Your credit score plays a major role in obtaining a mortgage. Among other things, typically a score of 620 or above is needed to qualify for a mortgage from a bank or lending institution (this is different lender to lender). Here are a few tips that may help increase your credit score prior to applying for a mortgage:
These tips may or may not help you potentially increase your credit score prior to applying for a mortgage. Be certain to contact your lending institution for guidance prior to completing any of the above items.
This is not an exhaustive list. There are many factors that come into play with credit scores. We do not guarantee any results.
Niko Law LLC is an Illinois law firm. As the firm practices law in the State of Illinois, only, this website and/or e-newsletter focuses upon that jurisdiction, only. Please keep in mind Niko Law LLC does not guarantee results and that law can vary dramatically from state to state, county to county, and it is not reasonable to assume that law in other jurisdictions will be the same as, or even similar to, Illinois law.
This e-newsletter should not be construed as legal advice, nor used in lieu of a lawyer.
For questions regarding your specific situation, please contact Niko Law LLC at 708-966-9388.
Jul
Why Do Taxes Increase Every Year? Property taxes can increase for a variety of reasons, and the specific factors affecting your property taxes may vary depending on your location and local government policies. Here are some common reasons why property taxes tend to increase over time: Increased Property Value: If the value of your property […]
Jun
What Happens If I Am Selling My House and My Purchase Gets Cancelled? The process of buying or selling a home can be complex. One of the most common concerns is what happens if a sale falls through after an offer has been accepted, and whether canceling an accepted offer due to unforeseen circumstances can […]
May
Don’t Let Uncertainty Sink Your Deal! The Dangers of “TBD A/I” Writing “TBD attorney review” in a real estate contract can potentially introduce several risks and uncertainties for both the buyer and the seller. Here are some potential dangers: Ambiguity: By leaving the attorney review to be determined later, the contract lacks clarity on crucial […]