Home Improvement Loans in Big Bear
Are you searching for a home loan in Big Bear? All American Financial Services has been serving the Antelope Valley for almost twenty years. We are well recognized for our practical knowledge about home loan financing and for our honest and upfront pricing. Here are a few helpful hints and tricks about what you really should do before requesting 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 2 years in the same business before offering you hundreds of thousands of dollars. The simple fact is that they want to know you can pay off the home loan without defaulting. However, there are some exceptions. Lenders are usually okay with the fact that you may have had two to three jobs in the same 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’ll 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 Big Bear, 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 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 is 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 remove 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 do not have an overwhelming amount of debt before you purchase 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 should have no more in monthly debt than $1,980.