How to Bump Your FICO Score to Secure a Better Mortgage Rate

By
Real Estate Agent with Steinberg Realty Group 9079562

FICO Scores and Your Mortgage: How to Bump Your FICO Score to Secure a Better Mortgage Rate

 

Is your credit score holding you back from getting the best rate on your next mortgage? The good news is that there are actions that you can take to increase your credit score and improve the interest rate that are offered on your next home loan. Here are a few easy and effective tips to help you get your credit score to where you want it to be.

Increase The Amount Of Credit Available To You

The easiest way to increase your credit score is to increase your credit limit, as this reduces your utilization ratio. To do this, you can either apply for another credit card or ask a current credit card provider to increase your credit limit. Those who have a stable income and have made their monthly payments on time should have no problem getting an increase of their credit limit.

Pay Down The Balances On Your Credit Card

Paying down your credit card balances can help you increase your credit score, as a large portion of your score is determined by the percent of available credit that you are using. Ideally, you want each card balance to be under 30 percent of the total limit while also keeping your total credit usage to less than 30 percent of available credit. A utilization ratio under 30 percent tells lenders that you can manage credit responsibly.

Settle Past Due Debts

Roughly one-third of your credit score is determined by your ability to make payments in a timely manner. If you have any payments that are 30 or more days past due, you may wish to settle those debts or make arrangements to pay them.

Creditors who allow you to roll past due payments back into your loan may update your credit report to say that you are current on your payments. This could have a huge impact on your credit score and help you qualify for a better rate on a home loan.

Increasing your credit score is one of the best ways to get the best rate on a mortgage. This may enable you to gain additional leverage when negotiating for a better rate that may lower your monthly payment to a more affordable level. For more information about how to get a great mortgage rate for your next home purchase, or for advice on how to improve your credit score, contact your local mortgage professional  or real esate professopnal today.

Posted by


 

Laurie Steinberg(R)

508 922 2340

Lsteinberg@kw.com

www.steinbergrealtygroup.com

 

 

Laurie Steinberg is a top sales agent at Keller Williams Realty based out of Easton Massachusetts.  

Laurie has become known for her “Out Of The Box Marketing” style and approach that helps her sellers get their homes sold fast and for the most amount of money, while also helping her buyers with top of the market negotiating skills and being able to get her buyers available listing as soon as possible making sure her buyers don't lose their dream home.

 

Laurie Steinberg has over 15 years experience in Residential Real Estate Sales. Servicing Plymouth, Bristol & Norfolk Counties and specializing in the Bridgewater's, Middleboro, and Raynham Towns. Laurie holds her Accredited Buyer Representative Designations, Certified Distressed Property Designation, and has mastered Internet Marketing. Laurie also has been known for having one of the best Marketing and Selling Plans in the area. Laurie stays up to date with current technology and is always taking new courses/ classes to learn more about the local area markets and how to be the best Realtor(R). Laurie is committed to giving exceptional, professional and friendly service combined with great customer service that will build a relationship that will last a lifetime. Laurie’s goal is to meet and exceed all her clients expectations. in the Bridgewater's, Middleboro, and Raynham Towns.

 

Laurie is a mother of 2 girls and was born and raised in Bridgewater Ma, Laurie raised her children in Middleboro where they lived for 15 years and now reside back in Bridgewater, living in these areas has giving Laurie the knowledge she needs to help all her clients needs.For a custom market evaluation Click here

For an isntant market estiate Click here

To search all homes for sale Click here

 

 

Comments (1)

Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239
Real Estate One - Commerce, MI
Michigan homes for sale ~ yesmyrealtor@gmail.com

Great information for those buyers that need a better rate and credit score

Feb 12, 2015 08:01 AM

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