Learn more about NOVA’s Temporary Interest Rate Buydown program.
NOVA Home Loan Process
Getting your home loan might seem overwhelming, but it doesn’t have to be. Knowing the steps will give you peace of mind about what's ahead and you’ll be able to partner with your NOVA Team to help make sure the process proceeds smoothly so your loan closes on time. Here's what you can expect when you work with NOVA.
Complete Application
What you can expect:
- Talk to a Loan Officer
- Review and discuss credit
- Discuss homeownership and financial goals
- Use NOVA Now to complete your online application
What we do:
- Input customer application information
- Pull credit
- Your Loan Officer will talk to you about the best product to fit your needs
Pre-Approval
What you can expect:
- Get Pre-Qualified
- Gather & provide supporting documents
- Receive Pre-Approval
- Shop for your house
- Offer accepted & lock in your interest rate
What we do:
- Based on verbal income & source of funds for closing
- Review supplied documents
- Loan is ready to move quickly
Assigned to Processing
What you can expect:
- Contacted by a Loan Coordinator for any follow-up documentation
- Contacted by a Processor to confim loan terms & funds expected to close
What we do:
- Pre-Underwriting Review - conditions requested by a Loan Coordinator
- Appraisal ordered
- Preliminary review to ensure clear title to property
- Other verifications received and reviewed - employment, assets, rents, etc.
- Appraisal received & reviewed
- Confirm all title & impound figures to close
Loan Submitted
What you can expect:
- Contacted by Processor when loan is conditionally approved
What we do:
- Underwriter reviews entire file and validates all documents to the guidelines
- Processor requests any additional items needed for final approval
Loan Approved
What you can expect:
- Review and sign the Closing Disclosure
What we do:
- All conditions have been met and loan is cleared for closing
- Closing documents ordered
Closing Documents Sent to Title
What you can expect:
- Final Walk-Through
- Go to closing and sign all documents
- Get your keys and move into your new house!
What we do:
- Funds wired to the Title company and once received, deed will be sent to recorder's office
GET STARTED TODAY!
First-time homebuyer? Experienced homeowner? Ready to buy an investment property, second home or dream home? Looking for a better home loan? Need cash? We’ll help you get it done.