Auto Correct Spell Checking

I am wondering if there is any function in Mac commesurate with the spelling auto correct feature in Word?
It seems so easy, since the spelling checker identifies words that are mispelled to have it auto correct. For example I routinely type "hte" for "the". Using word or outlook these easy fatfinger corrections are made automatically.
So far in Mac I have only found that they are hightlighted!

Ideas?

Thanks.