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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š¢ The Role of Mortgage Brokers in CRE Financing: Why Investors Need Expert Advisors š¼
š¢ The Role of Mortgage Brokers in CRE Financing: Why Investors Need Expert Advisors š¼
š° CRE Financing Made Simple: How Mortgage Brokers Secure Better Deals for Investors š
The Role of Mortgage Brokers in CRE Financing: Why Investors Rely on Experts for Better Deals
Commercial real estate (CRE) financing has become increasingly complex. Whether youāre buying an industrial facility, refinancing a retail center, or structuring debt for a new development, navigating todayās CRE capital markets requires precision, lender relationships, and strategic insight. This is where a commercial mortgage broker becomes indispensable.
At Medallion Funds, we help investors cut through the noise, secure competitive terms, and access capital sources many borrowers never knew existed. Below is a breakdown of why mortgage brokers play such a pivotal role in CRE financing today.
1. Brokers Open the Door to More Lenders and Better Options
Commercial banks are no longer the only source of capital. Investors today must navigate:
ā¢ Debt funds
ā¢ CMBS lenders
ā¢ Life companies
ā¢ Bridge lenders
ā¢ SBA and USDA programs
ā¢ Private lenders and structured finance partners
Each lender has unique underwriting standards, risk thresholds, and pricing models. A mortgage broker maintains active relationships across this ecosystemāensuring borrowers receive multiple quotes, not just the one option from their local bank.
2. Brokers Structure the Deal to Match Investor Strategy
CRE financing isnāt just about rate and termsāitās about alignment with investment goals. Brokers help borrowers determine:
ā¢ Whether to maximize cash flow or minimize equity
ā¢ Whether full recourse, partial recourse, or non-recourse is best
ā¢ Whether fixed or floating rates fit the business plan
ā¢ How to position the asset for future refinance flexibility
A strong broker ensures the financing structure supports the long-term investor strategy, not just short-term approval.
3. Brokers Streamline the Entire Loan Process
CRE loans require extensive documentation, analysis, and underwriting reviews. A mortgage broker handles:
ā¢ Packaging the loan for lender review
ā¢ Communicating with underwriters
ā¢ Negotiating loan terms
ā¢ Managing third-party reports (appraisal, Phase I environmental, survey)
ā¢ Coordinating closing conditions
This reduces stress for investors and keeps deals on track.
4. Brokers Can Negotiate Stronger Terms
Because brokers represent multiple clients and send consistent deal flow, they are able to:
ā¢ Push lenders for better interest rates
ā¢ Reduce origination fees
ā¢ Improve leverage
ā¢ Simplify covenants or reserve requirements
ā¢ Negotiate for interest-only periods
A single borrower cannot generate enough volume to create this negotiating advantageābrokers can.
5. Brokers Understand Submarkets and Property Performance
Commercial real estate is hyper-local. A broker familiar with markets like Katy, Fulshear, Houston, and West Texas can:
ā¢ Interpret rent trajectory
ā¢ Understand absorption and vacancy trends
ā¢ Identify which lenders prefer which asset class in that market
ā¢ Provide insight on stabilized vs. value-add strategies
This is particularly critical when pitching a deal to lenders that donāt know the submarket.
6. Brokers Save Investors Time, Money, and Risk
The real value of a mortgage broker is not just access to capitalāitās risk mitigation. By shopping the loan, structuring the deal, and managing the process, brokers help ensure investors do not:
ā¢ Overpay on interest
ā¢ Get stuck with a lender not suited for the asset
ā¢ Miss key underwriting criteria
ā¢ Encounter avoidable closing delays
In CRE, time is moneyāand a broker protects both.
Final Takeaway
In a world of fluctuating rates, tightening credit, and competitive deal environments, working with a mortgage broker is no longer optionalāitās a strategic advantage. Medallion Funds exists to help investors secure smarter financing, reduce friction, and close with confidence.
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Ā© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
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Refinancing youe loan and when to do it
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š§® Renovation ROI Calculator
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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/