Navy Fellas Realty Group

Real Estate, Residential sales and purchase

Unlocking Lower Mortgage Rates By Boosting Your Credit Score

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The interest rate you qualify for when securing a mortgage can make a huge difference in your financial journey. The good news is, that by understanding how credit scores impact mortgage rates and implementing strategic steps to boost your score, you can potentially unlock lower rates and save thousands of dollars over the life of your loan.

Lenders use credit scores as one of the primary factors in determining the interest rate they offer you on a mortgage. Generally, the higher your credit score, the lower your interest rate will be. This is because a higher credit score indicates to lenders that you’re a lower-risk borrower, making you eligible for more favorable terms.

Here’s a rough breakdown of how credit scores typically correlate with mortgage rates:

Excellent Credit (781–850): Borrowers with excellent credit scores often qualify for the lowest mortgage rates available.

Good Credit (661–780): While not as advantageous as excellent credit, borrowers with good credit scores still usually receive competitive rates.

Fair Credit (601–660): With fair credit, you might still qualify for a mortgage, but you’re likely to face higher interest rates.

Poor Credit (Below 600): Borrowers with poor credit scores may struggle to qualify for a mortgage, and if they do, they’ll likely face significantly higher interest rates.
*Credit ratings from VantageScore 3.0® credit score ranges

Steps to Boost Your Credit Score

Now that you understand the importance of credit scores, let’s explore actionable steps to boost yours and qualify for those lower mortgage rates:

1. Check Your Credit Report

Start by obtaining a copy of your credit report from all three major credit bureaus—Equifax, Experian, and TransUnion. Review them carefully for any errors or inaccuracies that could be dragging down your score. Dispute any discrepancies you find to ensure your report is accurate.

2. Pay Your Bills on Time

Your payment history is a crucial factor in determining your credit score. Set up automatic payments or reminders to ensure you never miss a due date. Even one late payment can have a significant negative impact on your score.

3. Reduce Credit Card Balances

High credit card balances relative to your credit limits can harm your credit score. Aim to keep your credit utilization ratio—the amount of credit you’re using compared to your total available credit—below 30%. Paying down credit card debt can quickly improve your score.

4. Avoid Opening New Accounts

Opening new credit accounts can temporarily lower your credit score. Additionally, each new account adds a hard inquiry to your credit report, which can further ding your score. Hold off on applying for new credit until after you’ve secured your mortgage.

5. Keep Older Accounts Open

The length of your credit history also impacts your score. If you have older credit accounts in good standing, keep them open, even if you’re not actively using them. Closing old accounts can shorten your credit history and potentially lower your score.

6. Consider a Credit Builder Loan

If you’re struggling to establish credit or rebuild a poor credit history, a credit builder loan can be a valuable tool. These loans are designed specifically to help individuals improve their credit scores by making on-time payments.

Real-Life Example: The Impact of Improving Your Credit Score

Let’s illustrate the potential savings of boosting your credit score with an example:

Scenario 1: Sarah has a credit score of 650 and qualifies for a 30-year fixed-rate mortgage with an interest rate of 4.5%. On a $250,000 loan, her monthly payment would be approximately $1,266, and she would pay a total of $206,016 in interest over the life of the loan.

Scenario 2: After diligently working to improve her credit score, Sarah’s score increases to 750. Now, she qualifies for the same mortgage with an interest rate of 3.5%. With the lower rate, her monthly payment drops to around $1,122, and she pays only $154,197 in interest over the life of the loan—a savings of over $50,000!

Boosting your credit score takes time and effort, but the potential savings on your mortgage make it well worth it. By following these steps and monitoring your progress, you can position yourself for lower mortgage rates and significant long-term savings. Remember, every point increase in your credit score can make a difference, so stay focused on your financial goals and watch your credit score—and your opportunities—rise.

Hard Inquiry vs. Soft Inquiry — What’s the Difference?

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Knowing the difference between a hard inquiry vs soft inquiry can help you maintain a good credit score. Here’s what you need to know.

Most people know that your credit score can drop if you miss a payment or have a new collection filed against you. But how about when you apply for new credit? Yes, a credit application will trigger a “hard inquiry” on your report, which can have an impact on your credit score. Here’s what to know about hard inquiries, and how they compare with “soft inquiries.”

What is a Hard Inquiry?

