Downtown STL Fan wrote:Still, I'm so pleased with everything else about pyramid, I really didn't stew about it.
Same here. Dealing with Pyramid is a short term thing - after a year, we will be on our own. You have to look at it like that. Long term, if you reserved early enough, we're getting a great price in a great location
Downtown STL Fan wrote:Also, does anyone have any comments on the National City loans? Sounds like a great deal to me. I got my pre-qualify letter today and should have my commitment next week.
We're using National City. It's a special offer for future residents. If you are buying as an investment, it's not available. You probably won't get 4.75 though but you will get a great rate though if you qualify (credit score etc). NC will tell you that that rate was available when they printed the flyers but things have changed (it's true, rates have gone up). Regardless, it's a great deal. I shopped around and am getting about 1.5% less than anyone else would offer.
Were you able to find out anything about their fees? That's the one unknown so far. We know their rate is lower and there are no points, but what about fees?
Downtown STL Fan wrote:Still, I'm so pleased with everything else about pyramid, I really didn't stew about it.
Same here. Dealing with Pyramid is a short term thing - after a year, we will be on our own. You have to look at it like that. Long term, if you reserved early enough, we're getting a great price in a great location
Downtown STL Fan wrote:Also, does anyone have any comments on the National City loans? Sounds like a great deal to me. I got my pre-qualify letter today and should have my commitment next week.
We're using National City. It's a special offer for future residents. If you are buying as an investment, it's not available. You probably won't get 4.75 though but you will get a great rate though if you qualify (credit score etc). NC will tell you that that rate was available when they printed the flyers but things have changed (it's true, rates have gone up). Regardless, it's a great deal. I shopped around and am getting about 1.5% less than anyone else would offer.
Actually, I just got a letter yesterday that says you can get the 4.75 % with no points. They didn't say anything baout fees.
Downtown STL Fan wrote:Were you able to find out anything about their fees? That's the one unknown so far. We know their rate is lower and there are no points, but what about fees?
my real estate agent and former mortgage company rep said there are a few junk fees but that if the rate is good, they are acceptable.
we got the letter yesterday too from pyramid. it's outdated info. i'd be surprised if you get 4.75. if you contact the bank, they will e-mail you a list of fees.
Actually, I got locked in already at a 5.75% 7 yr ARM through Wells Fargo. That was before I knew about any special deals with National City. Is that good or bad?
HonestBusinesMan wrote:Actually, I got locked in already at a 5.75% 7 yr ARM through Wells Fargo. That was before I knew about any special deals with National City. Is that good or bad?
With rates going up you may want to check National City and see about getting a fixed rate. My understanding is they won't lock in the rate until 2 weeks before closing, but I doubt rates will climb 1.5% between now and then, so it's still a good deal.
HonestBusinesMan wrote:Actually, I got locked in already at a 5.75% 7 yr ARM through Wells Fargo. That was before I knew about any special deals with National City. Is that good or bad?
With rates going up you may want to check National City and see about getting a fixed rate. My understanding is they won't lock in the rate until 2 weeks before closing, but I doubt rates will climb 1.5% between now and then, so it's still a good deal.
Locked in with National City at 5.25 for 30 yr fixed. 5.75 for 7 years is good too!
Quick question for all of you talking about the National City stuff ... has Pyramid decided that National City is its preferred lender for Bankers? Or is this just a special deal that NC is giving for Bankers? Or is this a general thing NC is doing right now?
JimJim15 wrote:Quick question for all of you talking about the National City stuff ... has Pyramid decided that National City is its preferred lender for Bankers? Or is this just a special deal that NC is giving for Bankers? Or is this a general thing NC is doing right now?
it's not a general thing. i'm not sure how 'connected' NC is with Bankers but to qualify for this deal, you have to be buying at Bankers and intend to live there.
HonestBusinesMan wrote:Actually, I got locked in already at a 5.75% 7 yr ARM through Wells Fargo. That was before I knew about any special deals with National City. Is that good or bad?
With rates going up you may want to check National City and see about getting a fixed rate. My understanding is they won't lock in the rate until 2 weeks before closing, but I doubt rates will climb 1.5% between now and then, so it's still a good deal.
Locked in with National City at 5.25 for 30 yr fixed. 5.75 for 7 years is good too!
Glad to hear you were able to lock in now, BL211. Maybe I misunderstood the lender. Hope so! I'll check next week.
BL211 wrote:just drove downtown to take a look at the building today. i can't wait to move in!
that's all.
