Conventional Financing in Big Bear Lake
Are you trying to find a home loan in Big Bear Lake? All American Financial Services has been assisting the Antelope Valley for almost twenty years. We are well recognized for our practical knowledge about home loan financing and for our honest and clear pricing. Here are some helpful hints and tricks about what you really should do before applying for a mortgage loan!
Employment: It’s just a simple fact that lenders are going to want to know you have been employed for at least two 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 pay off the home loan without defaulting. However, there are a few exemptions. Lenders are for the most part okay with the fact that you may have had two to three jobs in the comparable line of work over the last number of years. Just call All American Financial Services; your home loans experts today at 661-949-6681.
Personal Mortgage Insurance is an additional 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 greater 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 reserves. 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 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 is so important to have great credit when applying 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.
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 buy 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.