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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🌟Construction & Demand Drive Houston's Industrial Success! 🏢
🌟Construction & Demand Drive Houston's Industrial Success! 🏢
Hey there, Houston! 🌟 The second quarter has been fantastic for our industrial market, keeping up the solid momentum from the beginning of the year. Tenant demand is skyrocketing, thanks to our growing population and affordable living costs. And guess what? The forecast for the rest of the year looks bright and sunny as potential rate cuts could boost investments and construction. 🌞💼
Houston Highlights
📈 Leasing Activity Surges: The Houston industrial market saw a 25.7% increase in leasing activity, jumping to 10.8 million square feet from 8.6 million SF last quarter, marking a 12.4% year-over-year rise. 🏢✨ Integra Mission Critical made the biggest splash with a 1.2 million SF sublease from Wayfair, who never occupied their new building in Prologis' Presidents Park. 🏗️
🏗️ Construction & Vacancy Rates: New supply hit 7.3 million SF, outpacing the current net absorption of 3.2 million SF, which is a 4.7% increase from last year. The vacancy rate nudged up by 40 basis points to 7.7%. But don't worry, the construction pipeline is still 48% pre-leased, although it has shrunk to 12.1 million SF from 33.7 million SF year-over-year. 📉
💲 Rental Rates: Rents are climbing, too! We saw a rise to $9.58 PSF NNN from $9.43 PSF NNN last quarter, representing a 4.8% growth rate year-over-year. 📈💰
The Market Rebalancing Act
Despite a slowdown in construction after years of record-setting levels, leasing activity is picking up. With a solid 48% of under-construction properties pre-leased, we're on track to more sustainable levels. 🎢
🌆 Steady Absorption & Rising Rents: Net absorption is holding steady at 3.2 million SF, and rental rates are up 4.8% year-over-year. However, the vacancy rate at 7.7% continues to rise due to the influx of new construction. We might see rental rates plateau in the second half of 2024 before climbing again in late 2025. 📊
Construction Pipeline Shrinks
Developers face challenges in capitalizing new projects due to today's debt and equity markets, along with landowners' high pricing expectations from 2021 and 2022. But with strong leasing activity, developers are back hunting for new land positions heading into 2025. 🏞️💼
Opportunities for Tenants
Now could be a golden opportunity for tenants to strike advantageous long-term deals, especially in larger big-box vacancies. Landlords, responding to slight overbuilding in certain sectors, are offering aggressive concession packages. But this window might not last, given the strong leasing activity and limited future deliveries. 🏭🏢
Owning vs. Leasing Trend
More developers are selling to owner/users, who believe owning real estate is a great hedge against inflation. With Houston's business-friendly environment and low cost of living, many tenants are relocating here, even willing to pay a premium to own a building. This trend boosts sales and diversifies supply chains. 🏘️🔑
Cautious Optimism for 2024
As we head into an election year, we remain cautiously optimistic. Reduced vacancies due to rising overall requirements are happening, although bulk distribution faces a slowdown. Active industries include furniture, retail goods, hardware, solar, building materials, food and beverage, 3PLs, and manufacturing. 🛋️🔨🌞
Houston's Manufacturing Strength
Houston's strong manufacturing presence, coupled with a lack of quality manufacturing facilities, has spurred build-to-suit activity. The Port of Houston's increasing container volume also bolsters future industrial space demand. With our growing population, multiple deep-water ports, and two international airports, Houston remains a powerhouse in the national economy for logistics and manufacturing. 🛳️✈️
Stay tuned, Houston! The future looks bright! 🌟✨
#HoustonIndustrial #RealEstateBoom #TenantDemand #Construction #LeasingActivity #HoustonGrowth #CommercialRealEstate #HoustonEconomy
Need more help? I’m an experienced Commercial Real Estate Mortgage Broker, please feel free to reach me at 281-222-0433.
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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
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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/