But I am still not all that thrilled about it. Ultimately the "incentive" that NVR gives you just gets added to your closing costs. So yes, your loan principal goes down which is cheaper in the long run. But being asked to bring $15k in closing costs was quite a shock. Union Savings Bank charges about half of what NVR does- particularly $395 origination fee vs NVR's $3000. NVR played fast and loose with the numbers and waited until the last second in order to do one thing- bend me over a barrel and show me all fifty states.
But once NVR saw that another lender had pulled my credit this morning, all of a sudden they were willing to haggle a little bit. When I left the NVR office I think I came out about as good as possible- the closing costs are at a manageable amount, the interest rate is where I want it to be and the house payments are ok. But in case you didn't already know, caveat emptor. There is no such thing as "free".