Home Financing
Financing your home, made simple
A mortgage is how most people buy a home, and the financing process is more straightforward than it looks. This guide covers mortgage basics, the common loan types, and what to plan for with down payments and closing costs, so you can move toward your offer with confidence across Greenville, Spartanburg, and the Upstate.
The basics
How a mortgage works
A mortgage is a loan used to buy a home. You borrow most of the purchase price, repay it over time with interest, and the home itself secures the loan. That simple idea drives every step below, from your first credit check to the day you get the keys.
Check your credit
Your credit history and score help lenders shape the rates and terms you qualify for. Reviewing it early gives you time to correct errors and strengthen your position.
Get pre-approved
A lender reviews your income, assets, and credit and tells you how much you can borrow. This gives you a realistic budget before you ever start touring homes.
Choose a loan type
Conventional, FHA, VA, USDA, or new construction financing. Your lender and your agent help you match a loan to your goals and your situation.
Complete your application
Provide your income, asset, and employment details so the lender can run a full review and confirm the numbers.
Appraisal
An independent appraiser confirms the home’s value so the lender knows the property supports the loan amount.
Underwriting
The lender verifies every detail of your file and issues final approval, the last big checkpoint before closing.
Closing
You sign the final documents, the funds are transferred, and the keys are yours. This is the moment the home becomes yours.
Why pre-approval matters
Pre-approval turns you into a serious buyer. Sellers and their agents take pre-approved buyers more seriously, you know exactly what you can afford before you start touring, and you are ready to write a strong offer the moment the right home appears. Getting pre-approved costs nothing and removes the guesswork from your entire search.
Loan types
Common loan types, in plain language
Different loans fit different buyers. Here is an overview of the most common options, with plain-language descriptions rather than specific rates, which vary by lender and by market. A lender you trust will help you pin down the right fit.
Conventional loans
The most common type of home loan, offered by private lenders rather than a government agency. A good fit for buyers with solid credit and a larger down payment, and the standard option for most home purchases.
FHA loans
Insured by the Federal Housing Administration, FHA loans allow lower down payments than many conventional loans, which makes them a popular starting point for first-time buyers.
VA loans
Available to veterans, active-duty service members, and eligible surviving spouses. VA loans are backed by the Department of Veterans Affairs and in most cases require no down payment.
USDA loans
For homes in designated rural and suburban areas. USDA loans offer low or no down payment options for eligible buyers and are backed by the U.S. Department of Agriculture.
New construction financing
When you are building new, a construction-to-permanent loan funds the build first, then converts to a permanent mortgage once the home is complete, so you manage one loan instead of two.
Costs to plan for
Down payments and closing costs
Your down payment is the part of the home\u2019s price you pay upfront, and the rest is covered by your mortgage. Larger down payments usually mean lower monthly payments and can open up better loan options, but the right amount depends on the loan type and your goals.
Closing costs cover the lender, title, appraisal, and escrow work that happens at closing, and they typically run a few percent of the loan amount. Your lender gives you an itemized estimate before closing, so there are no surprises. And in many areas, down payment assistance and first-time buyer programs exist to make the first purchase more reachable; we can help you find out what applies where you are looking.
- Plan for both the down payment and closing costs when you build your budget
- Ask about down payment assistance and first-time buyer programs in the area
- Get a clear, itemized estimate of closing costs from your lender early in the process
- Let the team connect you with trusted local lenders for guidance tailored to you
Free consultation
Ready to make financing feel simple?
Financing is one of the biggest pieces of a home purchase, and you do not have to figure it out alone. Book a free, no-pressure consultation with Craig Nash and the Unleashed Advisors team, and we will connect you with trusted local lenders and walk you through the options that fit your goals.