Wednesday, January 23, 2013

8 Days - NVR Drama

As much as I would love to vent in the blog post I decided not to. I have talked to a few other people who have built new homes and used mortgage companies other than NVR and they expeirenced the same thing I am experiencing. Therefore I have concluded that it is not NVR's fault but rather the process. Overall the Processor at NVR has been great. She has been very upfront with me reguarding information she was missing. We received some news from NVR today and it is to complicated to put in writing so lets just say it resulted in $1725 of the money we have saved up for closing cost as no able to be used towards closing costs-something about loan refunds or whatever....so that makes for another $1725 that we have to save from our paychecks by February 1st... except they want confirmation that it is in our bank account by Januray 27th...whatever it will be there just a little annoying that we have $1725 in our bank accounts that we are not allowed to use at closing- but we are not allowed to spend it until after closing either.

So then I got an email from my loan officer with a breakdown of what we are "offically" going to have to bring to closing, and it is about $1000 more than what we have been told during this entire process (including verbally last week). I do not understand how this is as if anything it should be lower due to the credit we got for locking in our rate. Then we found out that about $500 of it is going to be taken off of that estimate so that is a little better. It is still annoying that we thought we had all the money we needed for closing and now we need an additional $2225 before January 27th.

In other news we are going to walk through the house tomorrow. I think all the major stuff is done except countertops and stove/microwave...which PM said would be done Yesterday or the day before. They painted our front door on Monday. Our final walk through is scheduled for Tuesday January 29th so less than a week away. I can not belive we close a week from Friday...It feels so surreal. Of course school started back up about 2 weeks ago so that has kept me plenty busy. Between that and packing I don't think I have had time to really obsorb the fact that we will be homeowners in less than two weeks.

Jason is a little sad that we will not be getting a driveway until it warms up. There was a really small window of 50-60 degree wheather last week and Jason thought for sure they would have done it...and they did do our neighbors but ran out of time for ours. I am very excited to be moving in but I have to admit the place is a mud pit. There is dirt and mud EVERYWHERE. I will be so happy when they can install the driveway and sod.  Well I just wanted to get everyone up to day as I know I have not been writing a lot latly. Mostly pictures.

As always Happy Building!
Melissa

18 comments:

  1. Melissa,

    I agree with the whole Mortgage process. Having a good Loan officer certainly helps, however I was unhappy with other folks during the process.

    I didn't get the number I needed for closing until the DAY BEFORE! so I wouldn't be surprised if it changes.. initially they told me the same thing and we saved the money a month before closing.. and then BAM.. ohh btw you only need this amount.

    Fun times..

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    1. Yeah I really wish they would get their stuff together and just figure it all out in advance. Even our loan officer was confused with how to apply the credits :/

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    2. Melissa, so sorry they are confused.....ours was pretty much right on the money the entire time I have to say. In the end we brought a couple hundred LESS than quoted...sorry you have to dig deep in the pockets..

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    3. Thanks DW- We have the money it just stinks because we were planning on spending some this weekend and now I am terrified to. I am afraid they might add on additional costs that we were unware of between now and closing. Oh Well...It is probably better off where it is at lol ;)

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  2. The whole mortgage process could really use an overhaul! I guess we got lucky when we found out we needed less than they originally estimated. I've seen others get the go ahead to start purchasing stuff they need like a refrigerator, etc. in advance but they told us not to spend anything beyond our normal bills. Maybe it was because of the VA loan. Luckily we have separate accounts or we wouldn't have been able to buy anything in advance and that just seemed crazy when we had plenty of money in the bank.

    Hopefully you'll get good news when you are told the official amount to bring to closing!

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    1. I guess I just got my hopes up. The amount they are telling us is about $1000 less than what the original quote was when we first started this process so we are lucky. I just hate that I got my hopes up that it would be even less and then I found it was not :(

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  3. I hear you Melissa!! There were a few surprises we had along the way that just shocked me. I am not sure why they don't give the entire amount while during the purchasing agreement. Because you have your deposit and than closing costs. We were only told about the deposit and focused on that amount and later told we needed to incorporate the closing costs which I thought were already including according to our paperwork. The only nice thing about this entire process is walking away with those keys in toll!

    You are on the COUNTDOWN OF SINGLE DIGITS!!

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  4. The horrible mortgage process is with any bank now-a-days. Regulations are tighter and they are all CTA's. the reason why-companies like NVR sell your loan after you close, in the secondary market as mortgage backed bonds (to investors) which end up being serviced by companies like Bank of America and Wells Fargo. If you default and go into foreclosure, the investor could come back to NVR and they would have to buy back the defaulted loan, which doesn't make NVR happy - so they require documentation on everything and want to make sure you are worthy of borrowing their money. It is a great accomplishment these days to get an approval and to make it to closing - run with the keys baby!!!

    The reason I'm guessing they won't let you use the money in your account is because it is money that can't be traced (through payroll or by a check). If it was cash deposited - they won't count it. One of the biggest no-no's during the mortgage process is depositing "mattress money". The loan officer at NVR said that it has something to do with terrorists funneling money through the mortgage industry... But I have never looked into it, so don't quote me as saying that. My hubby gets cash bonuses, and NVR wouldn't let us include it because I refused to explain where it came from. Then we didn't use NVR and I learned a lot about loans and how to get one and I haven't deposited cash into the account since.

    The week will fly! We are just about 4 days from closing... Gulp... And I'm blogging instead of packing LOL I'm a huge procrastinator!

    Best of luck! Can't wait to see "moved in" photos!

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    3. Lol I'm sorry! I had no idea you worked for a mort co! Maybe someone else down the road will find my long winded reply useful :)

      Yeah, what you described sounds ridiculous! If you can document funds, they shouldn't have held that against you!

      We don't know our closing costs yet, I'm hoping they tell us by Friday though. It would be nice to know if we can go buy furniture over the weekend or not :)

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    4. So I have to apologize...i just read my comment and realized that I sounded rude which was not my intention - I deleted it and again i am very sorry...it must be the stress lol. I agree with you all...I think these processes should be more streamlined and I think that the estimates that they give you in the beginning need to be much more accurate. Of course no one can account for changes...but maybe they should consider creating an estimate a month or so ahead of time that is guaranteed . I think this would be a much more streamlined process and would provide the customers with a much easier transition.
      Once again I am so excited for you and your house is beautiful!

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    5. I didn't think it was rude! No need to apologize :)

      There needs to be a special font for sarcasm, it would make everyone's life a lot easier! I am very sarcastic and it gets me in trouble when I type haha!

      Thank you for checking out our soon to be house! I'm looking forward to seeing more photos from you too!!

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    6. Lol I think thats a great suggestion...I am sarcastic too and my husband hates it lol.

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  5. Girl you are closing soon........woo hoot....so glad for you.

    I am so sorry about the additional money...

    That does suck, no other way to say it...I'm so sorry :(

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  6. Oh I would have to agree with the NVR thing, I had a good team and I do believe its the industry and NOT really NVR it's a lending thing.

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