Hard inquiries occur when you apply for credit and consent to allow a lender to check your credit report. These inquiries dated within the past 12 months count toward 10% of your credit scores even though 24-months of inquiry history is retained in your credit report.

Hard inquiries are listed by date and include the lender’s name and the name of the third-party credit provider that provided the report to the lender.

Examples of hard inquiries include:

  • Applying for a car loan and the dealer checks your credit report
  • Applying for a new credit card
  • Requesting to have the credit limit increased on an existing credit card
  • Applying for a mortgage
  • Applying to lease an apartment

Only authorized parties are allowed to access your credit report, and to do so, they must have a permissible purpose. Lenders only have permissible purpose if you have applied for credit and given the potential lender consent to check your credit report. Hard inquiries made for any other reason without your consent are not permissible and you have the right to dispute any unauthorized inquiries.

How Many Points Does a Hard Inquiry Affect Your Credit Score?

According to credit experts, “In most cases, a hard inquiry from a lender will decrease your scores by 7 points or less. The highest drop in scores that I’ve seen was 23 points, but that is very rare.”

The impact of applying for credit will differ from person to person based on their unique credit history. Individuals with very little or no credit history may see a bigger drop in scores compared to someone who has established credit and who has proven to manage more accounts over time.

It is true that in most cases, an occasional hard inquiry will have little to no impact on your credit scores. However, a new hard inquiry can lower your score by a few points when certain factors come together in your credit report:

  • Opening a new credit card or line of credit will affect your length of credit history because it lowers the average age of your total accounts. This, in turn, will lower your length of credit history and subsequently, will lower your credit scores.
  • New credit, once used, will increase the “amounts owed/credit utilization” factor of your credit scores and may also contribute to lowering your scores.

Minimize the Impact of a Hard Inquiry on Your Credit Score

To minimize the impact on your score, do your rate shopping within a focused amount of time. Most credit scores are not affected by multiple inquiries from the same type of creditor within a short period of time.

Credit score models have been programmed to accommodate typical “rate shopping periods” for auto, mortgage, or student loans. This means that if you are looking to buy a new automobile, conduct your comparison shopping among multiple dealers and creditors within a 30-day average period. Then, multiple hard credit inquiries from auto lenders will only count as a single hard inquiry for credit scoring purposes.

Hard inquiries count toward the calculation of your credit scores, so it’s important to monitor your inquiries. Make sure that you know who, when, and why a creditor has reviewed a copy of your credit report. If you notice hard inquiries in your credit report that you do not recognize, it’s important to find out more about them by using the information in your report and disputing the inquiries. You can learn more about how to dispute inaccuracies in your credit report by visiting the FTC’s website.

How to Check for Hard Inquiries

The next time you apply for new credit, you’d be wise to obtain and review your credit report. Or, get a free report at annualcreditreport.com, a federally-mandated website that gives you a free report from each of the three major credit bureaus. In your report, you’ll see a list of the creditors and lenders who have checked your credit file over the past 24 months. These credit checks by creditors and lenders are called “inquiries.”

But not all inquiries are created equal — hard inquiries and soft inquiries have different effects on your credit score.

What is a Soft Inquiry?

Soft inquiries are checks of your credit report that are not associated with your credit application. They do not impact your credit scores in any way.

Examples of soft inquiries might include any of the following:

  • Checking your credit report and credit scores through an organization authorized to provide credit reports to consumers
  • Applying for a job
  • Receiving prescreened offers of credit from credit card companies, insurers, and other creditors

Hard Inquiry vs. Soft Inquiry: Rule of Thumb

If you’re not applying for credit, you won’t incur a hard inquiry. So you don’t need to worry about dragging down your credit score by signing up for an app or service that helps you monitor your credit.

That being said, don’t be afraid to apply for credit if you need it. The impact on your score is typically small if you are not applying for many kinds of credit within a short time.

Understanding Debt-to-Income Ratio: A Key Factor in Mortgage Approval

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When it comes to securing a mortgage for your dream home, there’s a crucial number that can make or break your application: your debt-to-income ratio (DTI). Understanding and managing your DTI is essential for navigating the mortgage approval process smoothly. Let’s delve into what DTI is, why it matters, and how you can calculate it.

What is Debt-to-Income Ratio (DTI)?

