Things are starting to come together and the next major
hurdle is to lock in a rate. I attempted
to lock in a rate back on August 24th when NVR was offering 3.875
which was a pretty darn good rate. Sadly
Ryan Homes never responded to requests to confirm a closing date and NVR couldn’t
lock me in. The daily change in rates
can cost 10’s of thousands of dollars over the life of the debt. At one point NVR said I could buy down the
rate for 4,000 and be closer to the rate I lost…..costing me an additional 14k……I
think not.
Ryan Homes and NVR agreed to give me 1.5 points to buy down
the rate to lower it closer to what I tried to lock in. It hasn’t been close to the rate yet and each
day I watch and wait looking for the rates to drop some. Currently they still have me paying 1k to get
back to the rate they failed to lock in.
I have a feeling tomorrow will be a good rate day. The mortgage rates used by NVR come out daily
are based on the rates of the 10 year Treasury note. I found a direct correlation between the
rates offers by NVR and rise or fall of the 10 year Treasury note rate. Today the 10 year Treasury note dropped
almost to the point where it was back in August 24th.
Here is the trick, NVR requires you to lock in by 4:30pm. You can pull up the 10 year Treasury note and
determine if the rate is going up or down for the current day. If the rates drop during the day of the 10
year Treasury note it is likely that NVR rates tomorrow will be better than the
rates they gave you today.
Patience is key here.
Our current home has its home inspection this Friday. It’s been a good house but it’s over 60 years
old and I worry something I don’t know may be wrong with it. I can’t imagine anything serious will come
but considering how bad of an experience it has been to sell my house I plan on
it not being fun. I also think a lot of
home inspectors include things just to make sure they cover their own
butt. Hopefully nothing serious comes up
and the buyer doesn’t over react and argue over things.
The landon is moving along at a slow pace. We went up this weekend and they only had the
first coat of tape up. All of the
corners were untouched. There isn’t as
much to do now since the guts are all covered.
I’m trying to stay focus on the final sale of my house and packing. Hopefully the garage will get emptied and I
can sneak in there and paint it before they lock me out.
We sent our PM some punch list items last week and have not
heard from him. There is totally a
copper pipe with no support floating free in the wall. The plumber removed the support when he put
in the vent and didn’t put the support back.
Now that they have drywall up, I’m not sure how they plan to fix
it. They also put my AC compressor rough
in on the wrong side of the house. This
is a pretty big issue as we wanted our noisy AC unit to be on the small side of
our lot away from our usable yard. They
confirmed this in the Pre-Con meeting. I
am sure this was an oversight and hopefully something they can change. We found a dent in our garage door that is
highly noticeable. I have a feeling they
installed it so there is a door and will fix it, but we wanted to make sure we
put it on the list. Guardian told me
they would move a speaker for me and they didn’t so the wire was plastered
over.
We are just about 1 month away from closing.
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