NV Homes / NVR Mortgage
Bait and Switch Hanover Maryland

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.

Company: NV Homes / NVR Mortgage
Country: USA
State: Virginia
City: Reston
Site: nvrinc.com

  <     >