Your debt-to-income ratio is a financial metric that compares your monthly debt payments to your gross monthly income. Lenders use DTI as a measure of your ability to manage your monthly payments and repay debts promptly. It helps them assess the level of risk involved in lending to you.

Why Does DTI Matter in Mortgage Approval?

Lenders consider your DTI alongside other financial factors when evaluating your mortgage application. A high DTI indicates that a significant portion of your income goes toward paying off debts, leaving you with less disposable income to cover mortgage payments. This can raise concerns about your ability to handle additional debt responsibly.

A low DTI, on the other hand, suggests that you have a healthier financial profile with more room in your budget to accommodate mortgage payments. Lenders typically prefer borrowers with lower DTI ratios, as they are perceived as less risky and more likely to make timely mortgage payments.

How to Calculate Your DTI:

Calculating your DTI involves two simple steps:

Add Up Your Monthly Debt Payments: This includes payments for items such as credit cards, student loans, car loans, personal loans, and any other outstanding debts.

Calculate Your Gross Monthly Income: This includes all sources of income before taxes and other deductions.

Once you have these figures, divide your total monthly debt payments by your gross monthly income, then multiply the result by 100 to get your DTI percentage.

Understanding the Numbers:

Ideal DTI: In general, lenders prefer DTI ratios below 43%. However, some lenders may accept higher ratios depending on other factors such as credit score, employment history, and savings.

Front-End vs. Back-End DTI: Front-end DTI only considers housing-related expenses (mortgage, property taxes, homeowner’s insurance, etc.), while back-end DTI includes all debts.

Impact on Mortgage Approval: A lower DTI increases your chances of mortgage approval and may even help you qualify for better interest rates and loan terms.

Tips for Improving Your DTI:

Reduce Debt: Pay off outstanding debts or consider consolidating them to lower your monthly payments.

Increase Income: Look for opportunities to boost your income through a salary raise, side hustles, or additional sources of revenue.

Avoid Taking on New Debt: Refrain from applying for new credit cards or loans before applying for a mortgage, as it can increase your DTI and affect your eligibility.

Your debt-to-income ratio plays a pivotal role in determining your eligibility for a mortgage. By understanding how DTI works and taking steps to manage it effectively, you can improve your chances of securing a mortgage with favorable terms. Remember, a lower DTI not only strengthens your mortgage application but also reflects a sound financial foundation for homeownership. Take control of your finances today to pave the way for your future home sweet home.

Speed Your Mortgage Approval up by Following This Checklist

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Have you finally found your dream home after months of searching, and then you are told that the seller has received other offers? No buyer wants to find themselves in a bidding war against another buyer as it is a stressful situation. Being unprepared and not having your finances in order will make it even more stressful. Here are a few quick ways if you’re looking to speed up your mortgage approval process, here’s a checklist to help you prepare:

·        Review your credit report: Maintain a good credit score by paying bills on time, reducing existing debt, and avoiding new credit inquiries. Check your credit report for errors and make sure your credit score is in good shape. A good credit score can positively impact the approval and interest rate you receive.

·        Gather financial documents: Gather all necessary paperwork beforehand, including pay stubs, tax returns, bank statements, and any other financial documentation. Having these readily available will expedite the application process.

·        Save for a down payment: A larger down payment can reduce the risk for lenders, making them more inclined to approve your loan faster. It can also decrease the time needed for certain approval processes.

·        Stay at your job: It’s best to avoid changing jobs during the mortgage approval process.

·        Avoid new credit: Don’t apply for new credit or take on new debt during the approval process.

·        Don’t make big purchases: Avoid making large purchases, such as a car, during the approval process.

·        Respond promptly to requests: Once you’ve applied for a mortgage, respond promptly to any requests from your lender. Delays often occur when there’s a lack of communication or slow responses to queries or requests for additional information.

·        Work with a reputable lender: Choose a lender with a good reputation and experience in the mortgage industry.

·        Get pre-approved: Consider getting pre-approved for a mortgage before house hunting to speed up the approval process.

Stay informed about the process and ask questions if you’re unsure about any step. Following this checklist can help speed up your mortgage approval process and make the process smoother and less stressful.  Good communication with your lender is key to ensuring a smooth and expedited process.

Will Getting a Mortgage Help My Credit Score?

