Are you looking for 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 knowledge about home loan financing and for our truthful and direct pricing. Here are some 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 two years in the same company 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 some exemptions. Lenders are typically okay with the fact that you may have had 3 jobs in the same 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 buy a house is to have a twenty% down payment. This will ensure that you will avoid personal mortgage insurance, otherwise known as PMI.

Personal Mortgage Insurance is an additional fee that you will pay for having less than a 20% home loan down payment. Picture it as an insurance plan for the mortgage owner for offering a home loan at a greater 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 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.

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 don’t have an overwhelming amount of debt before you purchase a new home. With that being 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.

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.