Home-Buying Made Easy Using SSAA's Mortgage Finance Center
Buying a Home
If you are considering buying a home, the best place to start is with a pre-approval for a new loan. Pre-approvals are required to submit an offer on most real estate transactions.
Getting a loan pre-approval is important in the following ways:
- You will know what monthly payment you afford.
- You will know your price range.
- Sellers will know that you are serious about your offer.
- A pre-approval letter will help your final loan application go more smoothly.
Getting Pre-Approved for your new loan is easy and free.
Go here to fill out the Loan Form and start the pre-approval process today.
Mortgage Loan Calculator
Fill out the form below to start the pre-approval process today. Use this calculator to generate an estimated amortization schedule for your current mortgage. Quickly see how much interest you could save! You can even determine the impact of any principal prepayments. Press the "View Report" button for a full yearly or monthly amortization schedule.
Definitions
- Mortgage amount
- Original or expected balance for your mortgage.
- Term in years
- The number of years over which you will repay this loan. The most common mortgage terms are 15 years and 30 years.
- Interest rate
- Annual fixed interest rate for this mortgage.
- Monthly payment
- Monthly principal and interest payment (PI).
- Total payments
- Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
- Total interest
- Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
- Prepayment type
- The frequency of prepayment. The options are none, monthly, yearly and one-time payment.
- Prepayment amount
- Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
- Start with payment
- This is the payment number that your prepayments will begin with. For a one-time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number zero, the prepayment is assumed to happen before the first payment of the loan.
- Savings
- Total amount of interest you will save by prepaying your mortgage.
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First-Time Homebuyers
Purchasing your first home is not only an exciting time, but also a life-changing event that should be handled with care. We have a loan product for nearly every situation, especially first-time buyers.
When you set up a time to speak with one of our representatives, ask about our FHA Home Loan Program where it's possible to buy a home for as little as 3.5% down. In many cases the down payment can even be a gift from a relative. This also includes a fixed interest rate so there are no unexpected surprises down the road.
In some cases, buyers are even able to receive up to 6% in seller concessions to pay for your closing costs, pre-paids, and points. Whether you're looking for a low down payment or a 15-year term, we have the product for you.
Closing Your Loan
Your loan officer will ask you to provide them with a list of financial documents in order to obtain final loan approval. Expeditious delivery of these required documents will make for a smoother closing appointment.
Closing on your new home should be an exciting and memorable process for all of the right reasons. Here's how the process will work once you have been pre-approved for a home loan:
- Your loan officer will collect a copy of the final purchase agreement, collect an appraisal and credit report fee, collect updated financial statements, and insurance information.
- You will be locked into an interest rate and an appraisal is ordered for the property.
- Your loan is given final approval and your paperwork will be prepared for your signature.
- Move into your new home!
