Financing in 21144>Question Details

Naim, Home Buyer in Glen Burnie, MD

nvr mortage/ how good are they compared to other mortgage. companies

Asked by Naim, Glen Burnie, MD Sun Feb 20, 2011

I was thinking of using them and need a industry opinion of them

0 votes Share Flag Financing in 21144

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I have not seen an NVR contract in years, howver, they used to be quite onerous if you chose another lender besides the NVR mortgage group. I worked with many folks after they signed the contract, and the loss of discounts and upgrades, closing costs, etc, made switching very problematic. However, if folks worked with me before signing the purchase contract, we were able to still negotiate many of these items.
I chuckled at the 50 dollars a month differential, many times we were talking 100's a month. Caveat Emptor!
Happy to help with a competing quote. Jim, HSOA, 703 615 4675.
0 votes Thank Flag Link Mon Feb 21, 2011
Thanks for adding Nick. Meant to talk incentives and forgot all about it.
0 votes Thank Flag Link Sun Feb 20, 2011
I second the answers below... The only thing I would add is with new construction often the builder will not provide you with the builder incentives if you do not go with their lender. Ie: $10,000 in upgrades vs. $50 savings per month with a different lender. So make sure you are taking that into consideration or at least find out specifics on what incentives they would or would not provide you with. I would still recommend comparing and see what is possible.
Web Reference:
0 votes Thank Flag Link Sun Feb 20, 2011
Laura is right. Compare say NVR, Pete from MLHL and me. It's about rate, fees and closing within the time frame needed. I would also Goggle your loan officers name to see what pops up. Ask for references from past clients. Mine are online. Then just trust your instincts on which loan officer seems to be the better fit for you. Ask me any questions you may have and I will do my best to help out.
0 votes Thank Flag Link Sun Feb 20, 2011
Hi Naim,

It is always best to review and compare at least two lenders. Have them give you a full estimate of costs. Rate alone isn't the whole story. You need to see a breakdown of all of their fees, points if any, and standard costs. We use and really like MetLife Mortgage out of Severna Park (410) 299-2043 - Pete O'Donnell. They consistenly have the best rates and terms. Whichever company you go with stay with a LOCAL lender. You don't want someone you find on the Internet whose office is not accessible if you need them.
0 votes Thank Flag Link Sun Feb 20, 2011
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