As 2018 approaches, you may have started brainstorming resolutions to set for the coming year, such as improving your credit to purchase a home. Luckily, there are multiple ways to boost your credit in the coming year so you can secure a favorable loan from a mortgage banker. Located in Rochester, NY, Premium Mortgage Corporation is known for being one of the top home loan providers in the area for the last 15 years. Their team will work with you to achieve your resolution and purchase that dream home you’ve always wanted.
A Mortgage Banker Explains 4 Ways to Boost Your Credit in 2018
1. Pay Bills on Time
If you fail to pay bills on time, credit agencies view you as disorganized and incapable of handling financial responsibilities. Instead, on-time payments make you a reliable borrower in the eyes of a mortgage banker, and they also prevent you from being charged late fees and interest.
2. Use the Right Amount of Credit
Your unsecured credit outstanding shouldn’t exceed 50% of your yearly salary, and your credit card balance shouldn’t be greater than 50% of your limit. By following this rule, credit agencies will view you as more financially fit and less risky, which leads to better credit.
3. Prioritize Your Loans
It’s important to get rid of any outstanding debt or loans. Your mortgage banker might suggest paying off loans with high interest first, such as those associated with your credit cards and personal loans. Then, get rid of any small loans in order to decrease your overall debt level and improve your credit score.
4. Proofread Your Credit Report
Obtain your credit report through the FICO website and proofread it for any errors on an annual basis. It’s possible that credit agencies have made a mistake, such as leaving paid-off debt on your report for longer than necessary. The report will also show you the cause of bad credit so you can focus on making improvements in a more efficient manner.
Do you need to obtain a mortgage that’s tailored to your credit? Reach out to the corporate office of Premium Mortgage Corporation by calling (585) 241-0000. In addition to their Rochester location, they also have offices in Barre, VT, and Syracuse and Buffalo, NY. Their professionals are known for having unmatched mortgage expertise. They’ll work to create individualized options with favorable home loan rates. Visit their website to read why they’re the best mortgage banker in the region.
Corporate Contact Information:
2541 Monroe Avenue
Rochester, NY 14618
NMLS #3254 Equal Housing Lender
Licensed Mortgage Banker NYSDFS