NVR Mortgage Meeting

As I said in my first post, we had sort of already been through the home buying process, so at this meeting we knew what to expect. My husband and I were both very appreciative that the meeting took place in the model home in our new community instead of us having to drive 30+ minutes out of the way to NVR's office. They ask that you print out your bank statements, pay stubs etc. I emailed all of them over to our NVR rep prior to our meeting. I already think they use toooooo much paper for everything. I really prefer everything done electronically, personally because I can save it all to my drop box or zip drive. They will email all of your signed documents over to you if you request them to.

First off, be prepared to sign a TON of documents at this meeting and allow for about one and a half hours. Even though you haven't even selected them to be your lender they require  a lot of documents signed to start the process. With that being said I will admit this meeting was actually pretty great compared to our first experience working with a mortgage lender. We decided to look into NVR because RH was offering a $5,000 closing cost incentive if we select NVR. I don't know about you, but that is a lot of dough for me so we gave them a chance. The NVR rep sat down and went over our credit report page by page telling us what was helping us and what was hurting us and how to fix it. We had been working on fixing both of our credit report's for about a year now so there really wasn't anything else we needed to do except pay our credit card balances down to almost 2%. Apparently, that would bring our scores up another 10 points or so.

One thing I really liked about this meeting was that our mortgage rep explained different loan options to us, instead of just putting us in the FHA category right off the bat. We originally planned to go the FHA route but with Premium Mortgage Insurance being on the loan for the LIFE of the loan wasn't exactly appealing to us. In order for us to qualify for a convention loan (which the premium mortgage insurance stays on for only 11 years) we needed to raise our score's about 15 points. So, in the end we are a little nervous because now we need to wait to see in about a month or two when our credit scores are pulled again if we can qualify for a convention loan. Keep your fingers crossed for us!!

Also, we just found out a few days ago the initial underwriting was approved. I honestly wasn't too worried about that but it is nice to know we are good to go! Below is a list of documents you need to start getting your hands on prior to your meeting. Most of these items you will have on hand but if you are like me, I had to go digging for them, If you are buying this home with someone you will need to provide documents for both you and your co-borrower.

• Last 3 paycheck stubs
• Last two years filed tax returned
• Last two years W-2
• Copy of your drivers license
• Last 3 months bank statements. 
• Proof of income (documentation from your current job)

One thing I would like to note is that NVR did charge more for closing costs than our first lender but of course with the $5,000 credit it offsets it by about $3,000. So in my experience they charge about $2,000 more in closing costs. They do say in the meeting that they know they are not cheapest lol but they pride themselves on customer service and our rep mentioned many times he is rated on a survey we complete at end. We will likely go with NVR considering we have had such a good experience thus far and of course the extra $3,000 that we do not have to spent at closing doesn't hurt either :) Also, they will allow you to finance the closing costs as well if you want to.

Thanks for reading!

Next Up: Flooring Meeting (my favorite meeting so far!)