Tips on How to Improve Your Credit Score
Hey folks, it's time to get real about your credit score. If you're anything like me, you probably don't pay much attention to it until it's time to apply for a loan or credit card. But did you know that your credit score can make or break your ability to obtain a mortgage loan?
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When you apply for a mortgage loan, lenders take a close look at your credit score and credit history. They want to know if you're a responsible borrower who will pay back the loan on time and in full. A good credit score can help you qualify for a mortgage loan with a lower interest rate and better terms, while a poor credit score can make it more difficult to get approved and result in higher interest rates and less favorable terms.
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In short, your credit score is one of the most important factors that lenders consider when deciding whether to approve you for a mortgage loan. By taking steps to improve your credit score, you can increase your chances of getting approved for a loan with better terms and save yourself thousands of dollars in the process.
1. Check your credit report regularly
This is a no-brainer, but it's worth repeating. Make sure to check your credit report for any errors or fraudulent activity. You can get a free credit report from each of the three major credit bureaus every year, so take advantage of it.
2. Pay your bills on time
This one seems obvious, but it's worth emphasizing. Late payments can have a big impact on your credit score, so set up automatic payments or reminders to make sure you're always on time.
3. Lower your credit utilization ratio
Your credit utilization ratio is the amount of credit you're using compared to your credit limit. Aim to keep your utilization ratio under 30% to improve your score.
1. Check your credit report regularly
This is a no-brainer, but it's worth repeating. Make sure to check your credit report for any errors or fraudulent activity. You can get a free credit report from each of the three major credit bureaus every year, so take advantage of it.
2. Pay your bills
on time
This one seems obvious, but it's worth emphasizing. Late payments can have a big impact on your credit score, so set up automatic payments or reminders to make sure you're always on time.
3. Lower your credit utilization ratio
Your credit utilization ratio is the amount of credit you're using compared to your credit limit. Aim to keep your utilization ratio under 30% to improve your score.
4. Increase your credit limit
If you're struggling to keep your credit utilization ratio low, consider asking for a credit limit increase. Just make sure not to use the extra credit as an excuse to spend more.
5. Diversify your credit
Having a mix of credit types (like a credit card, auto loan, and mortgage) can improve your credit score. But don't open new accounts just to add diversity - only take on credit that you actually need and can handle responsibly.
4. Increase your
credit limit
If you're struggling to keep your credit utilization ratio low, consider asking for a credit limit increase. Just make sure not to use the extra credit as an excuse to spend more.
5. Diversify your credit
Having a mix of credit types (like a credit card, auto loan, and mortgage) can improve your credit score. But don't open new accounts just to add diversity - only take on credit that you actually need and can handle responsibly.
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💵 Financing Adaptive Reuse Projects: Smart Capital for Smart CRE ♻️
💵 Financing Adaptive Reuse Projects: Smart Capital for Smart CRE ♻️
🏦 How to Fund Adaptive Reuse with Construction Loans and Bridge Financing 🏗️
💵 Adaptive Reuse: Smart Financing for the Greenest Developments ♻️
By Bill Rapp – Medallion Mortgage, Commercial & Residential Financing
As the demand for sustainable, cost-efficient development rises, adaptive reuse is becoming the go-to strategy for investors and developers. But here’s the catch: financing these projects isn’t always straightforward.
At Medallion Mortgage, we help clients finance adaptive reuse projects with loan options tailored for value-add strategies. Whether it’s a church-to-retail conversion or an old hotel becoming apartments, the right loan makes all the difference.
Key Financing Tools for Adaptive Reuse:
🏦 Bridge Loans – Great for short-term repositioning until stabilized.
🧱 Renovation Loans – Especially FHA 203(k) or Fannie Mae Homestyle for residential conversions.
♻️ Green Building Incentives – Lenders love sustainable features; energy credits can lower your rate.
📈 Construction-to-Perm Loans – Finance the reno, then convert to long-term fixed.
📉 Historic Tax Credit Syndication – Great for cash flow if you're restoring historic buildings.
What Lenders Want to See:
✔️ Strong project plan with timeline & budget
✔️ Solid after-repair value (ARV)
✔️ Lease-up strategy or exit plan
✔️ Environmental & zoning clearances
✔️ Borrower experience or team strength
If you're eyeing an adaptive reuse play in Houston or beyond, let’s structure financing that turns vision into value. As both a broker and lender, I’ll help you navigate the loan maze—fast, smart, and aligned with your goals.
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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
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Refinancing youe loan and when to do it
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Copyright ©2021 | Mortgage Viking Team
Licensed to Do Business | NMLS # 228246
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Copyright © 2021 | Medallion Funds
Corporate | NMLS ID NMLS # 1825831
Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014
Corporate NMLS NMLS # 1825831 | Company Website: https://medallionfunds.com/bill-rapp/
Copyright ©2021 | Mortgage Viking Team Licensed to Do Business | NMLS # 228246
This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply
Corporate | NMLS ID NMLS # 1825831
Corporate Address : 2651 N. Green Valley Pkwy STE. 101 Henderson, NV 89014 https://medallionfunds.com/bill-rapp/