HOME BUYING

Price Financial Services provides Diversity. Diversity of lenders, programs, and rates. Combined, all three assist in helping you in getting the best possible deal at the lowest possible cost.

Whether your buying your first home, a new home or even a second home, we can help. We have professional mortgage specialists available to you toll free @ 800-401-9091 or if you would prefer, we've provided a convenient online contact sheet to better help us understand your mortgage wants and needs.

Let us help make the process Easy, Fast, and Convenient.

The questions below will get you started. Once completed, you have the opportunity to complete a secure, no obligation Pre-qualification Analysis to assist you in your pre-qualification or in getting the process started.

Also included are some additional calculators and articles that will help you in making an informed, educated mortgage decision.

What Can I Afford ?
This calculates how much home you can afford based on your financial situation.

How Much Income To Qualify ?
This calculates how much income you need to qualify for a specific loan amount.

Mortgage Payment Calculator
This calculates your monthly principal and interest along with real estate taxes and home insurance.

PreQualification Wizard
This walks you through the process of getting prequalified for your home.

Home Buying Guide
Mortgage Terminology
Low Down Payments
Down Payment Loans and Gifts
Tax Benefits of Buying
Should I Pay Points

Different Mortgage Programs
Fixed Rate Mortgages
Adjustable Rate Mortgages
Standard ARMS and the Differences
Introductory Rate ARM's
Balloon Mortgages
Interest Rate Buydowns

For Your Information

Appraisals
Appraisal Basics
Appraisal Methods
Appraisal to Establish Market Price
Helping the Appraiser

Your Credit
Mortgage Loans and Credit
ABC's of Mortgage Credit
Credit Reporting Agencies
How to Correct Errors
Credit Questions and Answers
FICO Scores

Homeowners Insurance
Homeowners Insurance explained
12 Ways to Save on Homeowners Insurance
Flood Insurance

Private Mortgage Insurance (PMI)
PMI Explained
PMI Cancellation
PMI vs. FHA MIP

Title Insurance
Title Insurance Explained
Title Insurance Protection
Title Insurance Policy

Relocating
Top Ten Relocation Headaches
Relocation Issues for Kids
Before you Relocate
After you Relocate

Additional Calculators
Amortize My Mortgage Payments
Mortgage Principal Calculator
Mortgage Length Calculator
APR Loan Calculator

The Purchase Loan Process

Our goal, at Price Financial Services, is to make the mortgage process Easy, Fast, and Convenient. Keeping with that philosophy, we have outlined the Loan Process to help you understand what will happen and where you are in the process.

The Beginning, the Pre-Qualification
You decide to inquire into a mortgage with Price Financial Services. That can be done either by filling out our online Contact form or by calling us toll free. A loan consultant will discuss with you loan options and particular areas of importance for yourself so the mortgage can be tailored to your individual needs.

One of our specialties is providing you with a Pre-Qualification letter to take to your Realtor or to the Seller of the home you want to purchase. It lets them know that you are a serious qualified borrower. We provide this at no cost or obligation to you.

The Application
The Application process will involve providing you information that will detail the costs, fees and the rate and program you chose to go with. Also you will receive an application to complete (or you can do it online) and a list of documents we will need to get you approved for the mortgage (see list below). You then return the application and required documentation to us.

Processing
After Application, our experienced Processing Staff reviews your documentation including your credit. They order flood certifications, appraisals, and prepare your mortgage for submission to an underwriter for final approval. In addition, the processing staff will anticipate what documentation the underwriter will request for loan approval and make sure the documentation is included. This helps speed the process up greatly.

Underwriting
The Underwriter reviews your mortgage, making sure it adheres to their company guidelines, as well as industry-wide standard lending guidelines. The Underwriter may request explanations or additional documentation before approval is given. The Processor then gets the conditions, which may involve getting back in touch with you, the borrower. Once approved, we can schedule your closing.

Pre-Closing
With your mortgage approved, we coordinate the closing date and time with the lender, Title Company, realtors, sellers, and you. Bring with you to closing a picture id and a certified check for the balance due (sum of which is provided on the good faith estimate).

Mortgage Document Checklist
Here are the basis items needed for approval:

• Copy of purchase contract
• Copy of listing agreement (if your selling your present home)
• Name and phone number of realtor and/or builder
• Last 2 months bank and brokerage statements, all pages
• W-2's for the last two years
• Most recent month's pay stubs
• Most recent quarterly or annual statement for retirement accounts
• Name and phone number of homeowner's insurance agent
• Name and phone number of title company you wish to use

Depending on your circumstances, we may ask for the following:

• Divorce settlement papers
• Tax returns
• Gift documentation