Home Loans in Big Bear
Are you searching for a home loan in Big Bear? All American Financial Services has been assisting the Antelope Valley for almost 20 years. We are widely recognized for our practical knowledge about home loan financing and for our honest and upfront pricing. Here are a few tips 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 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 back the home loan without defaulting. However, there are a few exceptions. 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.
Down Payment: The most affordable way to purchase a house is to have a 20% down payment. This will ensure that you will avoid personal mortgage insurance, otherwise known as PMI.
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 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 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.
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 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 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 buy a new home. With that in mind, 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.