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
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 confirm 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:
Schedule and Sign Closing Docs
What We Do:
Order and Release the Loan Funds
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.