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Getting a mortgage can potentially help your credit score, as long as you make your payments on time and in full each month. Payment history is one of the most important factors that influence your credit score, so consistently making your mortgage payments on time can have a positive impact on your credit score over time.

It is important to carefully consider the financial implications of taking on a mortgage and to ensure that you can afford the payments before proceeding. It is also important to keep in mind that taking out a mortgage will also result in a hard inquiry on your credit report, which can temporarily lower your credit score.

Credit Diversity

Credit diversity refers to the different types of credit accounts you have on your credit report. Having a diverse credit history can have a positive impact on your credit score, as it shows lenders that you are capable of managing multiple types of credit responsibly.

When you apply for a mortgage, the lender will likely review your credit report to assess your creditworthiness. Having a diverse credit history, including a mix of credit cards, installment loans, and other types of credit accounts, can demonstrate that you are a responsible borrower and increase your chances of being approved for a mortgage.

Mortgages Get Reported

Mortgages are typically reported to credit bureaus and will appear on your credit report. This means that your mortgage payment history, including any late or missed payments, will be recorded on your credit report, and can impact your credit score.

Consistently making on-time mortgage payments can have a positive impact on your credit score, as it demonstrates that you are a responsible borrower. However, missing payments or defaulting on your mortgage can have a negative impact on your credit score and may make it more difficult to obtain credit in the future.

It’s important to regularly review your credit report to ensure that all information, including your mortgage, is being reported accurately. If you notice any errors or discrepancies, you should contact the credit bureau and the mortgage lender to have the issue resolved.

In summary, having a diverse credit history can be beneficial when applying for a mortgage, but it’s important to focus on maintaining a good overall credit profile, including making all payments on time and keeping your credit utilization.

Does My Current Debt Affect Getting A New Mortgage?

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Does My Current Debt Affect Getting A New MortgageWhen you apply for a new mortgage, the lender will evaluate your creditworthiness to determine whether to approve your application and what terms and interest rate to offer you. Your existing debt can affect your creditworthiness in several ways:

Debt-to-income ratio (DTI): Your DTI ratio is the percentage of your monthly income that goes towards paying off debt. Lenders typically want to see a DTI ratio of 43% or less, meaning your debt payments don’t exceed 43% of your gross monthly income. If your existing debt is high, your DTI ratio will be high, and lenders may view you as a riskier borrower. This can make it more difficult to qualify for a new mortgage or result in a higher interest rate.

Credit score: Your credit score is a numerical representation of your creditworthiness, based on your credit history. If you have existing debt and have been making late payments or defaulting on payments, your credit score may have taken a hit. This can make it more difficult to qualify for a new mortgage or result in a higher interest rate.

Payment history: Your payment history is a record of how consistently you have made payments on your existing debt. If you have a history of late payments or defaulting on payments, this can signal to lenders that you may be a riskier borrower, which can make it more difficult to qualify for a new mortgage or result in a higher interest rate.

Available funds for down payment: If you have existing debt, you may not have as much money available for a down payment on a new mortgage. This can make it more difficult to qualify for a new mortgage or result in a higher interest rate.

Overall debt load: Lenders will also consider your overall debt load when evaluating your creditworthiness. If your existing debt is high relative to your income and assets, this can make it more difficult to qualify for a new mortgage or result in a higher interest rate.

In summary, your existing debt can affect your ability to qualify for a new mortgage by increasing your DTI ratio, lowering your credit score, affecting your payment history, limiting your funds for a down payment, and increasing your overall debt load.

It’s important to manage your debt carefully and maintain a good credit score if you’re planning to apply for a new mortgage. By evaluating the following and staying on track, you can ensure that you’re ready for the financial responsibilities of a mortgage and can make an informed decision about homeownership.

Will Pre-Approval for a Mortgage Hurt My Credit Score?

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Will Pre-Approval for a Mortgage Hurt My Credit Score?Obtaining a pre-approval for a mortgage is an important step when you’re planning to buy a home. It gives you an idea of how much you can afford, helps streamline the home-buying process, and strengthens your position as a serious buyer. However, many people worry that the pre-approval process might negatively impact their credit score. In this blog post, we’ll dive into the details to determine whether or not a pre-approval for a mortgage will hurt your credit.

Understanding Credit Inquiries

To understand how pre-approval affects your credit, we need to discuss credit inquiries. When you apply for credit, such as a loan or credit card, the lender typically pulls your credit report to assess your creditworthiness. These inquiries are categorized as either “hard” or “soft.”

