Whether it is your first home or you’re a seasoned home owner, knowing what to expect in the process can be a great comfort in today’s market.

Here is an overview of how the loan process works:

The Mortgage Consultants on The Gale Team at NOVA Home Loans, will listen to your wants and needs. The Mortgage Consultant will gather information from you on the loan application, and discuss the various loan programs that you may qualify for and that fit your needs. In addition to the application, you will be requested to send over support documents, ie Tax Returns, Pay stubs, Asset statements, etc.. NOTE: There are three major pieces to a loan approval “recipe” – they are Credit, Income, and Assets.

• – Credit

  ( #4 below) Your history of how you have used credit.

• – Income

  Your ability to repay the loan

• – Assets

  Your savings that will be used for Down Payment and Closing Costs associated.

The Mortgage Consultant will review your credit with you and address any derogatory items. A unique service provided by The Gale Team at NOVA Home Loans, is that they have an internal Credit Services Division that will assist in this process. They perform a thorough review through a sophisticated software platform, they will even conduct conference calls if needed. Once the credit has been analyzed and the above has been completed, the Mortgage Consultant will write down and go over all the loan products in a formal presentation. Once you have come to a decision on the best loan product, a Pre-Approval letter is issued and it’s time to go House Shopping. Upon finding a home, The Mortgage Consultant will finalize the terms of the loan with you and submit your file to our processing department. The Processing Department will Pre-Underwrite your loan and obtain updated documentation and request anything that they feel pertinent, that the underwriter might ask for. The underwriter will review the file for the Conditional Loan Approval and may request additional documents. If so, the processing department will reach out to obtain those and then turn into the underwriter. Once the underwriter completes her final review, they will FINAL Approve your loan.

The Closing:

Now that the Underwriter has Final Approved the loan, the Loan Documents will be prepared and sent to the Title Company for signing. The Title Company will reach out to you and set a time to sign the documents with a Notary. The Mortgage Consultant will go over the numbers with you to confirm your Cash to Close and how much to bring to your signing. After signing, typically within 24 hours your loan will Fund and the Deed will record in your name. This means the house is yours!! The key to making this a Smooth process for you, the buyer, is to keep you thoroughly informed throughout the process. You will updated weekly by your Mortgage Consultant. There a lot of people involved in the process and it is our responsibility to orchestrate the process. From the Realtor, appraiser, home insurance, title company, notary, etc. We take responsibility of keeping you informed and closing on-time and accurately.

We look forward to having the opportunity to serve you with your mortgage financing needs.