Tips for Finding the Best Mortgage Lending Company

Choosing the right mortgage lending company is one of the most important decisions you will make when you are purchasing a home. Choosing wisely means choosing a company that has years of experience, is trustworthy, and offers a great interest rate on their loans. Choosing poorly means setting yourself up to deal with a bad company for many years to come. A mortgage is typically a loan that lasts for decades, so you certainly want to make sure you select the right company. All American Financial Services is a great solution if you are looking for an honest and professional company with a lot of different loan options. Keep reading on below to learn a few tips for finding the best mortgage lending company for your needs.

1. Decide on a Big or Small Lender

One of the things you should try to figure out before you sign up for a mortgage is whether or not you want a mortgage lending company that is big or small. The bigger companies tend to offer better interest rates but can’t provide the same level of personal attention that smaller lenders can. If you are looking for a lender that provides excellent customer service and actually knows your name, you should look for a small lender. If the interest rate is the only thing that matters to you, a large mortgage lending company might be the right choice.

2. Research a Lender’s Reputation

These days, you can pretty much find anything you need to know on the internet. When you are evaluating your financing options, it’s always a good idea to research the lender’s reputation online. You can typically find review and information on existing client’s experiences with a lender online. If you want to take things a step further, you can try to speak with actual clients of a mortgage lender to hear about their experience. Try to learn as much as you can about a mortgage lender before you make your final decision.

3. Ask Around for Referrals

Another great tip for choosing the right mortgage lender is to ask around to friends and family for recommendations. Getting a direct referral from someone that you know and trust can cut out a lot of the time you spend searching for the best option. You can also save time by reaching out to All American Financial Services for your mortgage needs. We would love the opportunity to show you why we are the best home financing company on the market.

4. Compare Rates with Several Lenders

The last tip we will mention in this article is to compare mortgage rates with several lenders. That way, you can see what the market rates are like and make the best decision for your own financial situation. The more research and comparisons you can do before making your final choice, the better suited you will be to make the right decision.

If you are looking for financing on a home purchase or would like to hear about great financing options, reach out to All American Financial Services today.

4 Great Reasons Why You Should Buy a Home

Buying a home is one of the biggest investments we make during our lifetime. Purchasing a new home can provide you with a place to live for many years to come as well as generate rental income if you ever decide to move out. There are plenty of great reasons to look into buying a home these days. If you are on the fence about a home purchase, keep reading on below to learn why it can be such a great idea. If you are looking for financing for your home purchase, reach out to All American Financial Services to hear about all of our great options.

1. Potentially Pay Less Taxes and Save Money

You might be thinking that a home is an expensive investment, but you can actually end up paying less in taxes. The interest that you pay on your mortgage can usually be deducted from your overall taxable income. The costs of owning a home can actually end up being much lower than renting. You can save a lot of money, especially if you have a new loan that allows you to get the maximum tax benefit. If you haven’t considered this advantage to homeownership, keep it in mind when you are making your decision.

2. Unlimited Personalization

Another great benefit of owning a home is that you can customize and personalize it to be exactly what you want. You can paint it the color you’d like, create a style in your yard that makes you happy to come home each day, and even put in a pool if you want. There are pretty much unlimited customization options when you own your own home. This is a huge benefit because you can create the home you’ve always dreamed of. Reach out to All American Financial Services if you are looking for help with financing the purchase of your home.

3. You Can Sell Whenever You Want

Some people are turned off at the idea of purchasing a home because they think it is a very permanent decision. The truth is that you can sell your home whenever you are ready to move on. Often times, people end up selling their home for more than they originally paid due to rising real estate prices. Selling your home isn’t as complicated or difficult as you might think, which means that you have the flexibility to move on when you are ready.

4. Build Equity

One of the best parts of homeownership is knowing that your monthly mortgage payments are building equity. Instead of just losing your monthly rent, you are slowly paying off your investment. This is a big reason why owning a home can be a good investment that helps you build wealth over time. You are essentially paying yourself every month by building equity in your home.

Buying a home can be a great decision that provides you with a place to live for many years to come. Reach out to All American Financial Services today to learn about all of our great financing options.

4 Things to Do After You Close on a Mortgage

After you find a property that you are interested in buying, you typically need to apply for financing. Closing on a mortgage means that you get the keys to your home and have taken care of all of the necessary paperwork. However, after your mortgage closes, you still have work to do. You should focus on figuring out a few important details so that you are prepared to adjust to your new financial life with a mortgage. Keep reading on below to learn 4 things you should do after you close on a mortgage. Remember that if you are looking to apply for a mortgage, you should reach out to All American Financial Services today.

1. Enable Automatic Payments

The last thing you want to do as a new homeowner is missing out on a mortgage payment. This can have a negative impact on your credit score and also lead to penalties. The best way to avoid missing out on a mortgage payment is to set up automatic payments that transfer from your bank directly to the lender. Keep in mind that most mortgage payments are due on the first of the month, so set up your automatic payments to transfer a few days before just to be safe. You can even set up automatic reminders that your mortgage payment is about to go through just to double check if your bank balance can cover the payment.

2. Read Up On the Start Date of the Payments

Another important thing to do after you secure your mortgage is to read over the fine print. You are probably excited about getting your home and starting a new chapter of your life, but keep in mind that your mortgage payments will start soon. It’s important to find out when the monthly billing cycle for your mortgage begins so that you don’t miss a payment and are fully prepared to get your payments going.

3. Pay Property Taxes and Insurance On Time

It’s pretty common for the lender to pay your property taxes and insurance from your escrow account, but you should still double check to make sure that this is indeed the case. If you are planning to pay these by yourself, make sure you pay them on time and have money set aside each month to take care of them. Be diligent with your payments, otherwise, it could come back to haunt you.

4. Keep an Eye On Changes in Loan Servicers

You should always be aware of the lender that is servicing your mortgage loan because often times your mortgage will be sold off to another lender. That means you will have a new address to send payments too. Be on the lookout for any mail that is related to your loan so that you are always on top of things.

We hope this article has given you some great insight into the things to do after you close on a mortgage. Your financial health depends on timely payments and an understanding of how your loan works, so always keep that in mind.