Hard Inquiries: A hard inquiry occurs when you apply for credit, and it can impact your credit score. These inquiries are visible to other lenders and may suggest that you’re actively seeking credit.

Soft Inquiries: A soft inquiry, on the other hand, doesn’t affect your credit score. These inquiries occur when you check your own credit report or when a lender pre-approves you without your explicit consent.

Pre-Approval and Credit Inquiries

When it comes to mortgage pre-approvals, most lenders perform a hard inquiry to assess your creditworthiness accurately. While this hard inquiry might have a temporary impact on your credit score, the impact is typically minimal. Generally, a single hard inquiry will only result in a small dip in your score, typically around five points or less. The credit bureaus understand that consumers may shop around for the best mortgage terms and account for this in their scoring models.

The Logic Behind Credit Scoring

Credit scoring models are designed to account for consumer behavior related to loans and credit applications. They recognize that it’s normal for individuals to shop around for the best rates and terms when seeking a mortgage. To encourage this behavior, credit scoring models treat multiple mortgage inquiries made within a certain time frame (usually 30 days) as a single inquiry. This means that even if you get pre-approved by multiple lenders within that timeframe, it will be considered a single inquiry when calculating your credit score.

While a pre-approval for a mortgage may result in a temporary dip in your credit score due to the hard inquiry, it’s generally a small and short-lived effect. The benefits of obtaining a pre-approval, such as understanding your budget and strengthening your position as a buyer, far outweigh any minor impact on your credit score.

To minimize any potential negative impact on your credit score during the mortgage pre-approval process, consider the following tips:

Do your research: Before applying for a pre-approval, research lenders and their qualification criteria. Focus on a select few lenders who are likely to meet your needs to minimize the number of credit inquiries.

Time your applications: If possible, try to complete all your mortgage pre-approval applications within a short time frame, such as 30 days. This way, the credit bureaus will consider them as a single inquiry.

Monitor your credit: Regularly monitor your credit report to ensure accuracy and identify any potential issues. You can obtain one free credit report per year from each of the three major credit bureaus.

In most cases, the impact of a mortgage pre-approval on your credit score is minimal and short-lived. While the initial hard inquiry may result in a small dip in your score, credit scoring models are designed to account for shopping around for the best mortgage terms. The long-term benefits of obtaining a pre-approval far outweigh any minor impact on

The Impact of Your Employment History on Mortgage Approval

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The Impact of Your Employment History on Mortgage ApprovalWhen it comes to applying for a mortgage, lenders take various factors into account to determine your eligibility. One crucial aspect they consider is your employment history. Your employment history provides lenders with valuable insights into your financial stability, income consistency, and ability to repay the loan.

Lenders evaluate your income consistency to ensure that you have a reliable source of funds to cover your mortgage payments. They typically request pay stubs, W-2 forms, and tax returns to verify your income. If you have been in the same job or industry for a considerable period and have a consistent or increasing income, it strengthens your mortgage application. However, if you recently started a new job or have irregular income due to freelancing or self-employment, it may require additional documentation and thorough evaluation by the lender.

Self-Employment Considerations:

If you are self-employed, the mortgage approval process may be slightly different. Self-employed individuals often face more scrutiny as their income can be less predictable compared to those with traditional employment. Lenders typically review your business financial statements, tax returns, and bank statements to assess your income stability and the overall financial health of your business. Providing a history of consistent income, strong financial statements, and a healthy credit score can improve your chances of mortgage approval.

Employment Gaps:

Extended gaps in employment can be a concern for lenders, as they may question your ability to meet your financial obligations. However, not all gaps are viewed negatively. Lenders may be more understanding if you can provide a reasonable explanation for the gap, such as furthering your education, caring for a family member, or recovering from an illness. It’s crucial to provide supporting documentation and demonstrate how you managed your finances during the gap period.

Changing Industries:

Switching careers or industries can be seen as a risk by lenders, as it may imply a learning curve or potential income instability. However, this doesn’t mean that changing industries will automatically disqualify you from getting a mortgage. If you can demonstrate that the change has resulted in an increase in income, improved job prospects, or enhanced skill sets, it can work in your favor. Strong references from your previous and current employers can also help alleviate concerns about the industry switch.

