NVR Mortgage

Let me start this post with saying that I do work for a mortgage company and know much more about the process then the average buyer.  Ryan Homes is owned by NVR or vice versa (I think) and they really push you to meet with NVR.  They were offering a $5,000 incentive towards closing costs if you went with them. I had already started the process with my company, but we decided to hear what they had to say.  It is always good to get two quotes anyway.


Before our meeting, I read some so so reviews for NVR Mortgage and  I'm not gonna lie I totally expected to school them.  Before the meeting they did provide us with the estimated closing costs of approximately $20,500.00 and I also got this information from my mortgage company they they quoted $12,500.  So even with the "$5,000 incentive" I was pretty sure we would go with my company.

I started the meeting by telling the mortgage rep what I do and provided him a copy of the loan costs I was quoted from both companies.  He was surprisingly VERY knowledgeable and took this information very well.  He knew what they quoted was more expensive and basically asked us to hear what he had to say and then they can see what they can do to try and get our business.

We were asked to bring all the following to the meeting: Last 3 paycheck stubs, Last two years filed tax returned, Last two years W-2, Copy of your drivers license, Last 3 months bank statements, Proof of income (documentation from your current job) for both of us.  They ran our credit and submitted the application.  It did take about 2 hours to go over all of the docs and explain everything to us.

A loan processor from NVR mortgage followed up with us the day after and  asked for our most recent mortgage statement and a copy of our HOA statement showing how much we pay each month.  We were approved for the loan about a week later.  It was a pretty painless process.

If you are building a new home I suggest taking this meeting, but also do your homework and get a second quote.  Ask A LOT of questions and make sure they have good answers.  Don't let them be shady!!