Nova Home Loans Reviews

Nova Home Loans
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About Nova Home Loans

Nova Home Loans is a firm which has been serving homeowners and potential buyers since 1980. With several offices spanning across Nevada, Colorado and Arizona, Nova Loans has been working towards the goal of becoming a market leader, earning billions of dollars in closed loans during the course of one year.

It is noteworthy that all loan applications, insurance and mortgage rates are handled in-house from start to finish. As a result, eliminating the need for going across the country seeking approval, document preparation, or underwriting.

Products

Among others, Nova Home Loans offers a fixed rate mortgage that ensures that all future payments remain the same for the duration of the loan. This allows you and your family to plan for monthly expenses, only paying a slight interest rate.

An alternative is the Adjustable Rate Mortgage Loan (ARM). By using this option, you will commit to following market fluctuations and seeking different options should the market fail.

For example, you might choose to lower your payment or even cash out, should you acquire all the equity you desire. On the other hand, for homeowners over 62 years or older, the option of a reverse mortgage is available at Nova Home Loans as well.

Allowing you to convert your home into cash, the firm is intended for retirees who need a financial boost – whether it is for traveling, helping children or grandchildren, or charitable donations.

How Does It Work?

Get Pre-Approved

Achieving the upper hand in the process of negotiating will depend on a plethora of different factors. For example, relevant information concerning your reliability, the need for down payment assistance, ability to obtain financing and others will play an imperative role.

By securing pre-approval, unforeseen circumstances can be seamlessly resolved before you make an offer on a home - the key to negotiating the lowest purchase price.

Sell First, Then Buy

As a general rule of thumb, Nova Home Loans advertises that you first sell your house before starting the process of buying your dream home. Nonetheless, this doesn’t come to say that you can’t start looking at properties or thinking where your furniture would fit in.

Cost and Price Plans

According to the Nova Home Loans website, their fees and closing costs can be broken down into three basic categories. The first includes origination costs such as the application fee, preliminary processing fee, or credit report fee.

The second concerns escrow costs (i.e., when you are under contract) prior to closing. Lastly, the final costs are discussed at the closing table.

Nonetheless, the firm has made a reputation for coming up with cost-minimizing ideas and approaches which are out-of-the-box. Thus, it can be hard to estimate costs beforehand.

Customer Service

When it comes to their customer service team, Nova Home Loans can be reached using email at [email protected] Alternatively, their phone number is (520) 745-0050, or (800) 955-9125.

Online Reviews/Complaints

When it comes to online reviews of their service, Nova Home Loans has, as expected, both good and bad feedback. While some praise the team’s pro-activeness, agility and professionalism, others are quite distraught by the lack of honesty and commitment given.

While the truth is always in the middle, it’s hard to ignore some warning signs about bank statements and other documents being lost or mishandled by the Nova agents.

Competitors and Alternatives

Should you be on the hunt for a mortgage advisor, but not entirely keen on Nova Home Loans, there are at least three alternatives that you are able to consider.

For example, Golden Lenders is number 1 in Colorado lending, backed up by over 20 years of experience – even working towards credit repair. A second option is Chicago Home, a company that offers a healthy number of loan programs to choose from, regardless of your financial circumstances.

Their entire process appears streamlined - from application to funding - giving customers piece of mind about the quality of service and their efficiency.

The third firm to bear in mind is Spruce Mortgage, a company that is well-renowned for offering client complimentary pre-approvals, rate locks and even loan estimates.

Although their office is relatively small in comparison to others, you will get tailored customer service that is friendly and focused on your best interests.

Where to Buy?

Nova Home Loans has managed to expand its range of operation during the years. Starting in Arizona and working their way up and down the country, you will now be able to find their offices in California.

The information needed for each is up on their website at www.novahomeloans.com. Thus, feel free to browse their page as well as your options, or consider alternatives.

Conclusion

Purchasing a new home is as exciting as it can be daunting. Without feeling like you have the upper hand in negotiating, you will seamlessly see your financial commitment and investments go to waste on fees and other hidden costs.

Nova Home Loans is just one firm that is capable of offering a bargaining chip and buying power. Featuring a healthy range of loans and services tailored to your individual needs, there is nothing to lose from giving them a ring and discussing your potential dream home.

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