Thursday, February 27, 2014

It's time to lock!

I received an email from our LO today that starting tomorrow, we will be getting daily e-mails with the interest rates. All I have to do is reply back to that email by 4pm that day and poof, we are locked! We have an FHA 5/1 arm and today's current rate was 3%! It was 3.125 about a month ago, so I'm thinking of hopping all over that! Thoughts?

Also, the exterior framing is complete along with a roof! Woooo Hooooo! The plan was to pour concrete today but it was a no go due to the temp outside. Our PM is going to see what he can do to have it done on Saturday- it should be warm enough outside and the ground itself is fine as of now. So will go out this weekend and hope to see poured garage and basement floors. Then sit back and wait for the NEXT STORM! Ugh- but hey, we have a roof, so shouldn't have much more in the line of delays once the remainder of concrete is finished.


  1. We've had some weather delays too! What a great rate to lock.

  2. BE CAREFUL LOCKING THAT RATE!!!!! Oh boy be careful. We locked AFTER our walk thru and still went over the 60 day lock. Here's what you need to do. ASK YOUR PM when you can lock! Here in Pittsburgh if your PM says its safe to lock NVR has to honor it if you go over the 60 days. Make sure you ask NVR that first and get it in an email! You dont want to lock to early and go over your 60 days.
    It happened to us and NVR had to honor it because our PM said to lock.

    What an awesome thing to get email daily!! What?? We never had that, you are super lucky.
    And Holy Cow was an awesome rate? I had no idea they came down that low again. I thought they were in the 4s now?

    1. DW- you are my house building fairy god mother :) thanks for the great advice! And as far as the interest rates, for a conventional 30 year fixed, they are still low 4's. Our is so low because of the arm....we actually didn't lock because it was 3%, but with 1.125 points. Maybe I'm being a baby, but I don't want to bring more to closing. Our last "estimate" was with 1 point and it still bumped our closing cost some. We could have gone to 3.25% with 0.085 point on Friday plus other options- higher interest lower know the deal......will see what Monday brings, maybe the winter storm will lower it haha!