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Get Mortgage Ready - Tips On How To Improve Credit Scores Now - What Lenders Look For
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This week with Mortgages with Melinda, we're diving into how to get mortgage ready. What can you do to improve your chances of getting the best possible rate and making the underwriting process smoother?
First and foremost, you want to present your credit in the best light. Aim to pay down any credit card debt at least 45 days before applying for a mortgage. If that's not possible, our loan officers can help you evaluate your credit and suggest improvements, including the option for a rapid rescore (note: this involves a fee).
Focus on your revolving debt—credit cards, not installment loans like car or student loans. Ideally, your balance should be about 30% of your available credit limit. For instance, if you have a $200 credit limit, keep your balance below $60 to maintain a good credit rating.
Stay tuned to Mortgages with Melinda for more insights on making the best mortgage decisions!
Keep up with the latest Florida real estate market news by joining us weekly!
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