Sunday, December 25, 2011

NVR Mortgage

This week one of our scheduled meetings with regards to our home was with  our NVR mortgage agent.

At the time of signing our initial property papers, our Ryan home agent provided us with a check list on documents we needed to supply for the loan approval. Having this ahead of time gave us the opportunity to gather  all the documents together without feeling rushed or panicked. This was helpful for us especially, as we currently live in two cities and our documents are not all at one place.

Though Ryan homes lets you choose another lender, they do give you incentives to use their own lender ie. NVR mortgage. You miss out on these incentives if you go with another lender. In our case the incentive was a finished morning room which allowed us to use the money to get a finished basement.

                                                           Model Home Morning Room

We also got pre-approved by another lender prior to starting the house search. This was recommended to us by our realtor.  The theory behind this is that, being pre-approved improves your credibility especially if you are buying a resale home. It gives the seller assurance that you can afford to buy the home and works in your favor if you are a candidate in the bidding game against someone who isn't pre-approved. In our case we were asked by our Ryan Homes agent if we were pre-approved even before she gave us a cost estimate for our home. I don't know if being pre-approved helped our cause.

Anywho, we have submitted all our paper work for NVR mortgage, signed close to hundred papers (exaggeration...but enough that I want to get a signature stamp made!) and are waiting to hear back if we are approved. Being the holiday season we were told it would take maybe two weeks before we would find out). Ryan homes also offers assistance to find you another lender in-case you are not approved by NVR which is a good back up to have.

We plan to lock in our interest rate 60 days prior to our closing date which is in May. I did read on someone's blog that he tracked the interest rates for a few weeks before locking the rate it. I am not sure on to do the tracking yet as I still haven't started researching it but would love hear some ideas if you have any!


No comments:

Post a Comment