NOVA Quick FAQ's

Common Mortgage Questions

Q} How Does Nova Protect Your Privacy?

A} Did you know that the major credit bureaus sell your personal information?! It's true! Known as "trigger leads", the files of borrowers applying for a home loan are immediately flagged, packaged, and sold by the credit bureaus to the highest bidders... Click here to keep reading!

 

Q} Do I Need To Be Pre-Qualified With A Lender?

A} One of the most disheartening experiences a homebuyer can undergo is to find the property of their dreams, only to have their mortgage application denied! Between the countless hours of searching and the enormous emotional investment, this can be a crushing blow. The easiest way to avoid this pitfall is to obtain pre-qualification from NOVA HOME LOANS... Click here to keep reading!

 

Q} What is NOVA Home Loans NMLS#?

A} NOVA Home Loans NMLS# 3087

 

Q} Is There An Organization That Offers Down Payment Assistance? 

A} If you are considering buying a home but are concerned about the down payment, there are several organizations that provide down payment assistance. Consult your NOVA Loan Officer to find out if you are eligible for these programs.

 

Q} Can I Buy A Home Without Paying Closing Costs?

A} Closing costs are the fees associated with buying and selling a home. There are some options for keeping these costs to a minimum... there's more, click here to keep reading!

 

Q} What Do I Need To Know About Purchasing a Luxury Home?

A} When considering the purchase of a luxury home, it is important to consult your financial advisor to see if it is more advantageous for you to pay cash for the property or to secure a mortgage... click here to keep reading!

 

Q} Can I Buy A New Home Without Selling My Existing Home?

A} One way your Loan Officer can structure the financing on your new home is to set up two separate loans for the purchase. The first loan would typically be set up to be the mortgage you want to end up with. Meanwhile, the second loan amount is based upon the expected net of the sale of your existing home... there's more, click here!

 

Q} What is NMLS?

A} The SAFE ACT requires each mortgage loan originator to obtain a unique identifier to facilitate the electronic tracking of loan originators, and the uniform identification of, and public access to, the employment history and publicly adjudicated disciplinary and enforcement actions against a mortgage loan originator... Click here to keep reading!

 

Q} Should I use a Real Estate Agent?

A} A Real Estate Agent has a state license to practice real estate. In order to get a state license, they must take specific courses and pass a state exam... Click here to keep reading!

 

Q} What is the difference between a home loan, mortgage loan and a loan against property?

A} There is no difference, these are all terms for a general home loan/mortgage.

 

Q} What do I need to know when applying for a home loan as a student?

A} You must be able to show income. Even if you are a student, you would still have to qualify for the loan with stated income.

 

Q} What is the advantage of the VA home loan? 

A} Veterans are able to receiving 100% financing with no down payment – assuming they have earned full entitlement.

 

Q} I'm Not a US Citizen, Can I buy  a Home in the US?

A} There are many new ways to buy a home in the States, even if you are not a U.S. citizen. Just recently, regulations have been revised to grant non-permanent resident aliens the same financing opportunities as U.S. citizens, as long as the home purchased will be a primary residence... there's more to read, click here!

 

Q} Is a green card required to apply for home loans in the U.S.? 

A} No, much of the approval process is weighted on years of verifiable employment history and the down payment amount.

 

Q} Which is the best option for a home loan, short-term or long-term?

A} There is no best option as each unique financial situation is different. Please see our Loan Program's for more information or contact a Loan Officer for a FREE consultation on your best options!

 

Q} What is the best way to get a home loan? 

A} Apply with NOVA®! Maintain a good credit score, have proof of income, and save as much money as you can for a down payment. When you are ready or if you are just in the researching stage, reach out to a Loan Officer or complete a loan application.

 

Q} Is buying a home at an early stage of your life by taking a large amount of a home loan a smart move? 

A} It depends on the person and what their individual long term financial goals are. Some questions to answer before taking on a mortgage are: How long are you planning on staying in the home? Do you struggle paying your rent now? Is your employment stable? Reach out to a Loan Officer for an honest, professional opinion on your ability to take on a mortgage.

 

Q} Does credit score matter when applying for a new home loan? 

A} Yes, this is one of the single most important things in the home loan process.

 

Q} How high of a credit score is required to get the home loan?

A} It varies depending on the loan program and the amount of the loan. There are many loan programs available through NOVA® that can meet vast credit score ranges. Check out just some of our loan programs, or reach out to a Loan Officer for even more options!

 

Q} What are the documents required for a home loan?

A} It varies on the type of home loan you are applying for but generally, expect to provide asset, income (W2's, pay stubs), and credit documentation.

 

Q} What's the smallest amount of money I can make and still get approved for a home loan?

A} It varies depending on the type of loan you are applying for and the size of your down payment. 

 

Q} What is the best way to get rid of a home loan?

A} You can refinance the loan, sell the property, or pay it off over time.

 

Q} What are the factors / things you look out for while choosing a home loan?

A} Your loan officer will guide you to the best products and programs that suit your individual situation. This is the reason why using a qualified and experienced Loan Officer, like those at NOVA® is so important. 

 

Q} Can a home loan be transferred completely to a co-borrower?

A} No, not unless the loan is refinanced in the co-borrowers name.

 

Q} How do people verify self-employment when applying for home loans? 

A} Typically, it’s verified through income documents provided by the client. Our processing and underwriting teams will also confirm employment with the employer, once the loan is under contract. 

 

Q} How do I transfer a home loan from my current bank to another bank?

A} You would have to refinance your loan, which is one of the services that NOVA® offers.

 

Q} What are some smart ways to save home loan interest?

A} You can pay your loan off early, make additional principal interest payments, or make bi-weekly payments.