Thursday, October 30, 2014

NVR Mortgage Meeting

Within a week of signing the purchase agreement, we had to meet with NVR Mortgage to get approved for our mortgage. You have to meet with them even if you are planning to get a mortgage somewhere else.  We were planning to use NVR anyway since we get $15,000 in closing costs covered if we go through them plus we bank with Ally, which doesn't offer mortgages. Our loan officer emailed us a list of all of the documents we needed to bring with us to the meeting within a day or so after signing the purchase agreement. The fee for the loan application was $550. We emailed all of our documents to the loan officer in advance, which made our meeting go quickly. Our loan officer was very friendly and easy to work with. When we showed up he had already filled out a lot of the paperwork and ran our credit report.  They use all three bureaus and pulled reports on both of us.  They use the middle score of person with the lowest scores for the application.  If you don't have the full down payment already in your account you will have to fill out a budget worksheet, so NVR can see that you have a plan to save for the down payment.  We filled out a lot of forms for NVR, state, and federal.  We got a copy of all the paperwork including our credit reports at the end of the meeting.  We also got an updated copy of our estimated closing costs based on today's mortgage rates, but this didn't really mean much since we hadn't made your tile and flooring selections.  We were approved within a week of our meeting. 

Thursday, October 23, 2014

Homesite Reservation on our Second Visit to Greenbelt Station

About a month after our first visit, we went back to view the model home at Greenbelt Station again after viewing other houses in the area.  I had crunched the numbers and knew we could definitely afford a Strauss townhome while living comfortably and paying off student loans within the next couple years.  Still my husband was waiting on his bar exam results, so we were going to hold off on purchasing until November.  We showed up to the model and about 5 more homes had sold in the past month and the base price had increased $5,000.  We walked through the house with this information in mind.  Once again we loved everything we saw.  This house was perfect for us.  We knew we wanted to be in this house in this community.  The sales reps were now selling homes with delivery dates in May 2015, which lined up with our timeline to buy.  We didn't want to risk another price increase, so we put down a $1000 homesite reservation fee.  This gave us a few more days to think about it without risking the price increasing again.  

We went back on 10/23/14 with our realtor to sign our purchase agreement.  Signing the purchase agreement paperwork took about 3 hours.  We got our $1000 homesite reservation fee back and paid $5000 as an initial deposit.  We also got a list of companies that we would be working with to finalize all of our options.  We had to meet with the vendors within 30 days to make our selections even though our house wasn't going to be ready until May 2015.  In our area, Guardian handled security, phone, internet, and in-home sound systems, and TAC handled carpet, tile, and flooring selections.

We were so excited to be getting our first home!

The laundry room in the model.  It's located on the same floor as the bedrooms.

The kitchen at the model.  We ended up selecting these cabinets.

The main floor of the model

The master bedroom