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Getting a good credit score is part of getting approved for a mortgage as well as a lower interest. Here are some quick ...
12/16/2021

Getting a good credit score is part of getting approved for a mortgage as well as a lower interest. Here are some quick things to do to check and possibly improve your score.
Before we get started though, the first thing you should do is get your credit report! You can order it free here - https://www.annualcreditreport.com
Now that you have your report lets get to those tips! 🤓
1. Check for Errors! You want the report to be clean and mistake free. Check if there are misspellings of your name or addresses. Other things might be duplicate accounts, incorrect account information, closed accounts that are still listed as open, fraud etc!
2. Clean up the Errors! If you found something wrong the next step is to get the errors fixed. You can contact the major three bureaus directly to fix any errors! Be prepared with paperwork to back up your case! Here are links to the three bureaus on how to address errors: https://www.experian.com/blogs/ask-experian/credit-education/faqs/how-to-dispute-credit-report-information/ https://www.equifax.com/personal/credit-report-services/credit-dispute/ https://www.transunion.com/credit-disputes/dispute-your-credit
3. Pay Late Or Past Due Accounts This is important! Pay these off whenever possible. Here is a pro-tip: if you have an account with a late fee or in collection - contact them before paying and ask them to remove the record entirely if you pay the account off. This will really help your score!
4. Pay On Time Ok this is obvious but its important too - even if its the minimum payment make sure you get the payments in on time.
5. Open New Accounts Or Increase Your Limits This will help your credit to improve your credit utilization rate - how much of your available credit you use. The lower the rate used the better so don't open a new card and max it out - just open it and use it a little and pay it off monthly if possible. These are five quick tips that can really help boost your credit before you apply for a mortgage. If you are ready to apply contact us today and we will be glad to review the options with and see what best fits your needs!

The 30 year mortgage is the default standard for home owners, but many ask about 15 year mortgages as well. You may have...
12/09/2021

The 30 year mortgage is the default standard for home owners, but many ask about 15 year mortgages as well.
You may have noticed rates on a 15 year mortgage are amazingly low. A lower rate is better right? Well its not quite that simple.
Most people of course get a 30 year mortgage. Lets review the pros and cons. The main pros of a 15 year mortgage are the aforementioned lower rate. You are also paying less in interest over the lifetime of the loan. For example a $200,000 mortgage at 15 years with today’s current rates you’d be looking at less than $45,000 in interest. While the same loan at 30 years you’d pay over double that, over $100,000 in interest over the life of the loan. You also have the benefit of paying of the loan free and clear in half the time. Sounds great, why don’t people do it more? Well the kicker is higher monthly payments. Most people are looking for lower payments (especially with higher real estate prices). The above loan for 30 years would have a monthly payment around $850, while the 15 year loan would have a monthly payment of over $1300. That’s a big difference to most people. If you’re already saving comfortably for retirement, college, have savings and little other debt then the 15 year might be the call. But most people are looking for financial flexibility and the much lower monthly payment, hence the popularity of the 30 year term. But either way rates are low and we recommend taking advantage, so fill out the free consultation on our website and we can review your situation and see what program best fits your needs!

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32819

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