A top-ranking lender in its region, Spirit of Texas Bank provides mortgage services to both novice and experienced homebuyers. Spirit of Texas Bank remains committed to helping borrowers navigate each step of the mortgage application process.
Applying for one’s first mortgage can be an intimidating process, particularly for borrowers with nontraditional financial histories. Experts suggest that borrowers begin by looking at their credit scores and reports, as mortgage professionals will require this data to grant pre-approval. If a report reveals any problems, such as a history of late payments, a borrower can begin remedial measures. These may include making all payments on time, keeping balances below 25 percent of limits, and staying away from any major credit purchases.
Potential homebuyers will also need to collect the documentation that lenders will need to verify income. Most lenders require tax returns, detailed information about debts, and the source of any major account deposits. A separate account for a down payment and closing costs may minimize the examination process, particularly if all necessary funds are in the account no less than 60 days before the loan application date.