Home Buyers Booklet

Justin OliverSenior Loan OfficerNMLS 164896

Direct: 480.232.4216Fax: 480.389.2566justin.oliver@ novahomeloans.com

Ryan WhalenSenior Loan Officer

NMLS 217739

Direct: 480.233.5816Fax: 480.389.2558

ryan.whalen@ novahomeloans.com

Team Line: 480.821.2577 • 1528 E. Williams Field Rd., Bldg. C South, #201 • Gilbert, AZ 85295BK0902429 I NOVA NMLS 3087 I Equal Housing opportunity

Licensed by the CA-DBO under the CFLL (6036566) and CRMLA (4131230). Loans made or arranged pursuant to CFLL or CRMLA License.

The

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The Home BuyingProcessIf you’re like most people, the decision to purchase a home represents

your single biggest investment so it’s normal to feel a little bit nervous as you begin the process. And, whether this is your first home or 10th home, the home buying experience can still be filled with what if’s and can I’s. It is our job at NOVA® Home Loans to make your transaction as smooth and as easy as possible. Rest assured, you are our top priority and making sure your dreams become a reality is a task we take very seriously.

Below are some important questions you want to be sure to ask your loan professional at NOVA® Home Loans:

1. Whatmortgageisthebestfitforme? • Onceyouhavecompletedyourapplicationandyourloanofficerevaluatesyouremployment,income,assets,credit,debt,expenses,

down payment, and other information about your finances, they should be able to recommend the best product and program to best suit your needs.

2. Whatisthetimeframetomyloanclosing? • ThisdependsonmanyfactorsandyourLoanOfficerwillgoovereverythingwithyoutomakesurethatyourloaniscompletedas

quickly as possible.

3. IsthereanythingIshouldn’tdobeforemyloancloses? • YourLoanOfficerwillgooverthiswithyoubutthingslikemakinglargepurchasesor

big deposits appearing in your bank accounts are definitely things to avoid.

Whatissoimportantaboutbeingpre-qualified?When you’re ready to start shopping for a home, the last thing you want to do is limit your possibilities! Receiving a pre-qualification before you begin to search for your perfect home guarantees you will be searching for homes within your price range and eliminates the wasting of time.

Once you find the perfect home, the next step can go two different ways; depending on a pre-qualification. If you are not pre-qualified and you find a home you want to make an offer on, you’re taking a gamble. Realtors and sellers are less willing to accept offers from a buyer that hasn’t been pre-qualified. Odds are, they will go on to the next offer – and you will miss out.

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HOweVer, if you have already been pre-qualified, you have more room to bargain. Sellers may be more willing to lower the asking price, include appliances, cover closing costs, or make allowances in order to work with a pre-qualified buyer.

Finally, skipping the pre-qualification step can wreak havoc on your stress level! If you are not pre-qualified, you will spend longer looking for homes.YoumaynotfeellikeyouarereceivinggoodserviceformyourRealtor.Youmaygetturneddownonceyou’rereadytomakeanoffer.Allofthis adds more time and stress to what should be an incredibly exciting time in your life.

On the other hand, if you are pre-qualified, you have less to worry about: you know you are a qualified buyer, you know your lender is ready to work with you, and you can feel confident when you make an offer.

WhataretheStepsoftheHomeBuyingProcess?When you begin the process, you may be asking yourself, where do I start? The below list explains the process and what steps to take and in what order:

1. Start your research early - As soon as you can, start reading Web sites, newspapers, and magazines that have real estate listings. Make a noteofparticularhomesyouareinterestedinandseehowlongtheystayonthemarket.Also,noteanychangesinaskingprices.Thiswillgiveyouasense of the housing trends in specific areas.

2. Determine how much home you can afford - Lenders generally recommend that people look for homes that cost no more than three to five times their annual household income if the home buyers plan to make a 20% down payment and have a moderate amount of other debt.

3. Getprequalifiedforyourmortgage-Before you start looking for a home, you will need to know how much you can actually spend. Thebestwaytodothatistogetprequalifiedforamortgage.Togetprequalified,youjustneedtoprovidesomefinancialinformationtoyourNOVA®LoanOfficer,suchasyourincomeandtheamountofsavingsandinvestmentsyouhave.YourLoanOfficerwillreviewthisinformationandtellyouhow much we can lend you.

4. Find the right real estate agent - Real estate agents are important partners when you’re buying or selling a home. Real estate agents canprovideyouwithhelpfulinformationonhomesandneighborhoodsthatisn’teasilyaccessibletothepublic.Theirknowledgeofthehomebuying process, negotiating skills, and familiarity with the area you want to live in can be extremely valuable. And best of all, it doesn’t cost you anything to use an agent – they’re compensated from the commission paid by the seller of the house. If you need a referral, ask your NOVA® Loan Officer,theywillrecommendahighlyqualifiedagent.

5. Shop for your home and make an offer - Start touring homes in your price range. It might be helpful to take notes on all the homes youvisit.Youwillseealotofhouses!Itcanbehardtoremembereverythingaboutthem,soyoumightwanttotakepicturesorvideotohelpyouremember each home.

6. Get a home inspection -Yourrealestateagentusuallywillhelpyouarrangetohavethisinspectionconductedwithinafewdaysofyourofferbeingacceptedbytheseller.Thiscontingencyprotectsyoubygivingyouachancetorenegotiateyourofferorwithdrawitwithoutpenaltyifthe inspection reveals significant material damage.

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7. work with your NOVA®LoanOfficertoselectyourloan- Every home buyer has their own priorities when choosing a mortgage. Some are interested in keeping their monthly payments as low as possible. Others are interested in making sure that their monthly paymentsneverincrease.Andstillotherspickaloanbasedontheknowledgetheywillbemovingagaininjustafewyears.YourLoanOfficerwillmake sure you are matched with the best program and product for your individual goals.

8. Have the home appraised –YourLoanOfficerwillarrangeforanappraisertoprovideanindependentestimateofthevalueofthehouseyouarebuying.Theappraiserisamemberofathirdpartycompanyandisnotdirectlyassociatedwiththelender.Theappraisalwillletalltheparties involved know that you are paying a fair price for the home. http://www.novahomeloans.com/loan-info/home-buying-process#appraised

9. Close the Sale – At closing, you will sign all of the paperwork required to complete the purchase, including your loan documents. It typically takes a couple of days for your loan to be funded after the paperwork is returned to the lender. Once the check is delivered to the seller, you are ready to move into your new home.

For more tools and recommendations, please visit our ‘Toolbox’ at

http://www.novahomeloans.com/toolbox/

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We’ll Take You Home!

Team Line: 480.821.2577Oliver-WhalenTeam@novahomeloans.com

Please remember...any questions you have during the process will be happily answered by your NOVA® Home Loans Loan Officer.Thatiswhattheyarethereforandlookforwardtomakingthetransactionassmoothaspossibleforyou!

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