We were able to see inside the house today...only to see there was a whole lot of nothing done. I am feeling a little discouraged, as some of my blogging friends that started building within a day or two of our house, have now by far surpassed where we are at. We started at a rapid pace, now I feel like the past week has been slllooowww.
On to NVR and these stinking annoying interest rates. LO was supposed to send new GFE with updated rates & down payment on Friday...never sent it. So Sunday 5pm I called his cell phone. I hate doing that, but we were really starting to freak out about the rates increasing. He sent the GFE Sunday evening. I emailed him after we received it, and told him we wanted to lock in ASAP. He called me to verify what I wanted to do, right before I had to start a meeting for work. Needless to say I did not get a chance to talk to him, but he did manage to get out that the rates for today were not yet available and we would have to chat later. I got a call later on from one of his associates because my LO had offsite appointments. BAD NEWS ALERT: the rate had increased .5% overnight - WHAT?!?! if I wanted the same rate I was just quoted the night before...I would have to pay 3 points. UGH...if he would have gotten back to me on FRIDAY like he was going to, we would have locked in and I would be fine...After a lot of back and forth and not being able to talk to my LO, the points went down slightly later in the day to 2.25 for 4% interest rate. Hubby and I decided to lock in. I HATE paying these points, but I did a spreadsheet, and we are planning on being in this house LONG term, so it would payoff in the end for us. I still have a request out to talk to our LO and have asked for NVR to work with us on the point issue...so we will see. I did a frantic search for interest rates, and again NVR had the better rates, even with the rates I didn't have to pay for. BIG PICTURE - 4% is still an amazing rate...just not as amazing as the rates were when we decided to build :(
We went furniture shopping this weekend!!! Lots of it. Not a ton of decisions made, a few things picked out. We bought a table for the morning room, now have to decide on some color schemes. I will post some more on our furniture selections later...getting a little sleepy :)
We are behind you... not even framed yet... but nothing has happened at our lot since last Thursday... I feel your pain! I'm also so, so frustrated with the interest rates! They were 3.25 when we started this! And we can't even lock in for probably another 30 days... I just keep watching my monthly payment go up and up.. so hang in there! Glad you are locked at least!!
ReplyDeleteKimberly - if you are within 120 days of moving in (which I'm assuming you are!) you should definitely look at doing an extended lock. We did a 120-day lock earlier this month (about 10 days before we "officially" broke ground) and this was one of the best things we could have done. Now we no longer have the stress of thinking about what interest rates might do!
DeleteSince you've already started, you might be able to do a 90-day lock which should have better rates / fewer points than the 120. I've found that the LOs don't necessarily offer this information, but if you're staying in-house with NVR I can assure you that they do offer both 90/120 day in addition to the standard 60.
www.buildingwithryanhomes-parkplace.blogspot.com
I would advise if you can look at outside lenders you can lock sooner! We locked 75 days out and didn't have to pay any points with our outside lender!
ReplyDeleteLooks like I got the same rate options that you did. I did do a quick look around, and let's face it....rates have gone up EVERYWHERE! And you are right - in the grand scheme of things, 4% is an awesome rate. :) I locked today myself!
ReplyDeleteHave you looked on Zillow's mortgage rates? I found a lender there and they beat NVR by .5%. Just a thought. I haven't officially called them off yet, but my LO told me she would let me know if they come down enough where they can compare to what we currently have locked. Trust me, I had a major freak out moment too when I realized we were too far out to lock and the rates were going nuts. Just know, the rates overall are awesome compared to what they used to be.
ReplyDeleteI am glad to hear that you locked in! That is really good news! Now, perhaps you will not have to deal too much with NVR from this point. Crossing my fingers for you!
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