Me too! My realtor is coming over on Thursday to look at my condo and get it ready for listing, so things are starting to pick up now and I'm sure the time between now and May will go quickly.
Windows for third and fourth floor have arrived and several have been installed already. There are four on third floor on the South side of the building and another four are or are in the process of being installed on the East side, with one installed on the North side. They're sure going to make a huge difference in the appearance of the building!
Also, I found out National City Mortgage won't lock in on a rate until 60 days out from your closing, so that's why my rate isn't locked in yet. Still, the excitement is building. My third floor unit has all the drywall in now and the cabinets are in as well, but not completely installed.
FYI, if you want to go ahead and lock in now, they will give you a 5 day extension free. 15 day extension is .125% of your loan and a 30 day extension is .25% of your loan. We just signed all our loan papework and sent it back today.
Downtown STL Fan wrote:Both units 301 and 305 will be display models and those are the first units to get windows, so I think they're getting close to finishing them.
I noticed one of the 301 windows was in. When last talked to Stirling he said all of the furniture was in and they were almost done. Hopefully, they almost are.
There were a handful of windows in when I was there last week, maybe one or two on each side of the building. Did they get some more in?
The windows are installed in units 301, 302 and 305. One window was installed in unit 308 and I think the one on the North side was in unit 310, but I'm not positive. I'll take some pics tomorrow. They're going in fast, so it wouldn't surprise me if all third floor is completed this week.
FYI, if you want to go ahead and lock in now, they will give you a 5 day extension free. 15 day extension is .125% of your loan and a 30 day extension is .25% of your loan. We just signed all our loan papework and sent it back today.
Thanks for the info, BL211, but I spoke with Stirling today and I suspect if i get into my unit in May at all, it will be at the very end. He suggested waiting until I get a move-in date and I think that's what I'll do. The rates may go up a little, but hopefully not as much as if I missed my window and had to start over again. Maybe I'll get good news and find out I'm right on schedule, but at this point I'm not counting on it.
FYI, if you want to go ahead and lock in now, they will give you a 5 day extension free. 15 day extension is .125% of your loan and a 30 day extension is .25% of your loan. We just signed all our loan papework and sent it back today.
A little info for anyone doing their financing soon-
Mortgage rates at 3-1/2 year high
Average 30-year fixed-rate rises to 6.37% for the week ending March 9, up from 6.24% in the prior week, a Freddie Mac survey says.
The new windows are in now in my unit 307! It sure makes a difference. I also noticed the lights were on in 208 yesterday. He/she opted for the standard lighting like I did and it looked great!
I also had my realtor over tonight and that went well. She thought my condo looked great and I have just a few minor changes to make prior to listing it next month. I was relieved about that!
merch_man wrote:When looking at Dorsa vs. Bankers, what are the major differences between the buildings?
About a block.
Ok, seriously now. Not much. Both are timber construction buildings. Dorsa is a smaller developement and because it is between buildings, only has north and south views. Dorsa's north facing units have balconies. Also, the Banker's display will also be the Dorsa display until Dorsa's is ready.
That's just off the top of my head. I'm sure some others will add some more details.
According to an email I just got from Stirling, the display will be open "any day" now. Hopefully he'll let me know when it actually opens. Originally, I was told we would get a letter about the display when it opens.
HonestBusinesMan wrote:According to an email I just got from Stirling, the display will be open "any day" now. Hopefully he'll let me know when it actually opens. Originally, I was told we would get a letter about the display when it opens.
I was told the hang-up with the display models is that 301 was done but the furniture hadn't arrived, while 305 wasn't done but the furniture was there already. Both should be ready any time now, as Stirling confirmed with you. I'm just hoping I can get a sneak peek at my third floor unit while i'm looking at the displays!
HonestBusinesMan wrote:According to an email I just got from Stirling, the display will be open "any day" now. Hopefully he'll let me know when it actually opens. Originally, I was told we would get a letter about the display when it opens.
I was told the hang-up with the display models is that 301 was done but the furniture hadn't arrived, while 305 wasn't done but the furniture was there already. Both should be ready any time now, as Stirling confirmed with you. I'm just hoping I can get a sneak peek at my third floor unit while i'm looking at the displays!
I was told the same thing. I'm glad we're at least getting the same information. Stirling said that he got a copy of the final change order for 305 and they were finishing up. I'm also hoping to get a peek at my unit while looking at the displays, or at least mine on the 3rd floor. I'm hoping/guessing/praying it will be opening Saturday.
