- Report: #290875
Complaint Review: NV Homes/ NVR Mortgage
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| NV Homes/ NVR Mortgage .nvrinc.com
Reston, Virginia U.S.A. |
|
NV Homes/ NVR Mortgage Bait and Switch Hanover Maryland
*Consumer Suggestion: Rate versus Debt to Income ratio
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We signed a contract on a townhouse that NV had knocked 80k from the price on, ( realizing that the new price is probably closer to what its really worth) As they always do, they forced us to use their mortgage company in order to get the " incentive". We locked our interest rate at 6.75% with a 1% Loan Origination Fee.
While filling out the paperwork, we mentioned that if we were too high on the debt-income ratio, we might consider trading in our car and buying a new one under our company name. No one said that the rate that was locked was contingent upon the car.
Anyway, a week later we got a pre-approval letter showing the payoff of the car as a condition for approval. When I contacted a dealer, he said I would be 10K upside down in the car. I contacted NVR and told them it would not be wise for me to trade the car in now. They said they might still be able to approve us, at a 7.05% APR! I asked them what the debt-income ratio had to do with the APR, and they said that is was contingent ( keep in mind there is no paperwork showing the old locked rate was contingent upon anything)
Anyway I traded in the car, and told them I wanted them to pay off the balance of closing ( 4400USD) to "split the cost". The GM told me that the mortgage broker never said she couldnt get me approved if I didnt get rid of the car, and that I will have to assume the loss on my own. He also offered me 500USD just because. 500 on a 417k house, with a 25k closing cost deal. We are closing on Friday, but I dont think Im going to sign anything until this guy comes back to me with some real money. I left him a message telling him he was insulting me and he needs to come back with a 4 digit number.
If I cant get my money back, Im getting ready to take them to court. I have the documentation for everything, and am not going to let it go.
Amr
Windsor Mill, Maryland
U.S.A.
While filling out the paperwork, we mentioned that if we were too high on the debt-income ratio, we might consider trading in our car and buying a new one under our company name. No one said that the rate that was locked was contingent upon the car.
Anyway, a week later we got a pre-approval letter showing the payoff of the car as a condition for approval. When I contacted a dealer, he said I would be 10K upside down in the car. I contacted NVR and told them it would not be wise for me to trade the car in now. They said they might still be able to approve us, at a 7.05% APR! I asked them what the debt-income ratio had to do with the APR, and they said that is was contingent ( keep in mind there is no paperwork showing the old locked rate was contingent upon anything)
Anyway I traded in the car, and told them I wanted them to pay off the balance of closing ( 4400USD) to "split the cost". The GM told me that the mortgage broker never said she couldnt get me approved if I didnt get rid of the car, and that I will have to assume the loss on my own. He also offered me 500USD just because. 500 on a 417k house, with a 25k closing cost deal. We are closing on Friday, but I dont think Im going to sign anything until this guy comes back to me with some real money. I left him a message telling him he was insulting me and he needs to come back with a 4 digit number.
If I cant get my money back, Im getting ready to take them to court. I have the documentation for everything, and am not going to let it go.
Amr
Windsor Mill, Maryland
U.S.A.
This report was posted on Ripoff Report on 12/12/2007 07:57 AM and is a permanent record located here: http://www.ripoffreport.com/r/NV-Homes-NVR-Mortgage/Reston-Virginia/NV-Homes-NVR-Mortgage-Bait-and-Switch-Hanover-Maryland-290875. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.
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Search Tips#1 Consumer Suggestion
Rate versus Debt to Income ratio
AUTHOR: Sc312001 - (U.S.A.)
SUBMITTED: Friday, January 25, 2008
I have my own issue with NVR in MD & will file my own report. But as a mortgage consultant, I wanted to let you know that the rate on a loan is directly related to the loan risk. If your DTI was too high to qualify, the rate would be increased in an alternate product to compensate.
Sometimes underwriting exceptions have a fee associated with them. DTI ratios can be approved by the Fannie Mae underwriting engines to 65% with a strong borrower. Depending on your credit score, however, NVR may have been able to easily switch you to a limited documentation loan where the car payment wouldn't have mattered. They are no longer permitted to do those"in house", via closing in their name. They would have had to actually shop your loan around. Probably too hard for an order taker.
The car payment could have also been paid down to have 10 payments left & it could have been removed from your monthly debts. I am guessing that loan officer never mentioned that to you. I wish I had seen this before you settled to give you some help! I hope it went off OK for you.
Sometimes underwriting exceptions have a fee associated with them. DTI ratios can be approved by the Fannie Mae underwriting engines to 65% with a strong borrower. Depending on your credit score, however, NVR may have been able to easily switch you to a limited documentation loan where the car payment wouldn't have mattered. They are no longer permitted to do those"in house", via closing in their name. They would have had to actually shop your loan around. Probably too hard for an order taker.
The car payment could have also been paid down to have 10 payments left & it could have been removed from your monthly debts. I am guessing that loan officer never mentioned that to you. I wish I had seen this before you settled to give you some help! I hope it went off OK for you.
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