29 Nov 2024
By Aadil Nathoo

What You Can Do Now to Prepare for Mortgage Rate Drops

Mortgage Rates, ,
As we move into the last month of 2024, many potential homebuyers are eagerly awaiting a drop in mortgage rates. With inflation numbers looking promising, there's hope that the Federal Reserve will lower the federal funds rate, which typically drives mortgage rates down as well. If you're planning to buy a home or refinance when rates drop, now is the perfect time to start preparing. Here are five key steps to get ready for the mortgage rate decrease and ensure you’re in the best possible position: 1. Improve Your Credit ScoreYour credit score is one of the most important factors…
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02 Oct 2024
By Aadil Nathoo

Steps to Take Now to Build Your Credit for a Home Purchase Next Year

Credit Scoring, ,
If you're thinking about buying a new home next year, there's one important factor to consider before you start browsing listings—your credit score. A strong credit score can make a huge difference in the interest rates you will qualify for and can also determine your mortgage approval. Starting the process of improving your credit now gives you a head start, putting you in a better position to achieve your homeownership goals when the time comes. Here are five steps to help you get started: 1. Check Your Credit Report Before anything else, it's essential to know where you stand. Request…
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17 Jul 2024
By Aadil Nathoo

Hard Inquiry vs. Soft Inquiry — What’s the Difference?

Credit Scoring, ,
Knowing the difference between a hard inquiry vs soft inquiry can help you maintain a good credit score. Here's what you need to know. Most people know that your credit score can drop if you miss a payment or have a new collection filed against you. But how about when you apply for new credit? Yes, a credit application will trigger a “hard inquiry” on your report, which can have an impact on your credit score. Here’s what to know about hard inquiries, and how they compare with “soft inquiries.” What is a Hard Inquiry? Hard inquiries occur when you…
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21 May 2024
By Aadil Nathoo

Unlocking Lower Mortgage Rates By Boosting Your Credit Score

Credit Scoring, ,
The interest rate you qualify for when securing a mortgage can make a huge difference in your financial journey. The good news is, that by understanding how credit scores impact mortgage rates and implementing strategic steps to boost your score, you can potentially unlock lower rates and save thousands of dollars over the life of your loan. Lenders use credit scores as one of the primary factors in determining the interest rate they offer you on a mortgage. Generally, the higher your credit score, the lower your interest rate will be. This is because a higher credit score indicates to…
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01 Mar 2024
By Aadil Nathoo

Understanding Debt-to-Income Ratio: A Key Factor in Mortgage Approval

Credit Scoring, ,
When it comes to securing a mortgage for your dream home, there's a crucial number that can make or break your application: your debt-to-income ratio (DTI). Understanding and managing your DTI is essential for navigating the mortgage approval process smoothly. Let's delve into what DTI is, why it matters, and how you can calculate it. What is Debt-to-Income Ratio (DTI)? Your debt-to-income ratio is a financial metric that compares your monthly debt payments to your gross monthly income. Lenders use DTI as a measure of your ability to manage your monthly payments and repay debts promptly. It helps them assess…
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