Home Loan Financing in San Fernando Valley
Are you trying to find a home loan in San Fernando Valley? All American Financial Services has been serving the Antelope Valley for almost twenty years. We are well recognized for our knowledge about home loan financing and for our straightforward and upfront pricing. Here are some 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 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 for the most part 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 extra fee that you will pay for having less than a 20% home loan down payment. Picture it as an insurance plan for the mortgage holder for offering a home loan at a greater loan-to-value ratio. So, if you were to buy a $300,000 home in San Fernando 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 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 buy a house is to have a 20% down payment. This will ensure that you will avoid personal mortgage insurance, otherwise known as PMI.
Debt to Income Ratio: Having a debt to income ratio of higher 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 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.
Fixing Your Credit: Everyone wants to have the lowest interest rate on a home loan. This is why it is so important to have amazing credit when applying 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.