Home Financing in Apple Valley
Are you searching for a home loan in Apple Valley? 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 straightforward and direct pricing. Here are a few recommendations 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’ve been employed for at least a couple 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 repay the home loan without defaulting. However, there are a few exemptions. Lenders are typically 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 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 purchase a $300,000 home in Apple Valley, the lender wants you have $60,000.
However, keep in mind that in order to receive 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 affordable way to buy a house is to have a 20% down payment. This will ensure 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 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 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 said,, let’s use the following figures for example: Lets say you have a $6,000 gross monthly income, you really should have no more in monthly debt than $1,980.