Improving Your Credit Score
- Your Payment History: Late payments can have a negative impact by dropping your score. Focus on making payments on time and paying any existing late charges quickly.
- Your Debt Amount (relative to your credit limits): When it comes to your available credit amount, the less you’re using, the better. Focus on keeping this number as low as possible.
- Credit Applications: If you’re looking to buy something, don’t apply for additional credit. When you apply for new credit, it could result in a hard inquiry on your credit that drops your score.
A lender will help you navigate the process from start to finish, from assessing which range your score falls into telling you more about the specifics for each loan type. As you set your sights on buying a home in the upcoming year, a focus on boosting your credit score could help you get a better mortgage rate when the time comes. If you want to learn more, connect with a trusted lender which can be found at: https://www.buyrealestateinvegas.com/about/preferred-lenders/
Mortgage Rates Continue Their Fall Below Seven Percent
The 30-year fixed-rate mortgage remained below seven percent for the second week in a row, a welcome downward trend after 17 consecutive weeks above seven percent. Lower rates are bringing potential homebuyers who were previously waiting on the sidelines back into the market and builders already are starting to feel the positive effects. A rise in homebuilder confidence, followed by new home construction reaching its highest level since May, signals a response to meet heightened demand as current inventory remains low.
Feel free to reach out to Shannon Davenport (702.844.0130) with any credit score questions and me, Jeff Davenport (702.423.0777), with any questions regarding buying or selling your home.