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?
.
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.
.
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.
Blogs
The Top 5 Mortgage Mistakes to Avoid
Buying your first home can be both exciting and nerve-wracking at the same time. With so many things to consider and....
Mortgage Do and
Do not list
Mortgages can be tricky, and it's easy to make mistakes that can end up costing you dearly. That's why we've put together this list....
Tips On How To Improve Your Credit Score
Let's talk about some ways you can improve your credit score! Your credit score is actually a big deal, and it can affect...
šø Why Houstonās Multifamily Market is a Hotspot for Investors š„
šø Why Houstonās Multifamily Market is a Hotspot for Investors š„
Hey everyone! š If you're curious about what's happening in Houston's real estate scene, especially in the multifamily sector, you're in the right place. Houston has been buzzing with activity, and I'm here to break it all down for you. Letās dive in! š
š„ Steady Demand in the Multifamily Sector
Houston's multifamily market is on fire! š„ The city has experienced its sixth consecutive quarter of demand gains, with over 7,880 units leased across all property classesāA, B, C, and D. Thatās a big win for landlords and property managers, as market occupancy increased by 20 basis points. The summer leasing season definitely played a role in this boost, with more people moving into new homes during these warmer months. š
š° Rising Rents and Growing Populations š
With more people leasing apartments, itās no surprise that rents are going up too. š Thereās been a 70 basis point increase in annual apartment rents. Twenty-five submarkets in Houston have benefited directly from this surge in leasing activity. The combination of steady population growth and the arrival of new, competitive properties has really fueled this trend. Houston is booming! š
šļø Houston's Construction Boom
Speaking of new properties, Houstonās construction pipeline is massiveāone of the largest in the U.S.! š¢ Over 18,775 units were in the works by the end of Q2 2024, although this is down from 21,700 units at the end of Q1. Since 2021, the 10-county Houston metro area has added more than 265,000 new residentsāthe second-largest gain in the U.S. This population boom, along with new job growth (Houston added 6,500 jobs in June alone), is driving the demand for more housing. šļø
š¼ Job Growth and Economic Impact
Houstonās job market is thriving. š¼ Over the past 12 months, the region has created 78,000 new jobs, bringing total employment to a record high of 3,460,900. Even though growth has tempered slightly compared to the past two years, the city is on track to hit 3.5 million payroll jobs by the end of 2024. This is a testament to Houstonās resilience and economic strength. š
š¢ Investments and Property Trades
Investors are taking notice of Houstonās growth. š° During the second quarter, 16 multifamily properties were traded, with acquisitions averaging $132,535 per unitāa 17.4% increase from Q1 2024. However, this is still a 7.1% decrease compared to the same period in 2023. International investors, institutional investors, and REITs have all been active in the market, with varying levels of buying and selling.
One standout transaction was the sale of Park At Voss by Houston-based Barvin Group. šļø This Class B, 810-unit property in the Galleria/Uptown submarket had a 93% occupancy rate at the close of the quarter. Another notable deal was California-based Berkshire's acquisition of Tinsley On The Park in Montrose/Museum/Midtown, a Class A, 365-unit property with a similar occupancy rate. š
š ļø Houston's Thriving Infrastructure
Beyond the multifamily market, Houstonās overall infrastructure is expanding rapidly. š¤ļø Nearly $20 billion in construction contracts were awarded in the first five months of this year aloneāa 64.3% increase from the same period last year. Residential, non-residential, and non-building projects are all seeing growth, which speaks to the cityās broader economic vitality. š
š Wrapping It Up
So, what does all this mean for Houstonās multifamily market? Simply put, itās a great time to be involved in real estate here. Whether youāre an investor, a property manager, or someone looking to move, Houston offers a dynamic and growing market with plenty of opportunities. š
Stay tuned for more updates on Houstonās real estate scene, and donāt forget to like, comment, and subscribe for more insights! š #HoustonRealEstate #MultifamilyMarket #HoustonGrowth #RealEstateInvesting #HoustonBoom #InvestInHouston
Iām an experienced Commercial Real Estate Mortgage Broker, please feel free to reach me at 281-222-0433.
https://medallionfunds.com/bill-rapp/
https://www.billrapponline.com/
https://houstoncommercialmortgage.com/
https://findamortgagebroker.com/Profile/WilliamRappJr28883
https://doctorvideo.billrapponline.com/
https://veteransvideo.billrapponline.com/
https://mortgageviking.billrapponline.com/
https://fha203h.billrapponline.com/
https://renovationvideo.billrapponline.com/
https://www.smartbizloans.com/partner/vikingenterprisellc/bill
https://www.fastexpert.com/loan-officer/bill-rapp-95119/
https://billrapponline.com/financingfuturescre-houston-katy
https://www.smartbizloans.com/assist/partner/vikingenterprisellc/expcommercial
Ā© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
10 Tips for First-Time Homebuyers
Buying your first home can be both exciting and nerve-wracking at the same time. With so many things to consider and....
How To Choose the Right Lender for You
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy
Refinancing youe loan and when to do it
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy
Copyright Ā©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 Ā© 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 Ā©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/