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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š¬ What Itās Like Working with Me as Your Mortgage Broker š” (From Day One to Closing!)
š Behind the Scenes: What Itās Like to Work with a Pro Mortgage Broker Like Me š¼
š¬ What Itās Like Working with Me as Your Mortgage Broker
When you work with me as your mortgage broker, youāre not just getting someone who quotes you a rateāyouāre gaining a strategic partner in your home financing journey.
Whether you're a first-time buyer, a doctor securing a jumbo loan, a real estate investor working the BRRRR strategy, or a homeowner recovering from disasterāmy goal is the same: simplify the process, advocate for your goals, and close your loan with speed and precision.
Every borrower has a different story. I begin by asking the right questions to uncover what matters most to you. Are you trying to minimize your down payment? Qualify with 1099 income? Keep your monthly payment low while cash flowing on a rental? I listen, then build a strategy tailored to your goals.
I donāt expect you to know all the lending optionsāthatās my job. I explain your options clearly, from FHA to VA, DSCR to bank statement loans. I believe informed clients make smarter financial decisions, so I guide you every step of the way.
Unlike many lenders who submit incomplete files and hope for the best, I prepare your loan like a prosecutor presents a winning caseāevery document, explanation, and number is tight. This gets your loan approved faster and avoids unnecessary headaches.
Youāll never wonder whatās happening. I keep you updated regularly, answer your calls and texts, and work evenings and weekends when needed. You get my full attention until we close.
When you close with me, it's not just about signing documentsāitās about knowing you made a smart, well-informed decision. I celebrate with you, and Iām here long after closing day.
Ā· Over 20 years of mortgage experience
Ā· Broker access to 50+ lenders = better deals
Ā· Specialized loan programs for doctors, investors, and disaster victims
Ā· Real-world strategy, not just paperwork
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Ā© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory
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 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 ©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/