It’s no surprise that we should monitor our credit. Doing our best to ensure that it’s healthy for a variety of reasons. One of those reasons is that it plays a large role when we go to make large purchases like a car or home. When it comes to qualifying for a mortgage, your credit will be a make or break factor between you and your dream home.
As the managing partner of LendPlus, Jacques Poujade understands the importance of having and maintaining a healthy credit score. Jacques Poujade has worked with mortgages, lending, and other financial industry aspects for years and has earned a reputation as an expert in the industry of looking out for you and your money – especially when buying a home. This is Jacques Poujade’s take on 3 unique ways that you can improve your credit to qualify for your first mortgage.
Do you have credit cards with high utilization and even higher interest rates? It’s important that you understand our debt and the interest rates attached to them. One of the ways to stay on top of your debt is by analyzing where you have high interest and if it’s possible to move it. One way to do so is by obtaining a personal loan. When you do so, you oftentimes have a lower interest rate and can pay your cards off fast. This is great whether you have one card with an interest rate that’s through the roof or are looking to consolidate multiple debts.
Check Your Credit
It’s important to know what your credit is doing and why it is behaving the way that it is. There are multiple tools online that allow you to check your credit, it’s history, and the factors effecting it without negatively impacting the score itself. It’s important to check in and understand what your credit is doing whether you’re looking to change it or simply maintain it. Simple knowledge goes a long way. If you’re still unsure how to set yourself up for success, it’s important to learn more about your mortgage options by staying on top of mortgage market changes.
Negotiate With Creditors
Do your debts simply feel out of hand? Sometimes, having a conversation with your creditors goes a long way. If you find that your debts are becoming overwhelming to your budget for any number of reasons, it could be a good idea to start a conversation. By beginning and maintaining a conversation with your creditors about what you can and cannot pay, while also creating a plan to improve a credit being negatively impacted by overwhelming debt.
Jacques Poujade understands that investing in a mortgage can be a daunting task, yet something that people do every single day. It’s important that you’re setting you and your family up for financial success when doing so. If you want to learn more about real estate trends, you can check out Poujade’s blog or connect with him on Instagram.
Related: Jacques Poujade on What Seniors Need to Know about Reverse Mortgages