Is NOVA Financial & Investment Corporation dba: Nova Home Loans An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at NOVA Financial & Investment Corporation dba: Nova Home Loans with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.01%)
Loan Related Closing Costs: lower than average (-$962)
Assessment: this lender tends to be a cheap lender.

This scoreboard is based on data reported to FFIEC. In the data, NOVA Financial & Investment Corporation dba: Nova Home Loans originated 11306 mortgages, a national market share of 0.2%. It was most active in AZ (4.4% market share), CO (1.2% market share), and NV (0.6% market share).

On average, NOVA Financial & Investment Corporation dba: Nova Home Loans’s interest rates were similar to those of comparable mortgages at other lenders (-0.01%).1The comparable mortgages control for NOVA Financial & Investment Corporation dba: Nova Home Loans’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $3935, which was lower than those of comparable mortgages at $4897, with a difference of -$962. Overall, we estimate that NOVA Financial & Investment Corporation dba: Nova Home Loans tends to be an cheap lender, with a cost-adjusted-rate difference of -0.09% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with NOVA Financial & Investment Corporation dba: Nova Home Loans.

NOVA Financial & Investment Corporation dba: Nova Home Loans originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA and VA mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from NOVA Financial & Investment Corporation dba: Nova Home Loans compared to other lenders

Conforming FHA Jumbo USDA VA
Interest Rate Difference +0.01% -0.09% +0.04% -0.05% +0.03%
Loan related Closing Cost Difference -$996 -$1320 -$2024 -$1190 -$89
Cost Adjusted Rate Difference -0.07% -0.22% -0.02% -0.19% +0.01%

Based on the table above, NOVA Financial & Investment Corporation dba: Nova Home Loans is cheap for Conforming, FHA and USDA purchase mortgages. It is similar to other lenders for Jumbo and VA purchase mortgages.

Mortgage Refinancing from NOVA Financial & Investment Corporation dba: Nova Home Loans compared to other lenders

Conforming FHA VA
Interest Rate Difference +0.03% -0.02% +0.02%
Loan Related Closing Cost Difference -$947 -$882 -$810
Cost Adjusted Rate Difference -0.05% -0.11% -0.04%

Based on the table above, NOVA Financial & Investment Corporation dba: Nova Home Loans is cheap for FHA mortgage refinance. It is similar to other lenders for Conforming and VA mortgage refinance.

Other information about NOVA Financial & Investment Corporation dba: Nova Home Loans:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: TUCSON, AZ, 85711

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Footnotes   [ + ]

1. The comparable mortgages control for NOVA Financial & Investment Corporation dba: Nova Home Loans’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.