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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⚖️ Attorney Mortgages Explained: High-Income Borrowers’ Secret Weapon 🏡💼
⚖️ Attorney Mortgages Explained: High-Income Borrowers’ Secret Weapon 🏡💼
💼 Attorney Mortgage Loans: How Lawyers Buy More Home With Less Friction ⚖️
Attorney Mortgages: Designed for High-Income, Complex Earners
Attorneys often earn substantial incomes, yet traditional mortgage underwriting does not always reflect the reality of their cash flow. Student loan balances, partnership structures, bonus-driven compensation, and variable income can all create friction with standard loan programs. Attorney mortgage programs are specifically designed to address these issues—making them a preferred option for high-income legal professionals.
At Medallion Funds, we routinely work with attorneys who qualify easily on paper but want smarter structure, flexibility, and efficiency. Attorney mortgages deliver exactly that.
What Is an Attorney Mortgage?
An attorney mortgage is a profession-based home loan tailored for licensed attorneys, including associates, partners, and firm owners. These programs recognize earning potential, career stability, and long-term income growth—rather than focusing narrowly on traditional debt ratios.
Unlike conventional loans, attorney mortgages are built for complexity.
Why Attorneys Prefer These Loan Programs
1. Low or No Down Payment Options
Many attorney mortgage programs allow 5% down with no private mortgage insurance (PMI), even on higher loan balances.
2. Flexible Student Loan Treatment
Instead of penalizing attorneys for six-figure law school debt, lenders often:
·Exclude deferred loans
·Use income-based repayment amounts
·Apply reduced payment calculations
3. High Loan Limits Without Jumbo Headaches
Attorney mortgages frequently offer jumbo-level loan amounts with simpler underwriting than traditional jumbo products.
4. Income Structures That Actually Make Sense
Bonuses, K-1 income, partnership draws, and firm ownership are underwritten more intelligently—critical for attorneys whose income is not W-2 only.
5. Faster, More Predictable Closings
These programs are designed to close efficiently—important when balancing demanding legal careers and competitive housing markets.
Who Qualifies for Attorney Mortgage Programs?
Attorney mortgage eligibility typically includes:
·Licensed attorneys (JD holders)
·Associates, partners, and firm owners
·In-house counsel
·Government and public-sector attorneys
Most programs require proof of licensure and employment, but underwriting is far more nuanced than standard loans.
Why Work With a Mortgage Broker?
Attorney mortgages are not one-size-fits-all products. Guidelines vary by lender, and not all banks interpret them the same way. A mortgage broker:
·Shops multiple attorney programs
·Matches income structure correctly
·Avoids underwriting surprises
·Saves time and frustration
At Medallion Funds, we specialize in structuring loans for professionals who want efficiency, leverage, and certainty.
Final Takeaway
Attorney mortgage programs are popular for a reason. They align lending with reality—rewarding earning power, career stability, and long-term upside rather than penalizing complexity.
If you are an attorney considering a home purchase or refinance, the right structure can significantly improve your outcome.
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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/