Lock in- its official when you lock in your rate

Things are looking a bit official. Today we locked in our rate with NVR mortgage.  My husband and I received a page document to lock in our rate at 4.25%.  By the way, I had to pursue our mortgage rep to see what the rates were and if we could lock.  If I had not asked him, I am wondering if he would have ever reached out to me to let me know what was going on with locking rates. We haven't heard from him in particular since January. We have heard from our underwriter and processor, but never him. Reviewing the documents there are some things I think are questionable, but I never get a clear answer from NVR.  We are paying $166/month in PMI insurance which is just UGH! but researching online it says a typical payment for our mortgage amount is around $160 so at least that is around the standard. We will have to make additional payments to get the mortgage down to 78% LTV so we can refinance and not pay PMI.  However, what I am not happy with is I see all the interest they are making, and all the closing costs we are paying. In addition today, from the documents sent over, I see we are paying a $3000 origination fee. On top of the $150 application fee. So, not only will NVR earn the $195K over the life of the loan, they get $3000 just for doing the loan?  It doesn't seem right. 

I guess that leads me into the entire appraisal process and not sure what they are doing at NVR. I am tempted to get my own appraisal done after closing just to see what the difference is.  The appraiser came out a few weeks ago when we were in the rough dry wall phase and was able to give NVR an estimate of the house's worth. I understand they have been doing it a long time, but there was a discrepancy of what our house was appraised for, and what the houses are selling for in the area.  I am not to worried about it as I don't want the house to be assessed for more due to taxes, but it seemed a little shady they purposely appraise rate at the level above 80% LTV so PMI will have to be paid.  Just something to think about if you are in the research mode of financing a home.

I apologize for the stressful tone of the blog post today.  As I mentioned before, my best friend's wedding is coming up this weekend  (it is a big traditional Italian wedding), our current house is still for sale, I am in grad school, dealing with NVR, the miscellaneous contractors calling to introduce themselves (today was the heating and cooling people), and work full time. I love staying busy. Today I just felt like screaming! Its just so much going on. On top of all this, my son's preschool is planning the end of year festivities. I am trying to do it all. Unfortunately, I work at a strict workplace when it comes to time off.  I am working on a way to be able to accommodate my son's school activities on top of all the time I need to schedule for the final walk through, closing, and moving all within the same month.

My husband is  helping out. Today my husband brought the owner of the realty company through our current house to see what we are doing wrong and why it has not sold since we listed on January 31st.  He loves the house! There was nothing he would change and he thought it was listed pretty fair. I know he is the owner of the company but he said he doesn't know why we haven't sold it. Then there was talk about our realtor. I am not sure he is really committed to his job right now after the reflections from the owner of the company. It just kind of stinks. We are in a position where we cannot truly afford 2 mortgages for very long although we were approved that way, and now we have this realtor that really isn't working in our best interest.  It is frustrating.  Hopefully there is light at the end of the tunnel soon. 

On a lighter more positive note, our general contractor who is awesome texted me an update with some exciting pictures. The house has been painted, and all the electric has been installed. It is just awesome to see everything. In addition, the garage is full of stuff! Things such as the doors, cabinets, dishwasher, microwave, sinks, and faucets. Just so much!  Here are a ton of pictures from the update.   Enjoy! As always, feel free to ask me any questions, and I will do my best to answer.