Monday, November 4, 2013

Who's got a rate lock? This guy, and girl, and toddler and baby!

Many of you current homeowners and soon to be homeowners understand the anxiety that goes with locking in your rate. Do I lock in today and it could be lower tomorrow? Or worst, if I don't lock in, then the rates rise!

Well I'm happy to say we jumped off of the rate lock merry-go-round and I think it was just at the right time. For the last week, I stared at the rates on the lender's web site (and no it was not NVR). And they were going down. We planned to lock our rate today but looking at the trend that was taking place we could not wait any longer.

The rates began to creep up only a small tick but not much at all. But seeing this two days in a row, we decided to lock immediately. And I have to say I'm glad we did. The next day it was up .2% and by the end of the day .225%. It has not lowered yet and I have to say I am over-thrilled with the rate we received. :-)

Now I will take a moment to say something about why we didn't go with NVR. At the time we officially decided to move on from them, our drywall was hung and we still did not have an approval. We decided to go with SunTrust as our lender of choice. From the time we started our initial conversation with them until the time we had our approval, it took them all of two weeks. TWO WEEKS! Something NVR had not done in 3.5 months. I have no bitter feelings, but the truth of the matter is their process is flawed and to be such a well-regarded builder, they should be ashamed with the way in which the mortgage arm of the company operates.

Nonetheless, working with our Loan Officer at SunTrust has been a true blessing and to make matters even better, our rate with SunTrust was a whole .4% lower than what we were offered by NVR.

Now down to the home stretch of completing the home and making that closing date :-)