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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📉 Why Ultra-Low Pandemic Rates Aren’t Coming Back — And Why That’s Actually Good 👍
📉 Why Ultra-Low Pandemic Rates Aren’t Coming Back — And Why That’s Actually Good 👍
🏦 Goodbye 2% Rates: Here’s Why Today’s Market Is Still a Golden Opportunity for Homebuyers & Investors ✨
📉 Why Ultra-Low Pandemic ERA Rates Aren’t Coming Back — and That’s OK
For years, buyers, investors, and even real estate agents have held onto one big hope:
“Rates will go back to 2% and 3% again.”
But here’s the truth — backed by Fed policy, inflation trends, and global capital markets:
👉 Those pandemic-era rates aren’t coming back.
👉 And it’s actually one of the BEST things that could happen for today’s real estate market.
As a mortgage broker who helps buyers, business owners, and investors across Houston and the U.S., here’s the real breakdown of what’s happening and how to use this market to your advantage.
Why We’ll Never See 2%–3% Rates Again
1️⃣ The Pandemic Rates Were Artificially Engineered
The 2020–2021 rates were the result of:
·Emergency quantitative easing
·Fed buying trillions in mortgage-backed securities
·Crisis-level economic shutdown
Those were NOT normal market conditions. They were emergency responses to prevent a collapse.
You can’t recreate a once-in-a-century global shutdown to get 2% mortgages back.
2️⃣ The Fed’s New Priority Is Price Stability
Inflation has reset the Fed’s playbook. We’re not going back to “free money.”
Today’s environment supports:
·Moderate inflation (2–3%)
·Higher baseline interest rates
·More stable lending markets
Translation:
Rates between 5%–7% are the new normal.
3️⃣ Higher Rates Actually Create More Opportunity
Here’s the part most people miss:
❌ Low rates benefit people who already own everything.
✅ Normal rates benefit buyers who want fair access to deals.
When rates are higher:
·Sellers lose pricing power
·Investors get better cash flow and better cap rates
·First-time buyers stop competing with hedge fund cash
In other words…
Low rates inflated home prices.
Today’s rates normalize them.
4️⃣ Houston & Texas Investors Are Actually Winning More Today
Because price growth has slowed (or corrected), smart buyers can now:
·Negotiate seller credits
·Get better purchase prices
·Use 2-1 buydowns, lender-paid MI, and DSCR loans
·Leverage tax benefits more efficiently
If you’re an investor, today’s market actually delivers better long-term ROI than 2021 ever did.
5️⃣ The Smart Move Now? Focus on Monthly Payment Strategies
Instead of waiting for the “magic rate,” focus on strategies like:
·Temporary buydowns
·Permanent rate buydowns
·Lender-paid MI
·ARM loans
·Seller-paid concessions
·Refinance-to-Rate-Drop programs
With the right structure, buyers today often achieve 2021-level payments WITHOUT relying on a 2% loan.
Final Takeaway: Don’t Wait for a Rate That Isn’t Coming
Waiting for 2% mortgage rates means waiting forever.
Instead…
🔹 Buy when prices are favorable
🔹 Let the market cool off competition
🔹 Use advanced mortgage strategies
🔹 Then refinance when the cycle shifts
Winners in real estate don’t time the bottom —
they move when the numbers work.
If you want a personalized breakdown for your situation, Medallion Funds can structure the smartest, most cost-effective loan strategy for your next purchase.
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© 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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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/