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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Supreme Court Limits Federal Power, Affecting Real Estate!

Energy Sector Consolidations Impact Houston Office Market!

July 01, 20243 min read

Energy Sector Consolidations Impact Houston Office Market!

The recent Supreme Court decision to overturn the decades-old precedent allowing federal agencies to interpret vague laws marks a significant shift in regulatory power. This ruling opens the door for businesses to more easily challenge regulations they find unfavorable.

In a 6-3 decision, the Court overturned the 1984 Chevron v. Natural Resources Defense Council case, thereby limiting the regulatory powers of numerous federal agencies overseeing sectors such as the environment, public health, and employment. Legal experts suggest that this decision will have profound effects on commercial real estate, a sector deeply intertwined with various laws and regulations.

Impact on Commercial Real Estate

Lynn Calkins, a partner at Holland & Knight who leads the firm’s Chevron deference working group, highlighted the extensive reach of federal regulations in real estate. She emphasized the need for property owners to reassess their operations to identify areas regulated by federal agencies.

The Chevron precedent had mandated courts to defer to federal agencies on how to implement legislation passed by Congress. This deference has played a role in tens of thousands of cases over the past four decades. The precedent was contested in cases involving National Marine Fisheries Service regulations on overfishing, leading to the Supreme Court's recent decision.

Department of Housing and Urban Development (HUD) and Fair Housing Act

Calkins pointed out that one of the most significant impacts of the ruling could be on the Department of Housing and Urban Development's (HUD) interpretation of the 1968 Fair Housing Act. Given the Act’s broad and vague language, HUD has historically exercised considerable discretion in its regulations and guidance. The new ruling raises questions about the continued validity of these policies.

Political and Legal Repercussions

The Chevron ruling has been a focal point for conservatives, who argue that it allowed federal agencies to impose varying rules with each new administration. Geoffrey Manne, president of the International Center for Law & Economics, praised the decision, stating it promotes legal stability and shifts the responsibility of legislative clarity back to Congress.

The Supreme Court’s conservative majority, led by Chief Justice John Roberts, argued that the Chevron doctrine disrupted the separation of powers by enhancing executive agency authority at the expense of judicial power. The dissenting liberal justices contended that the majority overstepped by assuming that judges are better equipped than specialized agency experts to interpret complex regulations.

Broader Implications

Rafe Petersen, an environmental policy expert at Holland & Knight, noted that laws related to climate change, resiliency, and environmental justice could also face challenges under the new ruling. Zoning rules, while not federal laws, could be contested based on local interpretations of statutes.

Calkins and Petersen foresee an increase in legal challenges from businesses against federal regulations. This ruling could level the playing field, allowing businesses to present objective arguments without the presumption of agency deference.

In conclusion, the Supreme Court's decision to limit federal agency power is poised to reshape the regulatory landscape, particularly impacting commercial real estate. Property owners and businesses should stay vigilant and prepared for the changing legal environment.

Should you need an experienced Commercial Real Estate Mortgage Broker, please feel free to contact me at 281-222-0433.

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© 2023-2024 Bill Rapp, Medallion Funds LLC, Director of Capital Advisory


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Bill Rapp - Commercial & Residential Mortgage Broker

Whether you're a first-time homebuyer, a seasoned investor, or a business owner with ambitious plans, securing the right financing is crucial. At Medallion Funds, we take the guesswork out of mortgages, offering a comprehensive suite of residential and commercial loan options to fit your unique needs. Looking for Your Dream Home? We understand the excitement and challenges of navigating the residential real estate market. Our experienced mortgage brokers will guide you through every step, from pre-qualification to closing. We offer a variety of loan programs to suit your financial situation, including: • Fixed-rate mortgages: Offering stability with predictable monthly payments. • Adjustable-rate mortgages (ARMs): Providing competitive rates for a set period. • FHA loans: Making homeownership accessible with lower down payments. • VA loans: Rewarding veterans with attractive rates and flexible terms. Investing in Your Business Future? Growth often requires capital, and we can help you unlock the potential of your commercial property. Our brokers specialize in a wide range of commercial loan options, including: • Purchase loans: Financing the acquisition of new buildings or land. • Construction loans: Facilitating the development of your project. • Refinance loans: Restructuring your existing mortgage for better terms. • SBA loans: Providing access to government-backed financing for qualified businesses. The Medallion Funds Difference: We go beyond simply finding a loan. We take the time to understand your goals and develop a personalized strategy. Here's what sets us apart: • Expertise: Our brokers have a deep understanding of both residential and commercial lending. • Competitive Rates: We leverage our strong lender relationships to secure the best possible terms. • Streamlined Process: We handle the paperwork, keeping you informed every step of the way. • Exceptional Service: We're committed to providing you with a positive and stress-free experience. Ready to Take the First Step? Contact Medallion Funds today for a free consultation. Let's discuss your financing needs and help you achieve your dreams!

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Refinancing youe loan and when to do it

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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


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Corporate Address : 11920 Southern Highlands Parkway, Suite 302, Las Vegas, NV 89141

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 : 11920 Southern Highlands Parkway, Suite 302, Las Vegas, NV 89141 https://medallionfunds.com/bill-rapp/