Monday, August 11, 2014

Thoughts on NVR Mortgage

I must admit that I had a pretty negative view of NVR Mortgage based on all of the blogs I had read.  They’ve got a pretty bad rap out there.  There were some positive posts, but it seemed like most people had a pretty bad experience with NVR.  This of course made me feel pretty hesitant about using NVR for our mortgage.

I must say that so far, our experience has been really favorable and we’ve been pleased!  So, for those of you out there reading all of the negative reviews, I think it really depends on your load rep and YOUR attitude/viewpoint/organization skills/follow-up.

<Dear Lord, please do not let this post come back to haunt me> 

Loans today require lots of documentation. I’m no expert, but based on how the housing market crashed; the mortgage industry needed some major regulation.  While it can feel extreme to have to pull together every document relating to your finances, it’s smart on the lender’s part and I can’t fault them for it.  Most people are typically borrowing lots of money and the lender is smart to make sure that you have the money to make payments.  If you go into the process with the expectation that you are proving you are worthy of the lender’s approval, I think it makes a big difference.

My husband and I are pretty positive people; we try to see the good in any situation.  We saw the loan process as an opportunity to make sure we had our information pulled together.  It also created an opportunity for us to have great discussions about our money and what our priorities are. 

So, I guess my advice would be (not that you asked), to approach this process positively.  The more organized you are, the better off you will be!
How was your initial experience with NVR?  Was it better or worse than you expected?

6 comments:

  1. I agree with you on this. We had a pretty posititve experience with NVR. I think it really all depends with the person you get stuck working with. The only problem we have with NVR now is getting in contact with them. Once we were approved for the mortgage they dissapeared. My boyfriend wanted to look into other mortgage options and they just won't call us back. It's kind of like, they did their job by getting us a mortgage, so now they're done. Other than that it went pretty smoothly and quickly. I just hope they're not MIA during the time we want to lock in a rate!

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    1. LaurLew - I have found that the whole process with Ryan/NVR is soooo much better if you like/click with the person you're working with!
      We haven't had to get in touch with NVR since approval, but we'll be checking in the next month or so to see if we can lock in our rates once we're able to.

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  2. Us too! We initially were super skeptical about them. So far they are the only part of the process that is completely enjoyable. Our LO Amy responds within a day. She's been great. When we told her we were shopping around she told us that she would work with us to match whatever else we found. They are actually the shining stars in what has been a complicated mess so far!

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    1. So glad things went well with NVR for ya'll too!

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  3. I have to third that! It really does depend on who you are working with. Although we did have issues with how NVR looks at military pay and VA benefits, we were able to work through that with our loan processor who has been pretty great and responsive to us so far. Our LO on the other hand, he has been MIA since day one when he collected our initial documentation. One thing that has helped us in being more understanding of NVR and the extensive information they require, is the explanation from our processor that they are meeting the requirements of several different loan agencies, because each one has slightly different requirements, they meet ALL of them. So although it feels as though you are giving more information to them than would be required for a top secret security clearance, it is all for a reason.

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    1. Military seems to make it tough for NVR, but glad you're understanding/patient with the process. I agree - it does start to seem like it's tougher than getting security clearance!

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