Tips to Improve Your Credit Score Before Applying for a Home Loan
Drew Mortgage Associates
Introduction Qualifying for a mortgage loan is not easy. Lenders perform a credit appraisal and verify your documents to assess whether you can repay the loan amount within a stipulated time. When your credit score is high, you're more likely to qualify for a mortgage loan. Engaging in erratic spending habits and not making payments on time will adversely affect your credit history. Stabilizing and improving your credit score can help you achieve your dream home quickly.
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Some useful tips on how to improve your credit score 1. Check & Correct Any Credit Report Errors Check your credit report regularly and address any irregularities or ambiguous information. Clear up errors and file any disputes. Carefully review your report and get specific advice from a home loan officer on the steps you should take to improve your score.
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2. Make Your Payments On Time Every Month Schedule your payments to occur automatically, making sure they happen at least 3 days before the due date to avoid default at all costs. Making sure your payment records are accurate will maximize your credit score. Reduce your loan to debt liability as much as possible by paying more than the minimum amount required on loans and credit cards. This will help improve your credit score.
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3. Minimize Credit Applications Avoiding loan applications will keep your credit usage low and improve your credit score. Taking too much credit implies that you don't have enough liquid assets (available cash). Avoid any credit applications prior to your mortgage loan application. It’s crucial to keep a considerable period of time between your last credit application and the loan application date.
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4. Save Money It's very important that you make regular deposits into your savings account. Regular deposits are better than one big deposit every 2 months or so.
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Are you looking for mortgage lenders in MA? Drew Mortgage Associates, Inc. is a mortgage lender in MA that can help improve your credit score and can provide you mortgage loans or refinance your loan to a low-interest rate. Our home loan officers will guide you throughout the mortgage loan process, assist you while filling the mortgage loan application form, and will provide you with updates. What are you waiting for? Contact Drew Mortgage Associates, Inc. today!
Contact us: 1-877-949-3739
www.drewmortgage.com
Do you want to know more about Tips to Improve Your Credit Score Before Applying for a Home Loan Visit here: https://www.drewmortgage.com/how-to-improve-your-credit-score-be fore-applying-for-a-mortgage-loan/
Contact us: 1-877-949-3739
www.drewmortgage.com
DREW MORTGAGE BRANCH OFFICES: Drew Mortgage Associates 196 Boston Turnpike Road Shrewsbury, MA 01545 Phone: 508-753-1656 Website: https://www.drewmortgage.com/
Peabody Mortgage Lenders
Boston Mortgage Lenders
1 Mt Pleasant Drive Peabody, MA 01960 Phone: (978) 750-1080
232 Commercial St Boston, MA 02109 Phone: (617) 523-3060
Contact us: 1-877-949-3739
www.drewmortgage.com