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SmartMoney you must be a night owl... Me, I just can't sleep lolI guess my last question to you would be... Would increasing my down payment or monthly payment help sheild me from the possible extra fees? I'm mortgaging about 157000 with about 96k down.I appreciate your time and the plethora of information you've posted. Now I know why I never got into finance... I'd better stick with computers.
I think you'll be fine as long as you accept that you aren't going to be getting the best rate. It's when that need for the best rate collides with wanting the rest of the package (free finish bsmt). It's possible you could get both, but you would have to have this negotiated up front and applicable. This is where the Realtor earns every dime.......negotiating the best of both worlds for you and getting the proper language in there that any changes to the regulations regarding RESPA would be retroactive to your purchase. Their favorite line is "if you don't have a real estate agent, we can give you a better price." I would say BS in this market, if the agent is experienced. I've seen them ask one small question about a lot that saved a buyer thousands.
You already have a chunk of change down...there aren't other fees that can be avoided - you'll be shelling out some more $$$$ when you select your options, but that's pretty much uniform.
Well, on my drive to the builder's office I called a lawyer that comes highly recommended from another brokerage firm. From what I hear, he is anal retentive but good at what he does. For $900 he is going to handle the whole process for me from beginning to closing. Now, he said his fees would be included in my closing costs. Is that an accurate statement? If so, then I'd basically be getting a lawyer for free no?
I went with NVR when I bought my Ryan home and knew upfront I would not be getting the best rate. However, it was fairly competitive and, since I was only borrowing a relatively small amount (put 70%+ down), that was fine with me. Plus, again because my loan was small, the closing cost incentives I received for financing through NVR covered all my closing costs.
I needed convenience for this mortgage since I was closing during an extremely busy time for me when I was travelling almost non-stop for work. NVR was hassle free and above board in all respects.
I was dealing with their office in upstate South Carolina. They do sell your loan as soon as they can, but that was good. NVR does not offer any online mortgage account management and they sold my loan to Countrywide which does.
Well, on my drive to the builder's office I called a lawyer that comes highly recommended from another brokerage firm. From what I hear, he is anal retentive but good at what he does. For $900 he is going to handle the whole process for me from beginning to closing. Now, he said his fees would be included in my closing costs. Is that an accurate statement? If so, then I'd basically be getting a lawyer for free no?
Do you mind me asking where are you located because I would like to get that lawyer's information for that price. What did they request for the earnest money deposit?
hehehe........delivery date? If after April 16, 2009, they CANNOT legally require you to use NVR in order to receive incentives from the builder. It was suppose to be tomorrow, but attorneys for the home building lobbyists got a 90 day extension.
Smart Money - any update on this? From what i can tell RESPA does not oficially rule out builder tying an incentive to their in-house financing. If this tie can not legally be made I'd love to know!!!
I'm building with Ryan - breaking ground in 2 weeks so closing in 3 months or so.
Hello, my wife and i have been looking at a new Ryan Home. We have been interested in NVR due to the offer of all the incentives (finished basement, sun room etc). I have been reading these blogs and am now puzzled. With regards to RESPA are we now entitled to these incentives regardless to the mortgage company we use? Also, what is the benefit of mentioning RESPA to the NVR representative, does it make them have to divulge all their information.
If anyone can help we would greatly appreciate it.
I mentioned RESPA and didn't get much of a reaction other than it would not apply to me because it is based on sale date? Last I heard the mortgage industry successfully lobbied to get it postponed 6 months. I think that would mean June is the earliest it could go into effect, unless government caves to them again. I'm getting about $16,000 in incentives to use them for my mortgage so I will probably go with NVR.
Forcedfx...we are in SJ as well, looking at Silver Oaks by Ryan in Egg Harbor Twp. How did it work out with your lawyer and would you recommend him for us, just getting started in the process? Thanks! SM
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I was hoping you were going to say the DC area. Thanks.
NVR mortgage
