Tuesday, June 17, 2014
After a very long week of 7 night shifts, I was awoken by a call from NVR yesterday afternoon. To be honest I was just so tired, I wanted to get off the phone as soon as I could after hearing what the rate for the day was. Funny how they want you to make decisions right then on the spot. Initially, when I signed my Purchase agreement and got my good faith deposit, it was based on a rate of 4.25% fixed rate VA loan. Yesterday, they told me the rate was 4%, which only required the origination fee. Since that is included in closing, and I'm getting back most of my Good Faith Deposit, I decided I would go ahead and lock in at 4% for 45 days. 45 days takes us to 31 July, so gives us a week of flexibility on closing. The rate has been competitive to what USAA was offering me, so I went with NVR. USAA will be my back up plan if anything horribly goes wrong. I suppose I could have asked about buying down the rate further, but I need to buy another Living Room set for the man cave, blinds, paint etc. Now we will wait on whatever papers NVR sends us to complete the lock process. I can live with 4%. I just hope the rate does not go down too much between now and closing and make me regret locking so early.