Monday, December 8, 2014

December 8, 2014

LOCKED and Loaded!

We locked in on an interest rate today. Our loan officer with NVR, Greg (love him) met with us today to go over paper work to have us switched over to a conventional loan as well as get us locked in on an interest rate.

When we first started the process, we qualified for FHA with a 3.5% down payment. Though this was great, we wanted to eventually switch over to a conventional loan which would give us a lower mortgage payment BUT we would have to come to the table with a 10% + down payment, which would be a difference of 6.5%. Well, let me just tell you, God is good, because we were able to work and scrape and scrounge and save up to provide NVR with the funds needed for conventional and were switched over with no problem.

During the initial process, Greg wanted to make sure that he went over debt v. income with us. He talked about how important it is to have as little debt (if any) as possible and the importance of paying your lines of credit down to virtually nothing so you can have the highest credit score possible before settlement.

Just a brief story on the approval process. Let me just say, they asked for everything except for my first born son!! I couldn't believe the things they required in order to start the loan approval process. Pay stubs for this. Where did this lump sum of money come from? Do you have a paper trail for this? Why do you have this bank account? What's this line of credit for? I mean, REALLY?!? LOL, I also have to give a shout out to our loan process Thyonne with NVR. Every time I saw her number come across my phone I just KNEW she was calling to tell us that we were approved but it was just to ask for another piece of paperwork. At times, the process was a bit frustrating but we were finally approved. OH HAPPY DAY! When Thyonne calls, it's almost as like we're two girlfriends catching up with each other. You get to know your loan process and loan officer pretty well during this process because they see you through from beginning to end. You did good with these two Ryan Homes!

We're locked in with a 4.25% interest rate. We're right where we want to be and the finish line is in sight! Now, all we need is a solid closing date. Til next time bloggers!


  1. We are waiting on our loan to be approved. You're right that they ask for soooo much that it becomes overwhelming. While we anticipate a response in the next is quite nervy to have to wait around for phone calls and emails about all of this. We were also quoted that interest rate. Hopefully they're no surprises...

  2. I felt like the loan approval process took FOREVER!!! We were on pins and needles waiting for a response, but our loan processor and loan officer were both fantastic and very informative at every stage of this process. When they came back with that "yes" we were ecstatic! It's such a relief when you get the approval though, because I think it's one of the biggest hurdles to get over. Fingers crossed for no surprises!