[vrundmc]

@TTrumble – is there anyway for you to help us here? Our P&S was submitted and then entered 2-3 days after submission. The rate went up on the day we received our LE. We then did our bank app two days after the LE. I even think a rate hike at that point seemed wrong given market conditions, would you be able to verify the rate for that day?

Right now, we are stuck waiting for our local county to send title info – it would be great if something can be done during this time.

[vrundmc]

My P&S was entered two days after submission so my interest rate was higher than the day I submitted it. It was frustrating and no one could help me or offer any answers.

[vrundmc]

I thought the lien was placed for the life of the loan? Also, I thought you could obtain a release at anytime for a “valid” reason. I don’t think NACA wants to penalize members from moving for job, school districts, etc. but is looking to make sure houses aren’t flipped or those who are using a NACA property as a rental. I

[vrundmc]

Thank you both for a quick response! I’ll do as you suggest.

[vrundmc]

NACA rate finally dropped. Now it’s below BOA by .25%. I wonder if they fixed it. Still not the greatest news…

BTW – rates might go up because lenders are having a hard time with the surge of activity due to low rates so they are artificially inflating them. YMMV.

[vrundmc]

@newhomedream you can edit your post and remove it. The BOA rate is now at 3.875% so NACA will lower.

• This reply was modified 2 years, 2 months ago by vrundmc.

[vrundmc]

@newhomedream my non-NACA real estate agent attended a webinar and it was a hot topic there.

[vrundmc]

So I know I was concerned and freaking out as well, but yes it’s a technical error. The website code and the data connection back to BOA was unable to handle the current fluctuations. It will be .375 lower than the stated BOA rates.

Any submissions can use that as an estimate and any P&S can be submitted and retroactively will be adjusted.

Good luck everyone!

[vrundmc]

Rate has gone up – 3.875% APR

[vrundmc]

I called the mortgage dept. and my local office. Everyone is saying it’s 3.625%.

This really changed what I could afford in a competitive market in the bidding war i’m currently in.

If someone could really help identify if this is correct. I’ll have to wing my offer here by noon.

[vrundmc]

Of course. Thank you. I found the article linked below that had lenders raise the advertised rate due to demand.

https://www.bankrate.com/mortgages/sinking-mortgage-rates-prompt-lenders-to-add-resources/

[vrundmc]

@Nelsont was that still lower than conventional rates? Maybe you were just joking about this situation to lighten things up :).

[vrundmc]

The PSL is generated using a web form and auto populates the rate. I have it available in my webfile. The incorrect (hopefully it is) rate is tied to all the systems.

[vrundmc]

Very good info. I should basically say $0 for the second deposit unless it’s a secondary good faith deposit. In NJ, I have to confirm if it’s considered that. I just need to make sure it’s clear that it’s a deposit like the earnest money and not a down payment.

[vrundmc]

Thank you. For the second deposit, I think she means down payment but i’ll tell her to make it explicit it’s another deposit and not a downpayment.

I’m going to try and get a lawyer to look at it as well.

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