After reading so many blog entries about problems with NVR, I'm almost embarrassed to say we've been really pleased with them so far (knock on wood!). Our agent has been fantastic ... and frankly so are our SRs. Feeling very lucky.
I've read several entries about people who were missing paperwork, etc. Our agent sent us the following list of stuff we needed to bring to our very first meeting with him, and it made everything go smoothly. From my experience with other mortgage companies (new mortgages and refinance), it looks like a pretty standard list. Since there seems to be a lack of communication with some agents, I thought I'd share it:
1. Last 2 months bank statements (all pages). Please document all large deposits.
2. Last 2 years tax returns and W-2's or 1099 statements.
3. Last 2 paystubs
4. Copy of listing agreement on current home (if applicable) or a fully executed sales contract if your current home is under agreement
5. Most recent statement for any asset account (ie retirement account, stocks, etc)
6. If you are renting, landlord name, address and #
7. If recently married or divorced, a copy of the marriage license/divorce decree
8. If you pay out or receive child support or alimony, copies of the support/court order
9. If you are starting a new job, a copy of the offer letter
10. If you are receiving a relocation package, copy of what you are receiving
11. Copy of your driver's license
12. Copy of your green card, if applicable
13. Copy of your social security card
14. If you have filed for bankruptcy in the last 7 years, copy of all bankruptcy paperwork
15. If you currently own a home and escrow taxes and insurance, need payment book to show escrow is included in payment
16. If you currently own a home and pay your own taxes and insurance, copies of tax and insurance bills
17. Check to mortgage company to cover appraisal and credit report costs
That is where the pleasantries may stop, we had to keep reaching out to them for info, be very careful with transferring money between your accounts or from external resources, they are very picky about that stuff when it comes to fluctuations in your assets. Check back in with us in a couple of months :)
ReplyDeleteI have to say I have been very pleased with them as well. we brought our first list of things to the meeting, the rep gave me another list after the meeting which i got back to him the next day, we got the approval 9 days later(they said it would probably take 21 days). So all in all a very quick and good experience. I also called my rep about something else and wound up being able to lock my rate (3.875% 30 year fixed) at 120 days and not having to pay any points. As a matter of fact, i got .25% point credit off of my closing costs. If closing goes as good as the rest its been a breeze!!
ReplyDeletewe had tried to build a year before we actually did. We were getting funneled through NVR then and did not have a good experience with the process. Back and forth on approval, etc... So when we signed back up a year later, I expressed my displeasure with my previous dealings. The second go round went great with nothing redundant. Probably had something to do with me expressing my desire for NVR to piss up a rope if they come at me with the idiocy they did the first time.
ReplyDeleteI glad to hear that you are having a great experience with them. Unfortunately, we ended up with a loan officer that we were told has had many complaints filed against him. We are going to keep our current home and rent it out. It was like pulling teeth to try to get accurate information from him regarding making this possible. http://ryanhomesjourney.blogspot.com/
ReplyDeleteI agree with you WJ. It's been pretty smooth for us so far too and we got that same list. I had it all together and ready to go for the first NVR meeting and it couldn't have been smoother. Our loan officer is very good at what he does.
ReplyDeleteThat is an excellent list. Thanks for posting it for everyone.
ReplyDeleteHey there-so far our experience has been great! We did have to wait the full 3 weeks for final approval (and we have typical, straightforward info), but everything else has been wonderful. They are quick to respond to us, and touch base with us occasionally. Fingers crossed everything else goes smoothly!
ReplyDeleteWe had a great experience with our loan officer. However, once we had to start providing final paperwork, we were dealing with someone else who was not as on top of her game. I had to provide paperwork I had already provided and explain things more than once because she just didn't get it. If I only had to deal with our loan officer, I would rate them a 10. However, now that I'm dealing with this other person, my satisfaction has definitely taken a nosedive.
ReplyDeleteThanks all for sharing your experiences. Some good things to watch out for -- and still keeping my fingers crossed that things continue to go smoothly. We've got our loan approval, and now just need to do the lock and second round of paperwork closer to closing.
ReplyDeleteOne thing that struck me last night reading your comments, is how different getting a loan is now from when I bought my first house in 2003. I bought as the housing market was really heating up in the DC area and a loan officer literally said to me "I can get you approved for whatever you want." I mean I was making OK money, but certainly could not afford "whatever I want." Friends were buying housing with 0% down, and 2 mortgages to avoid jumbo loans was pretty common. Obviously not good for the economy (hello housing crisis) but it did make this process a lot easier.
I could be wrong, but I think everyone gets this list. NVR was absolutely the smoothest part of the whole house process for us. We had minor issues with sales and some issues with building, but financing? Easy-peasy.
ReplyDeleteThe girl who helped out our loan officer was amazing, she was my favorite person to deal with during the whole building process. Nice, professional, and really on top of her game.
You have to document every deposit into your account, but that would happen with any financial institution. It's the government rules since the bank bailouts that caused this scrutiny, according to the loan officer we had.
Our closing was even simpler. Bring a check and sign a bunch of times.
We, too, had a great experience with NVR. We received that same list, and another list afterward of things to send closer to the closing date. No bumps in the road. The good thing to remember about NVR if you ARE having problems is, they won't last once you close. We got a letter within a week of closing that our mortgage had been purchased by Wells Fargo.
ReplyDeleteNVR has been easy for us as well.... until we got to the final process..
ReplyDeleteOur Loan Officer has been great and Settlement agent as well..but I have already voiced displeasure over the other component.. I felt like I sent the same item multiple times to the same person, have had countless issues that although were not horrible, should not occur if you pay attention to details..
An Example, I received a list of items with someone else
name on it and wrong address..
Roll with the punches..
I've only had my initial meeting with NVR last week, and so far so good. I remember all the headaches from my first house 11 years ago and pray I don't have to go through that mess again.
ReplyDeleteI've been doing some decent size transfers from checking to savings (same bank, different account numbers) after paydays. So hopefully, that won't cause any problems.
I had made a transfer from savings to checking to make our downpayment. I had to spell that out for them (even though they had both statements), so from then on, I didn't make any more transfers. It's not worth the hassle.
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