By maintaining a stable employment record, providing proof of consistent income, and addressing any gaps or career changes with supporting documentation, you can strengthen your mortgage application and improve your chances of approval. Remember to consult with a mortgage professional who can guide you through the process and provide personalized advice based on your specific situation.

Top Reasons You Should Compare Mortgages

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Top Reasons Why You Should Compare MortgagesComparing mortgages is a crucial step in the process of buying a home or refinancing an existing mortgage. Here are some reasons why:

Save Money: Comparing mortgages can help you save money by finding the best interest rates and terms available. A lower interest rate can mean thousands of dollars in savings over the life of a mortgage.

Avoid Pitfalls: By comparing mortgages, you can avoid pitfalls such as hidden fees, penalties, or other unfavorable terms that can cost you money and cause financial stress.

Negotiate Better Terms: If you have a good understanding of what’s available in the mortgage market, you can negotiate better terms with lenders.

Peace of Mind: Comparing mortgages can give you peace of mind that you are making the best financial decision for your situation.

Each person’s financial situation is unique, so finding the right mortgage that fits your individual needs is important. Comparing mortgages can help you find the right type of mortgage, such as a fixed-rate or adjustable-rate mortgage, that suits your budget and financial goals. It can be a complex process, but here are some general steps you can take to help guide you in your search.

Determine your budget: The first step is to determine how much you can afford to borrow. Consider your monthly income, expenses, and savings to figure out how much you can comfortably afford to pay each month towards your mortgage.

Shop around: Look at different mortgage options from different lenders to compare interest rates, fees, and terms. Don’t just go with the first offer you receive, as there may be better options available.

Consider the type of mortgage: There are different types of mortgages available, such as fixed-rate mortgages and adjustable-rate mortgages. Each type has its own advantages and disadvantages, so research and consider which option would work best for your needs.

Think about the length of the loan: Mortgages typically come in 15- or 30-year terms, but other options may be available. Longer terms mean lower monthly payments, but more interest paid over time. Shorter terms mean higher monthly payments, but less interest paid overall.

Check your credit score: Your credit score can affect the interest rate you qualify for, so make sure it’s in good shape before applying for a mortgage.

Get pre-approved: Getting pre-approved for a mortgage can give you a better idea of what you can afford, and it can also help you be taken more seriously by sellers when making an offer on a home.

Remember, taking the time to research and compare your options can help you find the right mortgage for your needs and budget and is an essential step in the home-buying process, and it can help you save money, find the right mortgage, avoid pitfalls, negotiate better terms, and have peace of mind. A mortgage broker can help you find and compare mortgage options from different lenders, which can save you time and potentially help you find a better deal.

Considering a New Home Next Year? Start Now and Get a Jump on Improving Your Credit Score

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Considering a New Home Next Year? Start Now and Get a Jump on Improving Your Credit ScoreWith the new year right around the corner, that leaves you with precious little time to get your finances in order. Let’s explore a few tips that will help you get a jump on improving your credit score before the end of the year.

Grab A Fresh Copy

The first step is to order a fresh copy of your credit report from one of the major agencies. The Fair Credit Reporting Act allows you to access a free copy of your credit report once every 12 months. So, if you have not ordered a copy recently, it is time to do so. You can access this free service through AnnualCreditReport.com, which is a website recommended by the Federal Trade Commission.

Clean Up Anything Outstanding

Now that you have a copy of your credit report, it’s time to go through it, line-by-line. You should recognize every current and outstanding account in the report. Any balances owing should be in order and reflect how much you owe. It’s critical that you flag any mistakes or old debts that you have already paid in full. If you come across anything that shouldn’t be on your credit report, call the reporting agency to let them know. If necessary, they will assist you with challenging the issue.

Pay Down Those High-Interest Debts

The final tip is to prioritize your outstanding debts so that you can pay them off more efficiently. The essential debt payments are your mandatory minimums, which you need to pay to avoid being sent to a collection agency. From there, try to pay off your debts with the highest interest rates first. Getting these paid off faster means that over time, you’re spending less on interest payments. Moreover, you can use that extra cash to pay your debts down further.

The above are just a few of the action steps that you can take today to start improving your credit score. When you’re ready to discuss a mortgage for your new home, give our team a call. We will be happy to advise you on the mortgage offer that suits your needs, budget, and credit.