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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The Evolving Landscape of Commercial Real Estate!

April 02, 20242 min read

The Evolving Landscape of Commercial Real Estate!

CRE Story Line Moves Beyond Inflation, Rate Hikes, Imminent Recession

In the dynamic realm of commercial real estate (CRE), the narrative has shifted. No longer dominated solely by concerns of inflation, Federal Reserve rate hikes, or an impending recession, the current story line paints a picture of resilience and opportunity. Recent macroeconomic indicators offer a glimpse into a landscape where optimism thrives, particularly in multifamily, industrial, and retail sectors.

One of the key drivers signaling a strengthening demand for commercial real estate space is the remarkable surge in job numbers across the United States. With a record-high total number of jobs, each month sees the addition of new employment opportunities, marking an impressive streak of 38 consecutive months. Notably, there are now 5.5 million more jobs than at the pre-pandemic peak, fueling optimism in the market.

Moreover, the unemployment rate remains at a historically low 3.9%, reflecting the robustness of the labor market. This, coupled with a surge in real discretionary income up 6.5% from pre-pandemic levels creates a favorable environment for consumer spending and economic growth. As a result, retail sales have surged by 16.8% when adjusted for inflation, signaling a resilient economy.

John Chang, Senior Vice President and National Director of Research and Advisory Services at Marcus & Millichap, underscores the significance of these macroeconomic metrics in reaffirming the strength of the US economy. In a recent analysis video, Chang highlights a shift in focus within the CRE industry from concerns of inflation and recession towards a more optimistic outlook.

While challenges and uncertainties persist, such as inflation and interest rate fluctuations, Chang remains confident in the enduring momentum of the economy. With positive trends observed across various sectors including apartments, multi-tenant retail, and industrial spaces there is a prevailing sense of resilience and growth.

Looking ahead, Chang emphasizes the importance of a long-term perspective for investors. Provided the Federal Reserve maintains a balanced approach to interest rates, the outlook for commercial real estate space demand appears promising. Investors with a focus on long-term strategies are already re-engaging with the market, recognizing the potential for sustained growth and returns over the coming years.

In conclusion, the CRE narrative has evolved beyond concerns of inflation and recession towards one of resilience and growth. With favorable macroeconomic indicators and positive sectoral trends, the future of commercial real estate appears promising for investors who embrace a long-term vision. As uncertainties persist, maintaining a cautious yet optimistic stance remains key in navigating the ever-changing landscape of CRE.

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

https://medallionfunds.com/bill-rapp/

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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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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 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/