For those who have closed with NVR, how much different were the closing costs from the GFE you received around when you locked?
I know the escrow amounts will change based on appraisal, interest rate, close date, etc. But did the other amounts change drastically?
We are working through to see if it is worth our time and money to switch back to NVR from our outside lender. I don't want to be calculating all of our numbers off of amounts that they give us now, but then they add to them closer to closing.
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ReplyDeleteOur current lender will also be selling our mortgage.
DeleteI am just concerned that they will give me a GFE now and then come back a few weeks before closing and say that something costs more now than it did.
I don't even know if we can get out of our lock with the other lender. They did the appraisal on Friday. Our LO said they might be able to use this instead of having a second appraisal done.
But of course, all this is over the phone. I will be getting everything in writing if we would switch.
For us it's almost the same. We locked in the rates so that fee for rate lock was added, but the last GFE we got from NVR is almost identical to the one we got from settlement.
DeleteWe choose NVR over the other lender about 3 months before closing.. We already had an appraisal from the previous lender but NVR did their own one. Both came at exactly the same amount.
ReplyDeleteI like NVR, but before you switch to anyone at the last minute, make sure it does not interfere with your closing date etc..
We locked and just got a final rough estimate (shouldn't change too much once it's officially back from underwriting). The closing costs were actually cheaper than our original estimate back in February. This is probably due to a number of things, including a lower insurance premium than estimated ($440 vs. 900), lower property taxes needed to be paid upfront (probably due to us moving into the home in October vs. August - our original estimate had a whole year paid), and lower amounts to seed our escrow accounts (due to the time of the year we move in and the lower insurance premium too). Your LP or LO might be able to give you a rough idea, if not the actual amount at this point.
ReplyDeleteWe went with NVR and our actual closing costs were $3000 less then they originally quoted. Mostly due to takes - they were estimating on the appraisal value of the house, and our first tax payment was just on the dirt (or the lot)...so worked out well for us!
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