Debt Consolidation Loans in Lancaster
Are you searching for a home loan in Lancaster? All American Financial Services has been assisting the Antelope Valley for almost twenty years. We are widely known for our knowledge about home loan financing and for our honest and clear pricing. Here are some tips and tricks about what you really should do before requesting for a mortgage loan!
Employment: it is just a straight forward fact that lenders are going to want to know you have been employed for at least 2 years in the same business 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 a few exemptions. Lenders are usually okay with the fact that you may have had two to three 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 additional fee that you’ll pay for having less than a 20% home loan down payment. Picture it as an insurance plan 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 Lancaster, the lender wants you have $60,000.
However, keep in mind that in order to obtain 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-effective way to purchase a house is to have a twenty% 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 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 larger than thirty-three% can be cause for concern. Home loan lenders want to know that you do not have an overwhelming amount of debt before you buy a new home. With that being said, let’s use the following numbers for example: Lets say you have a $6,000 gross monthly income, you really should have no more in monthly debt than $1,980.