Meeting with NVR Mortgage

Today was not the fun part of our home buying journey.  I'm frustrated now and want to go back to daydream by picking "dream" furniture and decor :)  We had our meeting with NVR Mortgage this afternoon.  Everything went ok and the loan officer said we should have our determination in about 4 weeks.  4 weeks, really??  She said they are pretty behind on getting things processed because they are busy and in the middle of an office move.  I REALLY hope that they stay on top of things and get our application processed.  I don't want delays because the mortgage company didn't do their part.  She said we look pretty good but she could not be sure because the mortgage insurance companies have stricter underwriting guidelines.

The first meeting was just turning in the required documentation and signing preliminary paperwork; the loan officer really didn't provide specific information about types of loans (which is what I was hoping for).  It sounded like you don't get loan details until it is close to closing time.  That's kind of weird - we are obligating ourselves to spend a lot of money and aren't even sure what kind of mortgage rate or programs we are looking at.  I understand about the rates because the change so quick, but I really wish NVR would give more loan details at the beginning of the process.  I even asked about things like the origination fee and mortgage insurance and my questions were really brushed off.  I just hope that we get to have detailed discussions and they just don't put you into whatever loan they want to - I need to know everything that is available so I can decide, not them.

The worst paper to sign was the acknowledgement that basically stated that NVR Mortgage "may not be the best deal".  I HATED signing that, it was like giving money away.  I like to have choices and pick what works best for me, not be locked into a company where I may be paying more.  

Because we don't have a full 20% down, we have to go into a program with lender paid PMI.  We are going to pay a higher interest rate but not pay monthly mortgage insurance premiums.  This is OK, if there is nothing else we can do (I made a ton of calls to other mortgage companies to make sure), but they still charge upfront the upfront mortgage insurance premium.  Part of this is credited back to me at closing, but not 100%.  Then there is the 1% origination fee.  I questioned her about options to get out of that and she tried to convince me that some of the credit they give for the upfront mortgage insurance premium could go towards the origination.  That makes no sense - if the credit does not cover all the upfront MIP, how could it also cover part of the origination? 

I've found two other lenders that do the LPMI program with no origination fee. UGH.  Guess there's nothing I can do about it, it's just throwing money away when I need it for moving expenses, furniture and most importantly keeping in savings.

Well, need to be positive.  Here's hoping for a quick approval and getting loan terms I won't always have heartburn about :)

I'm going to be thankful for...

I'm already learning that in the home building process it is very easy to get caught up in thoughts of  "I wish I could do that" or "I really want this".   I think a part of that is that while you can pick some of your options and upgrades, you are very limited by the selections offered and the prices they charge for upgrades.  When I get too many of those thoughts, I remind myself of the 1,001 reasons that I'm going to LOVE my new house!

So, here's a random "I'm going to be thankful for" thought:  THE PANTRY!

The pantry in the Avalon is huge.  It has a ton of shelves for the organization and storage of food and small appliances.  As a bonus, is big enough for a trashcan (a plus for me for two reasons, first is the fact that I can hide it behind a door and the second is that I'll save $ by not "needing" to buy an expensive stainless steel can). 

Thoughts on Kitchen Cabinets

Maybe it's just me, but WHY does the Ryan cabinet selection include cabinets that look too similar?  I reviewed the Timberlake website, and see a few really nice styles so I wish Ryan would vary their offerings a little more.

Cabinets are important because while they charge you a lot to upgrade, this is something I won't be able to afford to replace for a long time so I want to do them as nice as I can now.  I was looking forward to having a more transitional style, with a full overlay and minimal detailing (like the Timberlake Capistrano or Yellowstone), but they really don't have anything like that.  I did put in a request to see if I could get the Capistrano style so fingers crossed....

When writing the contract, my SR had me pick a backup in case my alternative style request didn't come through.  I picked one of the Wyoming cherry colors (can't remember which one now) but I really didn't have time to think about it - husband was getting a little impatient with the long process at this point.  I came home and really don't think that's the way I want to go (they are not even full overlay) and I'm not sure the color will go with any wood floor I plan on putting down.  Don't want to go ceramic in the kitchen in order to avoid too many flooring transitions (carpet in the family room/study and hardwood everywhere else).  I liked the espresso color, even though they are expensive for a veneer, but I have read that the dark cabinets are difficult to keep looking clean.  That, and I think the dark might close in that big, beautiful kitchen too much.

For the granite, I picked St. Cecilia to start with because I felt it was the most universal but I would really, really want a slab that wasn't yellow.

I may splurge on the Scottsdale Espresso in the master bath but I will wait until my M&R appointment to make the tile selection before finalizing the cabinets and granite.  The wheat granite is the initial choice for the master bath vanity.

My other kitchen alternative is to go with what was used in the Avalon model closest to me; it is the Scottsdale Maple Cognac with Impala Black (upgrade) granite.  Overall it is a nice look, but the level 2 granite is an extra $2750!

We've signed a contract! Preliminary Setup

After going back and forth about lot selection, we finally went with the one that made the most financial sense.  While we are not 100% thrilled with the lot (ok, really not happy), it was the builder lot special and the house worked out slightly cheaper by going with this lot - always a positive.  Our biggest issues were that we would have loved at least a thin tree line in the back, a little larger backyard and no big ugly power transformer, cable post, Verizon flat box and round "manhole" cover right in front of the house.  Overall, I have to tell myself that the house will make up for the lot and it will all work out fine. 

We've made preliminary option selections, but I'm sure I'll change my mind a few (okay, many) times in the next 30 days.  So far, I'm having the most trouble with the kitchen cabinet and granite selections, nothing is really what I want (especially because I'm paying so much for the upgrades), but I'll find the right thing with a little time.  I've found two cabinet styles I like on the Timberlake Cabinetry website and today I put in a special request for one of the styles, the Capistrano.  I love full overlay, clean look cabinets. I got the idea to do this from another Ryan Homes blog as they were able to pick something not offered in the standard lineup, so again I'm thankful that others chose to share their experiences! I can't imagine myself at CTI and M&R Floors for carpet and tile.  I'm on a very tight budget for carpet upgrades and it is unfortunate as I think nice carpet would be a big benefit for comfort and style purposes.  Hopefully they will have a pretty good selection for me to choose from.

I've posted our selections/options on another tab and will keep it updated through all the changes.  

Who knew there were set color schemes for the exterior?  We chose a brick color that is a new option for our community, the Boral Berkshire, and had to go with the Sandy Tan siding, red door and almond trim as they were the only options allowed with black shutters....  Looking at it again, I wish we could see the brick on more than a small sample but this is a color they just started selling.  The internet does not have pictures that help either =(  This means one more trip to the model for review of my selection.

Because of the close proximity of another Avalon, we had to go with elevation C.  I wanted elevation B (primarily for the cost savings, hip roof, the really beautiful LR/DR round top windows and the fact most of the windows are separate and not the "doubles"), but that was already taken by our neighbor.  The only plus to the elevation is a little extra sq. ft. in the DR and bedroom 2, but this will hit us at tax time.