.
- Your loan officer should give you an idea of when you can start watching rates and when you can lock. I am a bit anal, so I had them start sending me rates in March, knowing we would be closing sometime in May. My LO emailed me the rates every day around 1:00pm. Some days he forgot, but it wasn't a big deal. I tracked the rates in an Excel spreadsheet (happy to share it with you if you'd like to see it) so I could watch trends. We locked our rate about a week before we did our pre-drywall walkthrough. It expires on June 29th and we are scheduled to close on May 25th.
- There is a ton of paperwork. That's just a mortgage period. I keep asking my underwriter if I need to send her anything else so I am pestering her rather than waiting for her to hit me with something last minute (which still could happen).
- Be patient with the process.
- Be willing to be the one reaching out and asking questions.
- Tell them what you don't understand - they live and breathe mortgages, we do not. I asked my LO to explain something and he was happy to do so.
- Ask the questions that come to you when they come to you. I can't tell you how many times I've sent off a one line email because it was on my mind.
Wednesday, April 20, 2016
Thoughts on an NVR Mortgage
I've read a lot of things about working with NVR Mortgage and while our experience hasn't been perfect, it has not been remotely terrible. I'll keep this short but wanted to share my thoughts.
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We too have had a pleasant experience with NVR, (so far)-- the horror stories I'd read had me worried but so far its been pretty smooth sailing. I hate asking them questions though because I'm not really even sure what to ask. I'm interested in your spreadsheet... did there seem to be much change from day to day? The rate we were quoted today was the same exact one they've put on our last two closing cost estimate sheets at the beginning of March and mid April. Makes me feel like that's just the lowest rate they'll ever quote no matter what.
ReplyDeleteGlad you've had a good experience too. I know when I get upset, I tend to be more vocal, so I wanted to make sure I shared my good experience (so far).
DeleteI always ask the questions with the caveat that I have no clue and I'm not sure what I need to know. My LO starts answering my dumb questions and then it makes me think of more. Don't be afraid to tell them you don't know what you don't know.
I'm happy to send you my spreadsheet - I tracked religiously for about 2 weeks and a 3.75 rate ranged from $678 (I pay more because the rate cost was .25 points) all the way up to $2,035 (cost of .75 points). When I saw it coming back down, I waited until I saw a rate/cost I was happy with. When I did, I reached out to my LO and asked if I could buy down the rate any more and what were my options. We were able to buy down a bit more, but it was going to cost us $2,000. When I did the math, it was a difference of $14 a month on the payment and a savings of $6,000 across a 30 year mortgage. It didn't make sense to buy it down when we may not even be in this house for 30 years. If you like a rate, see if there is something lower you can buy. It's always worth asking!