Construction Financing in Big Bear Lake
Are you looking for a home loan in Big Bear Lake? All American Financial Services has been serving the Antelope Valley for almost 20 years. We are well known for our knowledge about home loan financing and for our honest and clear pricing. Here are a few helpful hints and tricks about what you really should do before applying for a mortgage loan!
Employment: it is just a simple fact that lenders are going to want to know you’ve been employed for at least a couple of years in the comparable business before offering you hundreds of thousands of dollars. The straight forward fact is that they want to know you can repay the home loan without defaulting. However, there are a few exemptions. Lenders are typically okay with the fact that you may have had 3 jobs in the comparable line of work over the last several years. Just call All American Financial Services; your home loans experts today at 661-949-6681.
Personal Mortgage Insurance is an extra fee that you’ll pay for having less than a 20% home loan down payment. Picture it as an insurance policy for the mortgage holder for offering a home loan at a higher loan-to-value ratio. So, if you were to buy a $300,000 home in Big Bear Lake, the lender wants you have $60,000.
However, keep in mind that in order to obtain a home loan, you must have at least 6 months of mortgage payment in reserve. We know it sounds complicated, but just pick up the phone and call All American Financial Services today.
Down Payment: The most cost-effective way to buy a house is to have a twenty% down payment. This will ensure that you will avoid personal mortgage insurance, otherwise known as PMI.
Debt to Income Ratio: Having a debt to income ratio of greater than thirty-three% can be cause for concern. Home loan lenders want to know that you don’t have an overwhelming amount of debt before you purchase a new home. Having said that, let’s use the following numbers for example: Lets say you have a $6,000 gross monthly income, you should have no more in monthly debt than $1,980.
Fixing Your Credit: Everyone wants to have the lowest interest rate on a home loan. This is why it’s so important to have great credit when requesting for home loan financing. Our team at All American Financial Services has credit repair analysts that will help eliminate negative items from your credit report. In order to receive the best interest rate, you really should have a FICO score of 720 or more. Just pick up the phone today to get qualified for a new home loan.