In a fit of panic I just decided to be safe rather than sorry and did a 90 day lock with our outside lender.
At our pre-drywall meeting when you typically lock with NVR, I'm going to send over my GFE from my bank to see if NVR can beat it. Chances are they won't be able to because rates will be higher and we'd have to take more credit to cover their higher closing costs. I'm sure they will try though, maybe if they waived their loan origination fee then they could do it. We'll see though.
We are only about $100 more than we had originally hoped to be paying...I can handle that. And we are getting all but about $250 back from our good faith deposit. That was my biggest stress...we could have left that and taken a lower rate but we need a fridge, couch, table, and we have a laundry list of things we want to do and that money was going to help do it. So, now I can sit back and relax. Whew.
Glad you got a good deal. Just think in 10 years the interest rates we are paying will be so low. My in laws second home was 14% interest rate and that was a great deal at the time.
ReplyDeleteThat's exactly what my mom said. Plus she also said we could always refi if the rates drop again later. But it doesn't look like they will until after the summer at least...but who really knows. We were in the same boat in 2006 for a house we built and ended up locking at 7%! Our mortgage was more than it will be by about $600 a month and it was less expensive!
DeleteCongrats on the great deal and sit back relax and enjoy the progress its smooth sailing from here!
ReplyDeleteHey that's great! I can't wait to be there....:-)
ReplyDeleteHi, If you don't mind me asking, what broker or bank did you use to lock in for 90 days? Based on today's rate, we are paying over $200 more a month vs when we first qualified (during purchase). Ryan has delayed our delivery date from June (at the time of purchase) to unknown date in August. I'm holding them responsible for the rate increase.
ReplyDeleteThanks.
USAA. It's a military bank though so you have to have a tie in to become a member. You might check out local credit unions too.
DeleteCongrats! We elected to lock early too just for the peace of mind. One less thing to worry about now!
ReplyDelete