Skip to main content

Our 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 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.