2515 Cleveland Ave N,
Canton OH 44709330-454-5320 |
Toll Free 1-877-642-4500
MB#802082 NMLS#268993
mortgage

Mortgage 101

Whether purchasing a new home or refinancing your current home, you can feel confident that we will provide you with the necessary information to choose the best mortgage option for your particular needs. Everyone’s financial situation is different, so loans will vary by amount, length of term, and interest rate (fixed or adjustable). At Pioneer Financial Services, Inc., we have access to a variety of different lenders, so we are consistently able to offer some of the best programs and rates available.

Purchasing

Buying a home is an emotional experience. Home buyers will need to consider the mortgage process, which can be smooth. A great deal depends on the preparation of the buyer as well as the selection of an efficient mortgage company with the right loan program. Pioneer is available to help with your new home purchase.

Refinancing

Refinancing in today’s interest rate environment makes great sense for most people. Rates are lower than they have been in past years, and property values are increasing each year. You may be able to save a substantial amount of money by refinancing your current mortgage loan. Pioneer offers a wide variety of refinancing home loan programs.

What a Mortgage Payment Entails

The repayment of the original amount borrowed on a monthly basis
The cost of borrowing the principal amount repaid on a monthly basis
Real estate taxes paid to a local government agency
Homeowners' insurance on the home
If the buyer pays less than 20% down on a property, the mortgage company charges the buyer an additional monthly insurance payment called PMI.

The total of these items is known as the PITI (Principal/Interest/Taxes/Insurance) payment.

Frequently Asked Questions

No, please call us for a no-obligation, cost-free analysis to obtain your pre-approval.
This depends on the program that fits your needs. Some programs have minimum requirements on down payments. Call and ask to find out more.
Yes, it can be possible to get a mortgage if you have had late payments in the past. Give us a call to see if you qualify.
Yes, it can be possible to get a mortgage after filing for bankruptcy. This can depend on the type of bankruptcy. Give us a call to see if you qualify.
Yes, you can buy a home if you are self employed. We will use your tax returns and other business income documentation to qualify you. Call us to find out more.
To apply for a mortgage, you will need to provide proof of income, typically one month's pay stubs and W2s from the past two years. After the formal application, you may need your ID, asset statements, updated pay stubs, and verification of employment. Documentation will vary from borrower to borrower.
Escrow is an account established by your mortgage lender for payment of real estate taxes and homeowner's insurance.
This depends on your financial situation. With a shorter-term loan, monthly payments may be higher, but less interest will be paid over the life of the loan. Call us to find out more.
The loan amount a borrower can obtain depends on a few factors. The debt-to-income ratio (total monthly payments compared to gross monthly income), credit history, and the amount of cash available for down payment and closing costs.