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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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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🛠️ Renovation ROI Calculator: Should You Upgrade Before You Sell? 💰
💡 Maximize Home Sale Profits with Smart Renovation Decisions! 🏠
🛠️ Renovation ROI Calculator: Should You Upgrade Before You Sell? 💰
Thinking of selling your home but wondering if a renovation is worth the cost? You're not alone. One of the most common questions sellers ask is: Will I get my money back if I remodel before listing?
That’s where a Renovation ROI Calculator comes in. This tool helps you estimate how much value a renovation could add—and whether it’s better to sell “as-is” or make strategic upgrades.
Before pouring money into upgrades, it's critical to evaluate return on investment (ROI). Kitchens and bathrooms often offer the best bang for your buck, but not always. In a hot market, even cosmetic updates can make a big difference.
Common renovations with high ROI:
· Minor kitchen remodels
· Bathroom updates
· Fresh paint and landscaping
· New flooring
Using a calculator is easy. Input:
· Current home value
· Renovation cost
· Estimated post-renovation value
You’ll get a percentage-based ROI estimate to help guide your decision.
📈 Example:
You spend $15,000 updating the kitchen. The home's value jumps $25,000.
ROI = 66% gain.
Here’s the rule of thumb:
· Sell As-Is if the renovations won’t boost buyer interest enough to raise the sales price.
· Renovate if low-cost updates (like paint, fixtures, flooring) dramatically increase appeal.
Don’t guess—run the numbers.
Need cash for upgrades? Consider a Renovation Loan or HELOC to fund the improvements. With the right strategy, the cost of borrowing can pay for itself in your sale price.
Whether you’re selling, refinancing, or buying a fixer-upper, we can help you make the numbers work.
Use our free Renovation ROI Calculator or reach out for a custom game plan!
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Buying your first home can be both exciting and nerve-wracking at the same time. With so many things to consider and....
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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/