WHAT-IF SIMULATOR

NEED HELP TO GET CREDIT SCORE of 640?

See what we can do to guide you to get there!

IMPROVE YOUR CREDIT SCORE? - Road to 640 and higher

OTHER SOURCES:

1 - GO CLEAN CREDIT

2 - LEXINGTON LAW

Good Credit Goes A Long Way

Having a good credit score will save you big bucks over the life of a home loan. It is the most important factor when it comes to locking in the lowest interest rates possible. The higher the credit score, the lower the interest rate. A credit score of 740+ will usually get the best possible interest rate lenders have available. To obtain a great credit score, here’s a few things lenders look for:

● Low balances

● Long credit history of on time payments

● Credit utilization

      ○ Car loans

      ○ Existing credit card(s)

If your credit score is sub 580, you’ll likely need to do a little work before you are approved for a home loan. Remember, it often takes a few weeks to months to rebuild a low credit score, so be patient. Here’s a few tips on how to raise your score:

● Make all payments on time

● Pay down balances in full every month

● Don’t create any new lines of credit (if you already have bad credit) unless we talk about what type that can also raise your credit quickly.

● Have all disputes removed from your credit report. We will need these off before moving with a loan anyways.  

"The home buying & selling process BEGINS and FINISH with ME, so that there is no interruption throughout the process.” - LONG M. NGUYEN

Why You Should Not Make Any Major Credit Purchases

Don't go on a spending spree using credit if you are thinking about buying a home, or in the process of buying a new home. Your mortgage pre-approval is subject to a final evaluation of your financial situation. 

Every $100 you pay per month on a credit payment could cost you about $10,000 in home eligibility. For example, a car payment of $300/month could mean that you qualify for $30,000 less in a mortgage. 

Even if you have accumulated enough savings, you should consider not making any large purchases until after closing. The last thing you want is to know that you could have purchased a new home had you curbed the urge to spend.