It's Tuesday night and I'm just catching up from a busy weekend. Maybe the heat is getting me too. It seems I'm in slow motion. But when it is as suppressive as it has been this week… what can you do?
I have a good friend who has made a couple real estate transactions in the past and is planning another with me. However, this time around, he has a credit score below 700. He needs to raise it for a favorable mortgage product… what does he do?
Most people feel the only way to raise credit scores is to pay off credit card balances. A good idea for sure, but this may not be necessarily true for raising the score, especially, in the short term.
Although I always ask clients and home shoppers I meet to go to a good mortgage broker or banker to get their home financing in order, a column I read this week added to that advice.
Credit scores are manipulated in many different ways. Raising them is a high stakes game considering the money you will save on your mortgage rate. So don’t screw it up.
Lew Sichelman writes a mean real estate column. In last Sunday’s column, Lew zeros in on a program called ScoreWizard used by mortgage brokers and loan officers.
The program allows home buyers to run different scenarios of “what ifs?”… with the goal to raise their credit.
This is a must read article. The “credit score game” is unforgiving. So before you make any mistakes, visit a broker that is schooled in this ScoreWizard program… NOW! You’ll thank me. It beats finding that great condo and then being told you’ll need at least three months to get your credit score up for the best mortgage rates.
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