Friday, April 5, 2013

NVR Locked

Locked my interest rate today at 2.875% with a .75% kickback and closing costs lower than what they would have been If I chose the 3% options.  You never get anything without asking.  That email I sent asking for the lower rate just saved me $1,606.95!


  1. The only cheaper way would be your open line of credit with your mother :-)

  2. That's a great rate! Hoping rates don't rise too much while we wait for ur 60-day mark

  3. NVR came to me recently and said they would like to lock my rate asap. I put them off for about a week. I have 781 credit which in my understanding is in NVR's "best" range which is 740 and above.

    With that said NVR offered me different rates. EG:

    Below are the interest rates for the Conventional fixed rate 15 year loan.

    "3.00% there would be a credit of 1.125% ($2349.68) your estimated cash to close will be $54148.00"

    "2.875% there would be a credit of .375 ($783.23) credit and you would pay your estimated cash to close will be $55697.06"

    So I said I wanted the rate of 2.875% with the closing costs of the 3% loan. They said ok and then lowered the closing costs of the 3% loan by another $90. The key was I made them wait a week before I asked. They were starting to get worried they would not have enough time to do their paperwork before the projected completion of the house.