Novus Home Mortgage: What Services It Can Give to You

Key Takeaways:

– Novus Home Mortgage offers many services to those in need of a home mortgage loan

– They have a wide variety of options to choose from

– They have a user-friendly application process

You’re considering buying your very first home, but you’re not sure where to start. Luckily, you’ve been hearing a lot from social media about a good option that you can apply for, which is Novus Home Mortgage. Now, you’re curious to learn more about what they can offer you and if it is legit.

One of the biggest challenges that people face when they’re considering buying a home is not knowing about the importance of a mortgage. A lot of people think that they can simply purchase a property and call it their own, but this isn’t always the case. In order to be a responsible homeowner, you need to have a mortgage in place so you’re not putting your entire financial stability at risk.

In this article, we will discuss a company where you can apply for a home loan and learn everything about it. Also, we will help you come up with a decision if it is for you.

Novus Home Mortgage About and Why Choose Them

Novus Home Mortgage was founded to set a new standard in the mortgage industry. Panorama Mortgage Group, a visionary industry leader with operational backing from the company, is positioned to become a model of modern residential lending.

Novus is committed to streamlining and simplifying the mortgage process through cutting-edge technology that provides around-the-clock transparency. This, in turn, minimizes the effort for all parties involved.

In addition, the company currently focuses on the Financial Services industry and provides a number of loan alternatives, such as FHA, VA, and conventional loans. It is a mortgage broker based in Waukesha, Wisconsin, headed by Eric Egenhoefer, who is the company’s CEO. And on April 2, 2020, Ixonia Bank bought the company.

Basically, Novus provides a lot of good things to their clients for them to have a better experience. And here are some reasons why choose them more:

• Close On Time: With experienced loan officers and a user-friendly digital app, homeownership is more accessible than ever.
• Simple: Your loan officer’s commitment is to make your financial situation as stress-free as possible.
• Smart: With the Novus app, you can track the status of your loan in real time and receive alerts about milestones.
• Digital: The Novus App is designed to help you eliminate or cut down on routine paperwork and speed up the closing procedure.

Type of Loans Available in Novus Home Mortgage

Novus Home Mortgage offers a diverse array of loan programs to suit any home buyer, whether you’re looking for your first house, a vacation home, or even rural acreage. They have experienced loan officers who are available to help connect you with the best possible option and ensure that you’re getting the best terms for your needs. As an equal housing opportunity lender, the company is committed to offering every eligible customer access to the same mortgage products.

Government Loans

There are many types of government loans available to help people finance their homes, businesses, and education. Each type of loan has different terms and conditions, so it’s important to research the options carefully before choosing one.

For home loans, the most popular type of government loan is the Federal Housing Administration (FHA) loan. These loans are insured by the government and have low down payment requirements, making them a good option for first-time homebuyers.

For business loans, the Small Business Administration (SBA) provides several programs that can help with start-up costs or expansion.

And for student loans, both the federal government and private lenders offer a variety of options. The best way to find out which type of loan is right for you is to speak with a government loan specialist who can help you understand all of your options.

In Novus, in applying for a government loan, here are the loans that are available for it:

• USDA
• FICO 620
• VA Standard
• FHA Standard
• VA High Balance
• FHA High Balance
• VA Purchase & IRRL
• FHA Purchase and Streamline
• Fixed Loan Programs
• Jumbo

Moreover, there are pros and cons that you be aware of in applying for a government loan in Novus:

Pros

• You only need to put down a little or no money at all.
• Non-occupant co-signers are applicable.
• Lower credit ratings will have greater flexibility.
• Ability to simplify the refinance procedure.
• Rates on government-backed loans are lower than those of similar private loans.

Cons

• It will be tougher to accept once another bank has declined it.
• You must pay mortgage insurance upfront.
• You can’t get rid of mortgage insurance without refinancing

Conventional Loans

A conventional loan is a mortgage that isn’t backed by a government agency. These mortgages are usually accessible through banks and credit unions. Because it is not guaranteed by the government, it may have higher interest rates than other types of mortgages.

However, they may also offer lower down payments and more flexible terms. When considering a conventional loan, it is important to compare offers from multiple lenders to find the best deal. You should also be aware of the loan’s fees and closing costs.

Generally, this type of loan is a good option for buyers with strong credit, significant savings, and the ability to put down more than 3.5%. It’s also ideal if you’re looking to buy an investment property. At Novus, they offer the following conventional loans:

• FNMA Direct
• Freddie Home Possible
• Direct Freddie Mac
• Aggregators and Minimum FICO 620
• Fannie Mae HomeReady

Same as government loans, this loan has also its pros and cons that you should be aware of:

Pros

• W2 borrowers only need 1 year of tax documents.
• The approval process is simple and easy.
• Save time and money with their hassle-free condo financing appraisals.
• Adaptable mortgage insurance opportunities for mortgagors with less than 20% down.

Cons

• After bankruptcy, getting a loan modification, or going through a short sale or foreclosure, may have you wait longer for a new mortgage.
• With a bad credit score, it’s more difficult to get approval.
• Your FICO score and loan amount significantly affect your mortgage insurance rate.

Application Process in Novus Home Mortgage

The Novus pre-approval can help you take the first step towards homeownership. With their cutting-edge digital technologies, they make the process easier and faster by reducing paperwork. Also, you can use their app to stay up to date on every stage of the process.

In order to process an application for a home buying and mortgage loan, just follow these simple steps to achieve your homeownership goal:

1. Check your credit score and clean up your credit report
2. Know how much house you can afford
3. Calculate your monthly mortgage payment
4. Find the best mortgage rate and loan terms
5. Get pre-approved for a mortgage loan
6. Discover the right home and make an agreement
7. Get a home inspection and appraisal
8. Finalize your mortgage loan and close on your home
9. Move into your new home!

Note: Before getting pre-approved, you must ready your documents such as Employment Verification, Proof of Assets, Proof of Income, Social Security Number, and Drivers License.

Final Thoughts on Novus Home Mortgage

Novus Home Mortgage is a mortgage lender that offers a wide range of products, from conventional mortgages to government loans. They have a strong reputation in the industry and are well-known for their competitive rates and excellent customer service.

Overall, Novus is a very impressive company and it is a recommendation for anyone looking for a new home loan. If you’re considering Novus Home Mortgage for your next home loan, still, be sure to compare their rates and terms with other lenders to get the best deal possible. And don’t forget to take into account the loan’s fees and closing costs when making your decision.

FAQs

How long does the Novus Home Mortgage application process take?

The Novus Home Mortgage application process is simple and easy. With their cutting-edge digital technologies, they make the process easier and faster by reducing paperwork. Also, you can use their app to stay up to date on every stage of the process.

How much down payment is needed in applying for a conventional loan in Novus?

The minimum amount you’ll need for a down payment is 3.5%.for a conventional loan.

What are the interest rates for a Novus Home Mortgage loan?

The interest rates for their loan depend on many factors, including your credit score, loan amount, and down payment.

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