PM told us yesterday we could LOCK...and NVR guarantees our rate even if we go over our 60 days since our PM told us to lock.
Anybody else after they lock say to themselves, maybe I should have waited another day, more it would have gone down more, maybe I could have gotten more money back??????
I'm second guessing my decision, and yet NOTHING I can do about it........it's like more permanent than marriage when you LOCK your rate....LOL..
Any feedback?
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Check out my new post for more information updated.
Today is the day that we get to LOCK IN our rate! I discussed this three days ago with our PM and he is telling us NOT to lock in!! Basically, to put it nicely, $#%# happens and if the rate expires we must start the process all over again!! This was news to me!
ReplyDeleteWhat rate did you lock in at?
Nadase I cant say the rate outloud because I know someone else will come back with a lower rate and better deal and I will scream!!
ReplyDeleteI will email you...LOL
I will still not understand how you are soooo much further along than me and closing is 2 weeks later.
NVR told us as soon as the PM said do it.....they would guarantee the rate past our 60 day lock...
Nadase maybe wait till the PM says to do it...I actually think rates will drop a little more...but I can't stand to gamble it, but in your case, maybe it was meant to be.
Look for an email :)
Just look at it this way...a couple of years ago it would have been DOUBLE if not TRIPLE what you're getting now. Nobody ever thought it would be this low. Heck, even last year this time, when we first started getting ready to put our house on the market, it was still in the upper 4s! And we thought that would be a steal compared to our 6.5%! We have friends who are stuck in 8% because of pre-payment penalties (although at this point they might be better off taking the penalty!), my parents had to pay 12% when they refinanced 20 years ago.
ReplyDeleteAll that to say, whether you lock in today or lock in two months from now, it's going to be a heck of a deal. :)
Amanda thanks so much for the encouragement, that's why I adore my blog family...You are completely correct and what my hubby has been telling me also....He says how can you be upset about such a low rate...I'm not posting the rate for fear others will post their rate lower and make me feel worse.... :)
DeleteMy personality is to second guess all my large decisions, funny though I never second guessed my marriage ....so that being said I don't second guess...everything! (or the birth of my kids, but I thought that goes without saying....)
I'm the same way, except I never second-guessed the rate lock...just about everything else about our house build has been second and third guessed! :D
DeleteCongrats on the rate lock!!
ReplyDeleteLock and float are two big gambles, and either side has it's disadvantages. I would say if I were offered a rate of 3.25% with minimal fees to close, or even a credit at closing (would be nice) I would take it and run!! We weren't able to go through NVR, so we are with a different "Ryan Homes suggested" lender, who said I can't lock until we are 45 days out... which should put me around December 15th - I am hoping Black Friday isn't a huge success and spending is low by consumers or rates could move higher. With the things in Greece coming to a resolve, rates could move higher. The only thing in our favor is the fiscal cliff, which I want to be resolved, but I'm hoping they postpone their resolution until after the new year.
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ReplyDeleteWe locked in yesterday, too. I can agree with the comment on historically low rates, though I can also really relate to how agonizing it is to actually pick a rate, I've blathered about it at length
ReplyDeletehttp://dreamrome.blogspot.com/2012/11/loan-shopping-and-locking.html
Congrats on locking in your rate! Now you have me super curious because we should be able to lock our rate very soon!
ReplyDeleteM, just ask your PM and see what he says..
ReplyDeleteCheck out my new post for new information about changing a locked rate.
ReplyDelete