Home Buyer Tips
Spire Financial understands that buying a new home can be an exciting, yet anxious process. That's why we've created a special section dedicated to helping you make your dream of home ownership as trouble free as possible.

The Basics
Get prequalified for a loan.This is a smart first step to take because you'll learn where you stand financially, and you'll be able to estimate the house payment you can afford each month. Your prequalification is based on:

Your current income
Your savings
Your debt
Your credit status

Although getting prequalified is a great first step, it's important to know that doing so does not automatically guarantee you a loan.

Choose a mortgage.There are many different home loan types available. The loan types basically fall into two main categories: fixed-rate mortgages and adjustable-rate mortgages.

Fixed-Rate Mortgages: Standard fixed-rate loans have a set interest rate and a set monthly payment. You completely pay off fixed-rate loans through payments over a specified period of time..usually 15 or 30 years. Part of your monthly payment covers the interest on your loan, and part of your payment reduces your principal balance.

Adjustable-Rate Mortgages (ARMs): These loans have interests rates that fluctuate up and down with the economy, so your monthly payments may rise or fall from year to year. Adjustable-rate loans typically begin with an interest rate that is less than that of a fixed rate loan.

For detailed explanations and listings of fixed-rate and adjustable-rate loans available through Spire Financial, please visit Mortgage Options

Find the right house. Begin your search for a house with a clear idea of what you are looking for. This will save you a lot of time and frustration. For example:

If you enjoy wood working, you'll probably want a house with a nice size garage.
If you have small children, you'll probably want to live within walking distance of a school.
If hosting dinner parties is your passion, you will want a home with a nice size kitchen and an ample dining area.

Make a list of the things most important to you so that you only consider homes that meet your personal needs.

Closing. This is the final step in the home buying process. Your closing is when you receive the title to your new home and settle all the financial details associated with its purchase.

Typically, closings are conducted by a representative of a title company. A closing officer will make sure all necessary documents are signed and verified, and make sure that money from the home sale is properly distributed.

Lastly, your closing is where you will make your down payment and pay your closing costs and then you can start enjoying the benefits of home ownership!

Important Home Buying Tips
In addition to teaching you the basics, we've listed some key tips that will help you on the road to home ownership.

Comparison shop when choosing a mortgage.Today, there's a wide variety of mortgage products to choose from. It's well worth your time to figure out which of the many choices will best suit your financial situation. Your mortgage broker will explain these products to you.

Don't buy too fast. Be patient and make sure you chose only a home that truly meets your list of personal needs. If you sign a contract on a house too soon, and later determine it is not right for you - you may be stuck with the contract.

Avoid buying too much house. Try to resist the temptation to buy more house than you need or can really afford. Doing so can drive up the price of home furnishings and emergency repairs that are bound to occur. More house will also mean larger payments, which can result in stress you'd rather do without.

Be willing to compromise. Most home owners never find a house that's 100% perfect. It's OK to compromise a little, especially on small items that can be altered after you are in your home. Don't let your search for the perfect house blind you from recognizing an excellent house.

Don't skimp on the home inspection. A quality, professional inspection could end up saving you thousands of dollars and years of headaches. So don't take chances with your home inspection. Have it done professionally, and have it done right.

Be a smart negotiator. The key here is being prepared. Before you make an offer on a house, make sure you know as much as possible about the structure and the neighborhood. Your real estate agent will be able to provide you with prices of similar properties in the area in which you are interested. It is also a good idea to find out why the seller has put the home up for sale. In general, gather as much information as you can about the property you are interested in. Be prepared and patient, and always negotiate in good faith.

Your Spire Financial representative will be happy to discuss any of these tips with you in greater detail. Please contact us today. We are here to help!