Building Our New Home

November 30 - eek! Loan time...

Well, the not so fun meeting was this day...actually, I didn't think it was too bad. We met with the rep from NVR Mortgage. I was a little concerned, because we had a couple of friends that bought from Ryan and they said they were pestered by their loan rep to push going with the NVR rate (usually much higher than other rates). Beck and I had already decided that we'd go with Third Federal because their 15% requirement to skip the PMI charge...most companies require 20% down. Not only that, but Third fed had the lowest rates.

Well, our rep put our fears aside. We mentioned our intent to go with Third Fed and he said that made the best sense for us. He was very personable and didn't push anything that we didn't want. Beck and I came into the meeting prepared with everything but the kitchen sink. We had tax returns, pay stubs, account statements, and pretty much anything else that had a number and a dollar sign on it. The good thing was that both of us had a great credit. In fact, the loan rep seemed more ecstatic about it than we did. That pretty much put us at ease about getting the loan. I guess he was expecting a late night of figuring out how we can afford the payments... He was probably happy that we could end earlier...

We ran through about 25 sheets of paper signing and dating each and every one. NVR guy explained each one simply. As expected the closing costs were pretty high...but even with the higher closing and the higher rate, the monthly payments were definitely in our favor after the lot discount. He quoted us our estimated monthly payment, which was about the same as what I had calculated on http://www.nationalcitymortgage.com Who woulda thunk it?

Anyways, the one thing that he needed that we didn't have was the 1% "good faith" payment to the loan. (Ugly story about that...I sent this on December 1st via the crappy US Postal Service. NVR got it on December 20th...I had to put a stop payment on the check which isn't cheap...ugh...)

posted by blimpy @ 9:25 PM