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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Houston Retail Surge πŸš€πŸ›οΈ

Houston Retail: Q2 Highlights πŸŒŸπŸ“Š

Bill Rapp, Commercial Mortgage Broker
August 02, 2024β€’3 min read

Houston Retail: Q2 Highlights πŸŒŸπŸ“Š

Houston Retail Surge πŸš€πŸ›οΈ

Hey everyone! Welcome back to our blog! Today, we're diving into the Q2 2024 Houston retail market report, which brings some significant updates and challenges worth discussing. πŸŒŸπŸ“Š

A New Approach to Reporting

First off, there's a notable change in how Colliers reports retail market statistics. They now include data on all retail properties that are 5,000 square feet or larger. This shift means making direct comparisons to previous reports is a bit tricky. However, it gives us a more comprehensive view of the current market landscape. πŸ“ˆπŸ’

Strong Fundamentals Driving Growth

Houston's retail sector had a robust second quarter. The key takeaway? Demand is outpacing supply, resulting in low vacancy and availability rates. With fewer options available, retailers are finding it harder to secure spaces. Meanwhile, Houston's growing population is driving consumer spending, which is a positive sign for the market. πŸ›οΈπŸƒβ€β™€οΈ

Houston Highlights

  • Vacancy Rate: Slight dip to 5.2% from 5.3% last quarter. πŸ“‰

  • Demand: Soared to 787,531 square feet, up 20.9% year over year. πŸš€

  • Net Absorption: Outpaced new supply at 582,772 square feet. πŸ“¦

  • Top Submarkets: Northwest led with 554,472 square feet absorbed and 339,370 square feet delivered. πŸŒ†

  • Leasing Activity: At 2.1 million square feet, consistent with last quarter but 18.2% higher year over year. πŸ“

  • Construction Pipeline: At 2.7 million square feet, down 23.9% year over year. 🚧

  • Rental Rates: Averaged $20.38, a 3.2% increase year over year despite a drop from the previous quarter. πŸ’Έ

Vacancy rates have remained steady between 5.0% and 5.3% since 2022. Net absorption bounced back this quarter, surpassing new supply for the first time since Q2 2022. However, new supply remains limited, with this quarter's 562,772 square feet being 43.8% less than the average over the past 12 months. Sublease space also continues to decline, dropping 24.0% year over year to 467,114 square feet. πŸ”„

Impact of Hurricane Beryl

Hurricane Beryl had a significant impact on over 2 million Houston residents and businesses, leaving many without power for days. Houston's restaurant sector was particularly hard hit. Local operators suffered property and equipment damage, lost a week’s revenue, faced perishable food losses, and saw income losses for staff. πŸŒͺοΈπŸ’‘

Some restaurants, like the local Thai eatery Street to Kitchen, managed to serve customers with limited menus and minimal staff by operating on generators. Others, like Craft Pita, saw an influx of customers once power was restored. Rafael Nasr, owner of Craft Pita, noted, "Tuesday was the busiest lunch service so far this summer. For a few hours, there were no empty tables." Despite this, the long-term impact on these businesses remains a concern. πŸ½οΈπŸ’¬

Looking Forward

Houston's restaurant community, despite temporary boosts in sales, faces ongoing challenges due to power outages and slow summer sales. Many operators are now looking to landlords for support, such as rent grace periods or other concessions, to mitigate their losses. The resilience of Houston's businesses in the face of such challenges is commendable, but the road to recovery will be a tough one. πŸ’ͺπŸ½πŸ™οΈ

Thanks for tuning in to our market update! Stay resilient, Houston, and we'll catch you next time with more insights and updates. πŸ“°βœ¨

#HoustonRetail #MarketUpdate #HurricaneBeryl #RetailGrowth #HoustonStrong #CommercialRealEstate #RetailTrends #LocalBusiness #CommunityResilience

I’m 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

Β© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory

Houston retail marketQ2 2024 retail insightsHouston Commercial Real EstateHouston retail trendsHouston retail demandretail vacancy ratesHurricane Beryl impact on retailhouston restaurant resilienceHouston retail sector growthhouston retail market reportHouston retail supply and demandretail rental rates Houston
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Bill Rapp - Commercial & Residential Mortgage Broker

Whether you're a first-time homebuyer, a seasoned investor, or a business owner with ambitious plans, securing the right financing is crucial. At Medallion Funds, we take the guesswork out of mortgages, offering a comprehensive suite of residential and commercial loan options to fit your unique needs. Looking for Your Dream Home? We understand the excitement and challenges of navigating the residential real estate market. Our experienced mortgage brokers will guide you through every step, from pre-qualification to closing. We offer a variety of loan programs to suit your financial situation, including: β€’ Fixed-rate mortgages: Offering stability with predictable monthly payments. β€’ Adjustable-rate mortgages (ARMs): Providing competitive rates for a set period. β€’ FHA loans: Making homeownership accessible with lower down payments. β€’ VA loans: Rewarding veterans with attractive rates and flexible terms. Investing in Your Business Future? Growth often requires capital, and we can help you unlock the potential of your commercial property. Our brokers specialize in a wide range of commercial loan options, including: β€’ Purchase loans: Financing the acquisition of new buildings or land. β€’ Construction loans: Facilitating the development of your project. β€’ Refinance loans: Restructuring your existing mortgage for better terms. β€’ SBA loans: Providing access to government-backed financing for qualified businesses. The Medallion Funds Difference: We go beyond simply finding a loan. We take the time to understand your goals and develop a personalized strategy. Here's what sets us apart: β€’ Expertise: Our brokers have a deep understanding of both residential and commercial lending. β€’ Competitive Rates: We leverage our strong lender relationships to secure the best possible terms. β€’ Streamlined Process: We handle the paperwork, keeping you informed every step of the way. β€’ Exceptional Service: We're committed to providing you with a positive and stress-free experience. Ready to Take the First Step? Contact Medallion Funds today for a free consultation. Let's discuss your financing needs and help you achieve your dreams!

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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 Β© 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 Β©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/