Home Loan FAQS - Nova Home Loans

How Does NOVA Protect Your
Privacy?
Prior to taking an application for any home loan
program, NOVA encourages its clients to opt-out of
credit bureau solicitations.
As you embark on what could be the largest financial
transaction of your life, it's important to have a
professional mortgage specialist on your team who
has your best interests at heart.
See more at www.novahomeloans.com

Do I Need To Be Pre-Qualified With A
Lender?
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!
The easiest way to avoid this pitfall is to obtain pre-
qualification from Nova Home Loans

What is NOVA Home Loans NMLS?
NOVA Home Loans NMLS# 3087

What is NMLS?
Nationwide Mortgage Licensing System:
 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.

What is NMLS?
 In order to effectuate this requirement, a mortgage
loan originator and the employing institution must
ensure that the consumer has access to the
originator’s unique identifier.
 This access must be made available early enough in
the relationship with the originator to enable the
consumer to access the Registry before the consumer
commits to the mortgage loan transaction.

Should I Use A Real Estate Agent?
How a Realtor® can help you sell your home:
 A good agent knows the market, can prepare your
property for sale, market it and get it sold for top dollar.
 A good agent will educate you, giving you enough
information to make clear, informed decisions. They will
not make these decisions for you.
 A good agent works full time, voluntarily restrict
themselves by geographic location and property type
and will tell you when they think adding other experts
(lawyers, inspectors, etc.) to your team is advisable.

Should I Use A Real Estate Agent?
A Realtor® can research your housing needs through a
Multiple Listing Service (MLS), even if you are
relocating from another city.
 This enables them to show you only those homes
best suited to your needs.
 They will take into consideration such factors as
size, features, location, style, and accessibility to
schools, transportation, shopping, and so forth.
 They can suggest simple, imaginative changes that
make a home more suitable for you and improve its
utility and value.

Is There An Organization That Offers
Down Payment Assistance?
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.

Can I Buy A Home Without Paying
Closing Costs?
Closing costs are the fees associated with buying and
selling a home. There are some options for keeping
these costs to a minimum.
One option is to roll the majority of these costs into
your final loan amount in order to minimize your "out
of pocket" costs.

What Do I Need To Know About
Purchasing a Luxury Home?
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.
If it is in your best interests to secure a mortgage, you
should work with a lender who is an expert in
financing luxury homes.

Can I Buy A New Home Without
Selling My Existing Home?
One way your Loan Officer can structure the financing
on your new home is to set up two separate loans for
the purchase.
1. The first loan would typically be set up to be the
mortgage you want to end up with.
2. Meanwhile, the second loan amount is based
upon the expected net of the sale of your existing
home.

I’m Not a US Citizen, Can I Buy A
Home In The US?
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.

Home Loan FAQS - Nova Home Loans

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Home Loan FAQS - Nova Home Loans