Construction Loans in Phelan
Are you interested in a home loan in Phelan? All American Financial Services has been assisting the Antelope Valley for almost 20 years. We are widely known for our practical knowledge about home loan financing and for our honest and clear pricing. Here are a few recommendations and tricks about what you should do before requesting 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 two years in the comparable company before offering you hundreds of thousands of dollars. The straight forward fact is that they want to know you can pay back the home loan without defaulting. However, there are some exceptions. Lenders are usually okay with the fact that you may have had three jobs in the same 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 will pay for having less than a twenty% home loan down payment. Picture it as an insurance policy for the mortgage owner for offering a home loan at a higher loan-to-value ratio. So, if you were to buy a $300,000 home in Phelan, the lender wants you have $60,000.
However, keep in mind that in order to get a home loan, you must have at least six months of mortgage payment in reserves. We know it sounds complicated, but just pick up the phone and call All American Financial Services today.
Down Payment: The most cost-efficient way to purchase a house is to have a 20% down payment. This will make sure that you will avoid personal mortgage insurance, otherwise known as PMI.
Fixing Your Credit: Everyone wants to have the lowest interest rate on a home loan. This is why it’s so important to have amazing credit when requesting for home loan financing. Our team at All American Financial Services has credit repair analysts that will help get rid of 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.
Debt to Income Ratio: Having a debt to income ratio of greater than 33% 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. With that said,, 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.