WHAT IS MORTGAGE LENDING ALL ABOUT?
So your limit, you want to, you want to keep your balances low compared to your limits. Typically you want to keep your balances around 10 to 15% of whatever your limit amount is. And by doing that you’re showing that you are, you could responsibly manage your credit. Uh, some people say, Oh well I’m just going to get a credit card and, and I’ll use it once and then I’ll just stop using it. Well, no, not using a credit card. Showing a zero balance just shows that you’re not managing it. It’s just sitting there dormant. It doesn’t show that you’re managing it. So my recommendation to people when they’re trying to establish credit and build credit is to get a credit card, use it for gas, use it for things that you know you’re going to spend otherwise your Mcache on otherwise, and then just pay it off every month and forget about the notion or the rumor that you have to maintain a balance in order to build your credit with solid Trust Attorney Las Vegas services.
You don’t build credit by paying finance charges on your credit cards. Just pay it off every month and just show that you’re managing it. It’s when you start to max it out and you start to get too close to the limit is where you significantly impact your score in a bad way. And one thing that I will say about my company, Nova home loans is that we’re one of the few companies in the nation where we have an inhouse credit services department. We have the ability to do things at the Bureau level. It’s because of the relationships that we have with them. Um, we do have an agreement. We do not charge a penny to our borrowers for the service. So it’s a free service to our borrowers. And essentially what it does is it allows us to provide very detailed guidance on what they need to do to improve their score to get a great Trust Attorney Las Vegas solutions.
And I have to be very clear, we’re, we’re not a credit repair company. We don’t put disputes on your credit report. Uh, disputes are not allowed when you’re in the process of applying for a mortgage. A dispute basically is a mask. It masks up any blemishes that are on your report. So your, your score will go up quite a bit. But when we review your credit report and we see the word, um, when we see like that, um, what do you call it? Book. Just the dispute. Sorry. When we see the dispute, we have to reach out to the bureaus and have that removed and we have to undo everything that you just did to get a better Trust Attorney Las Vegas. So you always want to work with us because we’ll give you the best guidance when it comes to qualifying for, you know, for the, from a credit perspective, we’ll be able to give you guidance on that.
And one last thing with a, with credit, my credit services department is not just for the five 20 the five 80 credit score people, I leverage my credit department even for the seven 20 the seven 40 credit scores. And I’ll tell you why. If I have a borrower who is a seven 20 and they’re coming in with minimum down, say 5% 10% they still have mortgage insurance. Well mortgage insurance is credit driven as well. And every 20 points matters all the way up to a seven 80 now that’s how granular they’ve gotten. So I may take a borrower who is a seven 20 I may reach out to my credit services department and say, Hey, credit services, what’s it going to take to get this borrower to a seven 40 or a seven 60 because those profiles to get the top Trust Attorney Las Vegas, they typically have the cash to pay down debt and that’s usually the play to get the score up is just bringing the credit card balances down. So will extinguish that debt, get that score up. We’ll do a rescore very quickly and then we’ll go from a seven 20 to a seven 47 60 and maybe we’ll be, we’re able to save them 100 bucks on the mortgage insurance. So I leverage that department even for my walk on water clients, you know, if they’re coming in with minimum down.
Yeah. I think no matter what, you can improve your credit score. I mean there’s, I don’t think anybody has a perfect score. It’d be pretty impossible to, to maintain. But then yeah, I mean we are a credit driven world and even if you’re not using it for credit, sometimes you need, you have to get a credit score. And just run to get your utilities, you know, those kinds of things. So insurance, auto insurance, all those things. So it, it does make a difference. I’ve had clients come in, they pay cash for everything their whole life and then they go to borrow for a house or I don’t have any, I don’t have any debt on my name. I don’t have. But I, they also have no credit history and so they can’t get alone. You know, they’ve got 500,000 in the bank but they can’t get a loan to purchase their house because of that.
So you’re right, they do need to establish credit. And the earlier you can do that, the better. If you have kids that are, you know, in their teens, maybe you look at getting them a credit card with very minimal balance, you help start teaching them that along the way and that will pay them lifetime benefits. Not only from a credit perspective but also from, you know, learning how to manage that credit from the beginning. Cause we, we get into trouble when people start spending on their credit cards. They think I’ll swipe. And it’s done. Somebody still has to pay that balance. And that’s you. Absolutely. So I think that’s, that’s a critical thing there. I’m glad you brought up credit today. All right. Uh, I think that’s enough for today. Um, so let’s, uh, wrap it up with, uh, how can people get ahold of you, Chris, if they have questions about lending, uh, you can call me
area code (702) 216-3922 for the top Trust Attorney Las Vegas. That’s area code (702) 216-3922, uh, or you could just search me, do a Google search. Chris, C, H, R, I. S. and then my last name is figure Tara. That’s F as in Frank, I. G. H. E. R. a. You could do a quick search. It’s a pretty unique name. You’ll find
me on Facebook or my company page and you can take a look at me there. Yeah. And I’ll make sure I put a link to, uh, the company, uh, page. It’s no the homeowners.com and then, uh, and I’ll put his phone number on there as well. So thank you, Chris, for joining us today. Um, you know, why, as always, listeners, please, like, please subscribe, download, um, you know, tell your friends so they can hear about this. And also we want to hear feedback. So, uh, if you have topics you want us to cover, please send us that information. You can send that toBlake@trustedepa.com, um, or, you know, leave a comment, uh, on the show today and will, we’ll make sure we, we respond to that. So thank you again, Chris, for coming and Blake, thank you so much. You’re welcome. And we’ll, uh, talk to you guys next time that you use Trust Attorney Las Vegas.