Home Loan Refinance in Pinon Hills
Are you interested in a home loan in Pinon Hills? All American Financial Services has been serving the Antelope Valley for almost twenty years. We are widely known for our practical knowledge about home loan financing and for our truthful and clear pricing. Here are a few recommendations and tricks about what you should do before applying for a mortgage loan!
Employment: It’s just a straight forward fact that lenders are going to want to know you have 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 pay off the home loan without defaulting. However, there are a few exceptions. Lenders are for the most part okay with the fact that you may have had 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.
Down Payment: The most affordable way to purchase a house is to have a twenty% down payment. This will assure that you will avoid personal mortgage insurance, otherwise known as PMI.
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 purchase a $300,000 home in Pinon Hills, 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.
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 eliminate negative items from your credit report. In order to receive the best interest rate, you 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 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 should have no more in monthly debt than $1,980.