Lending FAQs
Where to start in the loan process can be tricky. Below are some helpful questions
most people have
Why should I choose Spire Financial as my lender when buying a home?
How much can I expect to pay to get a loan and buy a home?
Will the property I am purchasing be appraised?
How much coverage is required for a homeowners insurance policy?
Where will my settlement/closing be held?
Can I write a personal check to cover my down payment and closing costs?
How will my property taxes and homeowners insurance be paid?
Why should I choose Spire Financial as my lender when buying a home?
Because Spire Financial was formed with a clear mission in mind: To develop life-long
relationships with our clients by offering premier lending services backed by
expertise, integrity and ongoing consumer education opportunities.
By utilizing the most innovative technologies, and by placing an emphasis on
one-on-one personalized service, we're able to find the right mortgage for you
through a process that is positive and easy to understand.
Founded in 2004, we currently have offices in Denver, Colorado and Phoenix, Arizona.
So why partner with a new company? It's simple. We're not married to the old ways
of doing things. Instead, Spire Financial is highly innovative and able to leverage
the newest technologies to find you a competitively priced mortgage that truly
matches your individual needs.
How much can I expect to pay to get a loan and buy a home?
The amount of money you'll need up front to secure a loan and buy a home will
vary. Down payment requirements depend on your loan type, and your closing costs
will vary depending on the state in which you live and the amount of money being
borrowed. A Spire Financial representative will work closely with you to determine
your specific needs and educate you about your best available loan options. You
also can find additional helpful information on this topic in the Finding the
right mortgage section of this web site.
Will the property I am purchasing be appraised?
When your are purchasing the house, yes it will be appraised. The home's appraisal will be made after the seller
accepts your offer. A copy of the appraisal will be provided to you when you make
a written request.
When doing a refinance, an appraisal is required most of the time, but in some scenarios the appraisal is eligible for an appraisal waiver.
In a VA or FHA streamline refinance loan, an appraisal is typically not required unless you are looking to take additional cash out of the property.
How much coverage is required for a homeowners insurance policy?
When you close on your home, homeowner's insurance is required to cover the loan
amount as a minimum. A paid receipt for the first-year premium will be needed
at your closing, or your closing agent will collect the premium. Your homeowner's
insurance covers the structure of your home and its contents.
Where will my settlement/closing be held?
In general, you can expect your settlement, or closing, to occur at the office
of a title company or closing attorney. Your closing agent will coordinate your
settlement so that it fits into the schedules of all parties involved.
Can I write a personal check to cover my down payment
and closing costs?
No. Your closing agent will ask you to make your payment with a certified or
cashiers check payable to the title company.
How will my property taxes and homeowner's insurance be paid?
In most cases, your property taxes and homeowner's insurance premium will be
built into your monthly house payment. Your lender will then be responsible for
paying those bills when they are received.
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