We met with our mortgage specialist, tonight. Kendall has been truly great this far. I was as little worried because we heard from the flooring and wiring folks at Rite Rug and Guardian Home Technologies on Monday, but not from NVR Mortgage. We have 30 days to settle the former, but only seven days to take care of the latter. Kendall called me on Tuesday, however, and was able to work around my work schedule to make an appointment for tonight.
We met at the Cobblestone model home, and completed the application in the morning room. You've got to hand it to the Ryan Homes folks; they know what they are doing. Except for my chair having a loose leg, everything was warm and inviting, and I could completely envision myself having Christmas dinner, doing homework with my children, or having a glass of wine with my wife in the morning room in our new home.
As for the actual application, other than being long, it was surprisingly painless. Kendall explained everything to us and was incredibly patient with all of our questions and my need to at least skim the documents before signing them. She had everything prepared, including having the documents in a sensible order and highlighting where the needed to be signed. I could tell that she'd done it, before. She assured us throughout the process that our credit score allowed us for the best rate (although it was not quite as high as I would have expected or wanted). She gave us excellent advice on what to do and what not to do, to keep our score and mortgage-worthiness high. The most surprising thing was that they had a problem with our bank account transactions.
Last year, we took a Dave Ramsey class called Financial Peace University. We loved it and learned a number of things, including that we were already doing many things the Dave Ramsey way. Just to be clear, I think that Dave Ramsey would call us insane for buying this home. Regardless, the basis of the program is to pay for as much as possible with cash, and to save up for expenses (predictable and unpredictable). The problem with that is that we withdraw and deposit cash from the bank on a regular basis. The banks apparently consider these "large" cash transactions a red flag. And by "large," I mean hundreds, not thousands of dollars. This came as a complete shock to us. We had never imagined it, but these cash transactions can be considered evidence of illegal off-the-books business. When you think of it that it way, it kind of makes sense, but it still seems crazy to me... being penalized for using cash...
We met at the Cobblestone model home, and completed the application in the morning room. You've got to hand it to the Ryan Homes folks; they know what they are doing. Except for my chair having a loose leg, everything was warm and inviting, and I could completely envision myself having Christmas dinner, doing homework with my children, or having a glass of wine with my wife in the morning room in our new home.
As for the actual application, other than being long, it was surprisingly painless. Kendall explained everything to us and was incredibly patient with all of our questions and my need to at least skim the documents before signing them. She had everything prepared, including having the documents in a sensible order and highlighting where the needed to be signed. I could tell that she'd done it, before. She assured us throughout the process that our credit score allowed us for the best rate (although it was not quite as high as I would have expected or wanted). She gave us excellent advice on what to do and what not to do, to keep our score and mortgage-worthiness high. The most surprising thing was that they had a problem with our bank account transactions.
Last year, we took a Dave Ramsey class called Financial Peace University. We loved it and learned a number of things, including that we were already doing many things the Dave Ramsey way. Just to be clear, I think that Dave Ramsey would call us insane for buying this home. Regardless, the basis of the program is to pay for as much as possible with cash, and to save up for expenses (predictable and unpredictable). The problem with that is that we withdraw and deposit cash from the bank on a regular basis. The banks apparently consider these "large" cash transactions a red flag. And by "large," I mean hundreds, not thousands of dollars. This came as a complete shock to us. We had never imagined it, but these cash transactions can be considered evidence of illegal off-the-books business. When you think of it that it way, it kind of makes sense, but it still seems crazy to me... being penalized for using cash...
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