Got the latest GFE from NVR and to me the closing costs seemed excessive, especially the origination fee. I'm glad I've kept in touch with another Mortgage Broker (Wells Fargo). I sent the NVR GFE to him and he agreed it's outrageous and claims he can beat it by thousands. I'm just waiting to see that and I'll update. I can't stress enough, the people at NVR have been great to deal with and very prompt. But I don't care how much I like you, you aren't getting $1,000's extra from us.
Update #1
Wells Fargo claimed they can do closing costs for $3000 less and have my rate be .2% less. I'm waiting on my GFE. I already contacted NVR about this. My LO was very prompt with getting back to me and she said they'll shoot to be competitive.
I'm curious - what was your rate? I think ours was 4.75% - we met with our LO on Friday to go back through things and I was totally lost half of the time because I don't quite understand the terms. But the rate seemed high for 2 people that have scores of 740+. But I think it may be the mortgage type we selected (Lender Paid Mortgage Insurance).
ReplyDeleteYeah that rate frankly sucks based upon the info you gave. How much did you put down, we did 5% hence the slightly higher rate. The more you put down the lower The claim for my FICO is 698 even though the other 2 credit bureaus show me as over 720, but they went with Experian. We're also doing LPMI so that does raise the rate since the PMI is not technically paid separately but is included in the higher rate. We'd be at 4.85% at my current score, and at 720 FICO or higher would be 4.25%. That's why I'll be inquiring today with my Wells Fargo broker because he said both the rate and closing costs given to me are atrocious.
ReplyDelete*the rate. (Had a weird edit I couldn't correct)
DeleteOk - I think I'm going to have someone else review it as well to see what they think... thanks for sharing!!!
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