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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1️⃣⚙️ Loan Types Explained in 60 Seconds — Your Fast Mortgage Guide ⏱️
1️⃣⚙️ Loan Types Explained in 60 Seconds — Your Fast Mortgage Guide ⏱️
2️⃣💡 Mortgage Loan Types Made Simple — What You Need to Know in 1 Minute 📉
⚙️ Loan Types Explained in 60 Seconds: Your Quick Guide to Smarter Borrowing
When you’re searching for a mortgage, it can feel like lenders are speaking a different language. Conventional, FHA, VA, Jumbo, Non-QM, DSCR — the list is long, and each comes with its own rules.
But here’s the good news: you can understand the major loan types in under 60 seconds.
Whether you're a first-time homebuyer, investor, or business owner, choosing the right loan is the key to lowering your payment, increasing your buying power, and qualifying without unnecessary stress. As a mortgage broker with access to hundreds of lenders, my job is to match you with the perfect fit — without the guesswork.
Let’s break down the most common loan types quickly and clearly.
🏡 1. Conventional Loans
Great for buyers with solid credit and stable income.
Best for: Primary homes, second homes, investment properties.
Why choose it: Lower rates, flexible terms, and no upfront mortgage insurance.
🧱 2. FHA Loans
Designed for buyers with limited credit or smaller down payments.
Best for: First-time homebuyers.
Why choose it: 3.5% down and flexible credit guidelines.
🇺🇸 3. VA Loans
Exclusive to qualifying veterans and active-duty military.
Best for: VA-eligible borrowers purchasing or refinancing a home.
Why choose it: 0% down, no PMI, and competitive interest rates.
💰 4. Jumbo Loans
For high-price homes that exceed conforming loan limits.
Best for: Luxury homebuyers and high-income earners.
Why choose it: Larger loan amounts and competitive pricing with strong qualifications.
📘 5. Non-QM Loans
Perfect for self-employed borrowers who don’t fit standard guidelines.
Includes: Bank statement loans, asset depletion loans, P&L-only loans.
Why choose it: Flexible documentation and income verification options.
📦 6. DSCR Loans (For Investors)
A fast-growing loan type for rental properties.
Why choose it: Qualify based on rental income — not your personal income.
🏗️ 7. Hard Money Loans
Specialty loans offering speed and flexibility for flips or bridge needs.
Why choose it: Fast closings, property-based underwriting.
🔍 Final Takeaway
Each loan type serves a different financial profile — and the best choice depends on your goals, credit, income, and long-term plans.
Medallion Funds helps you compare options from 600+ lenders so you get the right loan without stress or confusion.
Want the 60-second breakdown? Watch the YouTube video linked below.
Need a personalized loan match? Reach out anytime.
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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/