Wednesday, August 21, 2013

OVER IT - for real this time


I am beyond frustrated with Ryan Homes and NVR mortgage right now. When we originally signed our Sales Agreement and applied with NVR in May the interest rate was 3.25% - which was great, we were getting the house we wanted at the price that we wanted to pay per month…Well that has completely went to heck in a hand basket! Now we are 6 weeks into construction and 72 days away from our estimated closing date, things are behind schedule, framing hasn’t started so who knows when we will have our pre-drywall meeting so we can lock in a rate – and who knows how high the average rate will be by then! The average rate right now is 4.55% and that increases our mortgage payment by about $200 a month. I don’t want to be house broke! And even if we could lock in a rate any time soon I’m not sure that we could since we haven’t even received and approval from NVR and it’s been 90 days!! That’s right – 3 months!! They are so inefficient that they can’t review and confirm our information in 3 months? My husband and I were talking over this last night and had decided to email our SR to see if we could make changes to reduce the price of the home (from finished basement to unfinished/hardwoods to vinyl) this is about an $18K difference. I emailed her this morning and I’m waiting on a response. I’m just over it and to be honest if NVR decides to deny us I would be happy because I am just so sick of having to worry about it…again it’s been 3 months! We’ve talked to another builder in the area and I’m 100% positive that things would go a lot smoother with them. I hate the thought of having to start over completely and wait another 6 months, but we may not have a choice if things keep going this way. Oh and to top things off we asked 2 questions at our preconstruction meeting 6 weeks ago and no one has even bothered to provide an answer- and they want us to complete a survey rating our experience? Ok, bring it on.

13 comments:

  1. Oh no they didn't! I feel your frustration as we went through something similar and trust me I almost threw the towel in a few times I am not understanding why it has been 3 months and no approval I mean are they that busy? Have you all contacted their corporate office or Regional managers to discuss any of this? I hope you all get your approval and some answers soon and if you decide to cancel the contract its all good. You deserve better service than this!

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    1. My husband and I agreed tonight that this is not acceptable and things will be brought to the surface soon- I feel so let down.

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    2. If you need another lender I have our guy we have been working with who is a direct lender and has NVR people in his office and can move things along quickly let me know if you all want his information and I will give it to you!

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  2. Lindsay, we have been through this with RH and NVR too. Well not the actual approval part, we got that one in time, but the whole rate negotiation, communication and the build timeline itself. Trust me when I say I understand your frustration. We started with 3.5% in our area and ended up with 4.75% (which was way over every other bank in our area) and $400 above our estimated monthly payment when we got into this contract. Every time somebody mentions this, I get as mad on them as I was back then.

    I agree with Nadine, try to contact higher ups and see what kinda response you get. You deserve better service that this, we all do! All the best, keep us informed...

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    1. The mortgage approval is the worst part- I've been keeping in touch with our LP, and she is nice, but she never has answers for me. It's awful and I feel like I have wasted so much time.

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  3. We suffered from the mortgage rate jump as well...$200 a month that could definitely have been used other places.
    Definitely talk to the higher ups, and I'm curious as to what your SR has to say about the way you've been treated by NVR? I can't believe you've never gotten actual mortgage approval!?! I didn't think they'd break ground until they gave that. This has to be so utterly stressful and frustrating. I hope you get resolution quickly. Let us know what happens!

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  4. That is so frustrating!! I hope they get back to you quickly and if they don't, I'd probably walk too. $200 a month is a big deal.

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    1. It's ridiculous! NVR has wasted so much of our time. I've even asked them if I needed to get another lender and of course they said no - I could have already had approval and locked in a lower rate with another lender - so basically they are wasting my time and money! Then to top it all off our construction is behind for who knows what reason- I know we aren't the only ones that are building in that neighborhood that are concerned about the lack of progress being made. My husband and I as just unnerved about it all. Ugh!

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  5. I suggest that you talk to another lender, get an approval. You don't have to 'choose' a lender until the date of closing. You are not in any kind of a contract with NVR. Try Quicken Loans etc. It will cost you about $500 for processing but it will take the pain out of your head, knowing you have a back up plan if something did happen.

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  6. If it makes you feel any better, We signed the contract on March, Our foundation and basement was done on the 3rd week of June. The Lumber was delivered the next week and was sitting for over a month and it was on the 2nd week of August that the frame went up. We still have over 2 months for our estimated closing date.
    So many people are building and they have more work than they anticipated, it seems.

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    1. It doesn't make me feel any better, just makes me feel bad that this happened to you! I am trying to stay positive and I just needed to vent because I am very frustrated. Ready for something good to happen.

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  7. The $18K will make about $90 difference to the mortgage. Removing the finished Basement : good idea. But get plumbing ruff-ins if you plan to finish the basement later. It's easy to finish the basement. Ryan homes does a great job with insulating the basement, you guys will just have to hang drywall, do the floors (& baths if any) and paint.
    Hardwood to Vinyl: not so good, Say, a $6000 reduction will only change about $25 our of monthly mortgage..

    In our street we have both Ryan homes and Maronda homes building new homes.. Ryan homes use poured concrete for basement and use a foundation wrap to water proof, while the other builder use concrete brick and just paint them with tar to water proof. After seeing just those 2 things, I was happy that we chosed Ryan instead of the other builder.

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  8. Stick it out, we almost walked away many times after our 4 and a half month worth of delays but in the end you will get the house you want. I contacted the regional manager when I had problems, they don't like getting those calls and he fixed everything. Now our only delay is the va appraisal. We also found an outside lender, we are using Navy Fed. Even if you use NVR in the end find a lower offer and get them to match it, you might save some money this way. We saved hundreds off the monthly and thousands on closing costs. Plus if NVR can't match the outside lender they are required to give you all your incentives.
    This will all be worth it in the end, I know venting helps, my last two posts have been rants.
    www.romeiswheretheheartis.wordpress.com

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