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Nov 7

Some Insights About Home Values From a Real Estate Appraiser

I was a part of a class recently for Real Estate professionals on the topic of Appraisals.  We had an appraiser in attendance, and the appraiser’s answers to some of the questions surprised us all. Isn’t the definition of market value “the price at which a seller is willing to sell and a buyer is willing buy?”  If so, then why does it sometimes happen that a price is agreed upon by all parties, and then the appraisal value comes in low? It turns out the answer is…IT

May 24

Renters: Are You Ready to Buy a Home?

Renters: Are You Ready to Buy a Home?

If you would like to buy a house at some point in the future, it is never too early to start preparing.  Between deciding how much of a payment you are comfortable with, saving up for a down payment and maximizing your credit score, there is plenty you can be doing.  Here are some tips and advice that can help you get ready to make the transition from renter to homeowner. Do the Rent vs. Own Math If you are used to renting, there are some homeownership costs

May 11

How much can I borrow on a VA loan?

How much can I borrow on a VA loan?

If you are planning to use your VA home loan benefit to purchase or refinance a home, you may be wondering how high you can go. VA does not set a cap on how much you can borrow to finance your home.  However, they do set a cap on how much liability VA will assume, which affects the amount of money you can borrow on a VA mortgage. Loan Limits The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow with

May 4

Relationship Benefits to Owning a Home

Relationship Benefits to Owning a Home
Apr 18

Unique conditions in Yuma housing market make NOW the perfect time to upgrade your home

Unique conditions in Yuma housing market make NOW the perfect time to upgrade your home

If you are a homeowner in Yuma county, I want you to know about a unique situation going on right now in the housing market that might present an opportunity for you. The Dual Market It is what we call a Dual Market, and it means that you can essentially sell your house in a seller’s market; and at the same time buy a house taking advantage of a buyer’s market. How does this work? The best way I can think to describe this is to show you

Apr 17

Shopping for the lowest rate on a mortgage

Shopping for the lowest rate on a mortgage

Mortgage rates change every day, sometimes multiple times throughout the day. So when you get prequalified and start looking at houses, it is important to keep in mind that your rate could be higher or lower depending on the market when you are ready to pull the trigger. (Hopefully lower!)  Depending on the day, it may or may not pay off to look at options for getting a lower interest rate by “paying points.” Due to the nature of rates changing so frequently, there is no one bank that

Mar 10

Mobile App

Mobile App

The NOVA Now Mobile App is an exciting tool Nova Home Loans provides to make the home buying process easier for our clients.      Mortgage Calculator The app contains a mortgage calculator that is more accurate than anything you will find online, with options to choose Conventional, FHA, USDA or VA loan type.  Just plug in a few numbers and it will give you an accurate payment including estimated taxes, insurance and mortgage insurance. Home Buyer Features There are also some extremely useful features for homebuyers, including Property

Feb 21

NOVA CreditBuilder Program

NOVA CreditBuilder Program

  Having an open and active credit card account that you pay every month is a big part of having a good credit score.  If you don’t have much credit history, one thing our Credit Services team frequently recommends is to open a secured credit card.  This can help you quickly build credit or improve your credit scores. What It Is: Credit Builder is a program that makes it easy for NOVA clients to build credit by opening a secured credit card.  The card quickly reports to all 3

Jan 13

A Short History of “Underwriting”

A Short History of “Underwriting”

If you’ve ever applied for a mortgage, an insurance policy or a car loan, your application went through an “underwriting process.” Ever wonder why the underwriting process was so intense and detailed? Well, here’s a short history that puts it all in context: The word “underwriter” dates back to the story of Lloyd’s of London, which is the world’s oldest continuously operating insurance company. Lloyd’s of London started as London coffee house in the shipping district of the city. “Underwriters” were individuals who signed underneath the line on

Jan 11

Why Do I Have to Pay for a Rate Lock Extension?

Why Do I Have to Pay for a Rate Lock Extension?

Here’s the scoop: mortgage rates are determined by mortgage bond prices.  Mortgage bonds trade in what’s known as a “To Be Announced” (TBA) market.  When you commit to a rate lock, the lender is agreeing to deliver your mortgage to the bond investor within 30 days, 45 days, etc.  That’s where rate lock timeframes come from.  So in essence, bond investors are trading empty buckets of mortgages that are scheduled to be filled within certain timeframes.  (For a current look at the mortgage bond market, see our Live Market