So you’ve decided to buy a new home. Spalding Financial has many options to assist you every step of the way. Here are our suggestions:
Pre-qualifying for a home mortgage usually doesn't’t include a credit report analysis or a detailed review of your credit report or an in-depth look at your true capacity to purchase a home. Real estate agents or lenders can help you get pre-qualified, but you can also accomplish this on your own. Pre-qualification just means your income and expenses have been reviewed and used a debt-to-income ratio formula. It gives you a general idea of what you might be able to afford.
Although not mandatory, we recommend you take advantage of our pre-approval program. A Spalding Financial Loan Officer can help you determine what you can comfortably afford. There are many benefits to knowing your mortgage amount ahead of time, including:
- Pre-approved borrowers save time by targeting the finest homes within their price range.
- Sellers may give extra consideration to offers from pre-approved buyers.
- Pre-approval makes entire loan approval process more efficient.
To get pre-approval, a lender must review your income and credit status to decide if you qualify for a loan. With your lender, you’ll be able to find out:
- The loan’s maximum amount
- Qualifying loan programs
- Interest rate information for each type of loan option
Once pre-approved, you’ll have a better idea of how much you’ll be able to spend for the home you want.
Visit the Calculator page to estimate what you can afford, estimate your monthly payments, compare your options, and more
Once you find the house you want to buy, you need to make a written Offer to Purchase. Then, as soon as it is accepted, we’ll immediately begin the steps leading to the approval of your mortgage. If you’ve already been pre-approved, the final approval process will be streamlined as we should already have most of the necessary loan documents.
Our checklist can help ensure you have all of the necessary items to process your loan. If you feel you’re ready to get things started now, download and complete the On line Application
You’re almost there! Here’s what to expect for your mortgage approval and closing:
- The Approval Process - After your loan application is completed, a Spalding Financial loan processor and underwriter will review to ensure all necessary documents and information are included. They will then make a determination on whether or not you’re approved for the loan.
- The Loan Commitment - Once approved, we will call you and/or your real estate agent to provide details of the loan commitment, including the interest rate, the monthly payment and the closing date. You may also receive the information in writing in a Commitment Letter.
- The Loan Closing - This legal transaction is where the title to a property is formally transferred from the seller to the buyer. After your loan is approved, we will provide you a meeting time and the exact amount of the cashier's or certified check you’ll need to bring.
- Closing Costs - In addition, there will be other costs during the approval process and at the closing. When you apply for your mortgage loan, we will give you a "Good Faith Estimate" that itemizes the estimated closing costs so you'll have an idea of what your total closing costs will be.