Your guide to home financing with Flintrock Builders and Spark Mortgage 

Buying a home is one of the most important financial decisions you’ll ever make, but it doesn’t have to be overwhelming or scary. Whether this is your first home, or you are considering making your next move, understanding the basics of home financing can make the process smoother and less stressful, and who doesn’t love less stress! 

At Flintrock Builders, we believe in empowering our buyers with the knowledge and support they need to make confident decisions. That’s why we are partnered with Spark Mortgage, our trusted preferred lender, to guide you through every step of your homebuying journey. 

Breaking It Down 

What Is a Mortgage? 

A mortgage is a loan used to purchase a home. You borrow money from a lender, such as Spark Mortgage, and agree to repay it with interest over a period, typically 15 to 30 years. 

But not all mortgages are the same. Here’s a look at some of the most common types. 

Types of Mortgages 

  • Conventional Loans
    These are not backed by the government and usually require good credit and a moderate down payment. They’re a popular choice for buyers with stable income and credit. 
  • FHA Loans
    Backed by the Federal Housing Administration, FHA loans are designed for first-time buyers or those with lower credit scores. They offer lower down payment options, sometimes as little as 3.5 percent. 
  • VA Loans
    If you are an eligible veteran, active-duty service member, or surviving spouse, VA loans offer valuable benefits including no down payment and no private mortgage insurance. 
  • USDA Loans
    Available for properties in eligible rural areas, USDA loans offer zero-down financing options for qualifying buyers.

Steps in the Mortgage Process 

Step 1: Pre-Qualification or Pre-Approval
Before you begin house hunting, getting pre-qualified or pre-approved by a lender like Spark Mortgage gives you a clear understanding of your budget and helps prepare you to make offers on your potential new home. 

Step 2: Loan Application
Once you’ve selected your Flintrock home, you’ll complete a loan application with your lender, providing documentation on your income, assets, and credit history. 

Step 3: Processing and Underwriting
Your loan goes into processing where all information is verified. Then it moves to underwriting, where your financial profile is reviewed in detail and a final decision is made. 

Step 4: Appraisal and Inspection
A home appraisal ensures the value aligns with the loan amount, and a home inspection helps identify any issues before closing. 

Step 5: Final Approval and Disclosure
Once underwriting is complete, you’ll receive a Closing Disclosure that outlines your loan terms, estimated monthly payment, and closing costs. 

Step 6: Closing
You’ll sign the final documents, pay any remaining fees, and officially become a Flintrock homeowner. 

Common Mortgage Mistakes to Avoid 

Buying a home is exciting, but it’s also a major financial commitment that requires planning. Even after you’re pre-approved, certain actions can still affect your final loan approval. To avoid unnecessary stress or even losing your financing altogether, keep these common mistakes in mind: 

Changing or Quitting Your Job
Lenders want to see stable employment and income. Changing jobs, quitting, or moving to a different field before your loan closes can raise red flags and delay or derail your approval. 

Buying a Car or Other Big-Ticket Items
Now isn’t the time to take on new debt. Financing a car or making any large purchase on credit can change your debt-to-income ratio and negatively impact your mortgage qualification. 

Paying Off Large Debt (Without Consulting Your Lender First)
It may seem like a good idea to pay off big chunks of debt, but it can sometimes backfire by reducing your cash reserves or affecting your credit score in unexpected ways. Always talk with your lender before making significant financial moves. 

Opening New Lines of Credit
Applying for a new credit card or loan can lower your credit score temporarily and raise concerns for lenders. Avoid new credit inquiries until after your home has officially closed. 

Missing Payments
Continue making on-time payments for all your current obligations. A missed payment can seriously hurt your credit score and jeopardize your loan, even in the final stages. 

Why Work With Spark Mortgage? 

As Flintrock Builders’ preferred lender, Spark Mortgage offers a smooth experience from application to closing. What sets them apart? 

  • Personalized loan options 
  • Clear and consistent communication 
  • Fast and reliable pre-approvals 
  • Deep knowledge of the Central Texas market 

You can learn more about Spark Mortgage or connect directly with their team through our Financing Page. 

Your Home, Your Future 

At Flintrock Builders, we are committed to building high-quality homes and lasting relationships. With Spark Mortgage, the path to homeownership is not only more accessible but also more enjoyable. 

Take a look at our move in ready homes, stop by for a tour with one of our Community Sales Managers, or send us an email at Sales@Flintrockbuilders.com we’re here to help you get started. With the right team, the right home, and the right loan, you’ll be moving into your dream home before you know it.