19 Jul

Credit Myth Busted!

Credit Score

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#1 Credit Myth Busted!

**Myth:** Closing credit cards boosts your credit health.
**Fact:** This move might actually harm your credit score!

It seems logical to think that closing a credit card would improve your credit health, but this is not always the case. When you cancel a credit card, you reduce the credit available to you and limit the credit history for that account. Both factors can potentially lower your credit score.

Maintaining a healthy credit score is crucial for your financial well-being. Instead of closing accounts, consider keeping them open and using them responsibly to maintain a higher credit limit and longer credit history.

Want to learn more tips to keep your credit score in top shape? Follow us and stay tuned for more insights!

#CreditTips #FinancialFreedom #CreditHealth #MoneyMatters #MythBusters #CreditScore #SmartFinance

Have questions or need personalized advice? Drop your questions below or DM us!

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16 Jul

Credit Secrets Every Homebuyer Needs

Credit Score

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Credit Report Secrets: Your Key to Better Mortgage Rates

Why Your Credit Report Matters Now More Than Ever

Hey there, future homeowners! With interest rates doing the tango lately, your credit report has never been more crucial. As your friendly neighborhood mortgage broker, I’m here to reveal how you can keep your credit game strong and consequently snag those sweet mortgage rates.

Credit Card Magic: Your Financial Superpower

First and foremost, did you know your credit card usage is like the Superman of your credit score? Here’s the inside scoop:

– Above all, keep your balance below 50% of your limit
– Additionally, avoid maxing out your cards like the plague
– Furthermore, here’s a pro tip: Make multiple payments monthly or, alternatively, use cash more often

The Fine Print: Your Shield Against Financial Kryptonite

I get it, reading your full credit report sounds about as thrilling as watching grass grow. However, trust me, it’s your best defense against fraud:

– First, double-check your personal info
– Next, keep an eye out for suspicious inquiries
– Finally, review all the details – don’t skip the boring bits!

The Dynamic Duo: Equifax and TransUnion

Now, here’s a secret: Equifax and TransUnion don’t always play nice and share info. Therefore, before you dive into mortgage land:

– To begin with, check both reports thoroughly
– Then, look for discrepancies between the two
– Lastly, pay extra attention if you’ve had past debt issues

Bonus Round: Free Credit Checks

The cherry on top? You can check your reports and score online for free. Consequently, there are no excuses, folks!

Your Action Plan

1. First, review your credit card usage
2. Second, read your full credit report (both of them!)
3. Third, address any issues you find
4. Finally, rinse and repeat regularly

In conclusion, remember that a little credit report TLC today can lead to big savings on your mortgage tomorrow. So, go ahead and show that credit report some love – as a result, your future homeowner self will be doing a happy dance!

Until next time, keep that credit score soaring!

 

 

12 Jul

Beware of Car Payment Trap

Mortgage Tips

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Hey, future homeowners!  Ever wondered how that flashy car in your driveway could impact your dream home purchase. Buckle up because I have a financial twist that might actually reshape your home-buying journey.

Reduced Borrowing Power: Higher monthly debts mean less money available for your mortgage. In fact, for every $100 in monthly debts, your buying power can drop by up to $10,000. That $700 monthly car payment could reduce your home-buying power by $70,000 to $100,000.

So, what’s the takeaway? Before you rush to the dealership, hit the brakes and think about the bigger picture. Your dream home might be within reach, but that car payment could be a major roadblock.

Remember, every financial decision today impacts your homeownership dreams tomorrow.

I would be happy to answer any mortgage related questions. Please email elenab.mortgages@gmail.com or DM (647-945-3681) for personalized advice! Let’s make your homeownership journey a winning one.

Click here to book a Mortgage Discussion with Elena.

#HomeBuyingTips #SmartFinancialMoves #DebtManagement #DreamHomeJourney