Nova Home Loans Mortgage Interest Rate and Cost Review

Is Nova Home Loans a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Nova Home Loans with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (+0.01%)
Loan Related Closing Costslower than average (-$896)
National Rate and Closing Cost Rating(4.0)

On average, Nova Home Loans’s interest rates were similar to those of other lenders (+0.01%) for a comparable set of borrowers. Its average total loan related closing cost was lower than those of other lenders, with a difference of -$896. Overall, combining interest rates and closing costs we estimate that Nova Home Loans tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 4.0 out of 5.0 stars.

Nova Home Loans’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Nova Home Loans was most active in:

  1. Tucson, AZ
  2. Phoenix, AZ
  3. Denver, CO
  4. Yuma, AZ
  5. Las Vegas, NV

Furthermore, Nova Home Loans is our top ranked mortgage lender in terms of interest rate and closing costs in:

  1. Pinetop-Lakeside, AZ, overall
  2. Safford, AZ, for FHA mortgages

You can click through to check out Nova Home Loans’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Nova Home Loans’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Nova Home Loans originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference+0.07%-0.01%-0.02%-0.00%+0.06%
Loan Related Closing Cost Difference-$725-$1065-$519-$403-$367
Cost Adjusted Rate Difference+0.02%-0.10%-0.03%-0.04%+0.03%
Star Rating(3.5)(4.0)(3.5)(3.5)(3.5)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.04%-0.02%+0.02%+0.01%-0.05%
Loan Related Closing Cost Difference-$1133-$851-$614-$57-$1216
Cost Adjusted Rate Difference-0.12%-0.10%+0.01%+0.00%-0.13%
Star Rating(4.0)(4.0)(3.5)(3.5)(4.0)

As a summary, Nova Home Loans is cheap for FHA purchase mortgages. It is similar to other lenders for Conforming, Jumbo, USDA and VA purchase mortgages. For refinancing, Nova Home Loans is cheap for Conforming, FHA and VA mortgage refinance. It is similar to other lenders for Jumbo and USDA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Nova Home Loans:

Registered name: NOVA Financial & Investment Corporation dba: Nova Home Loans
Registered city and state: TUCSON, AZ, 85711
Regulator: United States Department of Housing and Urban Development (HUD)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for 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 commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.