Improve Your Credit Score To Get Better Mortgage Rates

Credit score FICO improvementFor home buyers in Southlake and nationwide, credit scores can change low mortgage rates and alter home loan approvals.

Borrowers with high credit scores get access to lower mortgage rates, for example, and can find the mortgage approval process to be more smooth that borrowers with low credit scores.

If your credit score is low, here are some basic ways to help improve it. 

Get The Reports
Download an updated version of your credit report from each of the three major reporting bureaus — Equifax, Experian and TransUnion. The reports may mirror each other, but credit accounts — especially derogatory ones — sometimes don’t appear on all three. Ordering reports from all three bureaus is a safety step. Note that the credit bureaus each use different scoring models so your credit scores will vary.

Check For Errors
Yes, credit reports can have errors in them. Should you find any items on any of the three credit reports which, in your opinion, do not belong or are erroneous, contact the credit bureau regarding removal. Errors on a credit report must be addressed with each bureau individually. 

Pay Up 
Or, rather, pay down. Be diligent about paying down your credit card balances in order to lower the percentage of your credit line(s) in use. In general, aim for a 30% ratio or less. An added benefit of paying down debt is that it can lower your total monthly debt load, which can increase your maximum home purchase price.

For items which are harming your score, such as a 30-day or 60-day mortgage late payments, medical collection items, and/or judgments, consider writing a brief letter which explains the circumstance of the derogatory credit event. Such a letter won’t help your score to improve, but it can help your lender to make better credit decisions, which can aid in “exceptions”, if required.

Making even minor changes to an overall credit profile can yield measurable long-term results. It can also result in lower mortgage rates.

Featured Southlake Homes For Sale for November 2012

Each month we will feature some of the top homes that are for sale in the Southlake Real Estate market.

Beautiful Home for Sale in Bent Creek.

1365 Bent Creek Drive, Southlake, TX 76092

This beautiful Southlake home for sale is located in the exclusive community of Bent Creek Addition of Timarron. It has lovely hand-scraped hardwood floors & travertine throughout. The kitchen is loaded with stainless steel appliances. It has 2 ovens, a 6 burner gas cooktop, hammered satin, nickel, copper sink, a wet bar with a wine cooler. There are 2 bedrooms downstairs with a  guest bedroom that offers a private outdoor entrance. The master bedroom has beautiful vaulted ceilings with INCREDIBLE updates. There is a double shower and jetted tub in the master bath. And last but not least, in the back you will find a HUGE Claffey diving pool with spa, outdoor kitchen and gazebo.

Listing provided by Darrah Adamcik, Ebby Halliday, REALTORS


If you’d like to see this beautiful home, or see any other Southlake Homes , please call Karen C Young at 817-291-5500 or simply fill out the form below and we will contact shortly to discuss your family’s needs.


How Much is Your Home Worth

Determining your home’s value is very important and impacts many financial decisions including; selling your home, refinancing your mortgage, buying homeowner’s insurance, estate planning, and several other financial decisions. Just like other markets, real estate markets are constantly changing so your home may be worth more or less than what you originally paid for it. It’s a good idea to try to find your home’s value from several sources. Here are three areas we suggest when determining your home’s value.

  1. Call a REALTOR® to get a comparable market analysis (CMA). This is a good idea even if you’re not ready to sell your home. Most REALTORS® will offer you this information as a marketing service to earn your business if you do decide to sell your home in the future. A CMA shows the prices of homes that have recently sold in your area as well as the price of comparable homes currently on the market. A good REALTOR® can give you a rough idea of what your home would sell for given it current condition coupled with current market conditions.
  2. Pay for a professional appraisal of your home. Unlike a CMA a professional appraiser will charge for this service, usually a couple of hundred dollars. The appraiser will complete an in-home inspection, use current market conditions, and other data to determine an opinion of your home’s worth. Depending on the complexity of the financial decision, the money spent on an appraisal may be well worth it.
  3. Visit current open houses in your area. Visiting open houses will provide you a look at what’s available in your market and allow you the chance to talk with local real estate agents. It’s important to remember however that a home’s particular listing price might not be indicative of that home’s true value.

If you would Clayton & Clayton to speak with you about your home’s value please give us a call or fill out the form below. It would be our pleasure to help you with this important decision.