Home & Commercial Mortgage Services - Northwood Mortgage
Call & Save

Does Your Mortgage Affect Your Credit Score?

Posted onJuly 05/2017By

Your mortgage credit rating can change your life. Taking on a mortgage is a big step. It gives you the freedom to own your own home, and allows you to have one of the most important assets a person can have. When you applied for a home loan, the lender checked your credit rating. Since you were able to obtain the mortgage it means your credit was good or even great. However, when you take on a mortgage, you’re also taking on a mortgage credit rating. Can having a mortgage hinder your credit score? When you get a mortgage, your credit rating will take a dip. A credit score is a numerical value that represents your ability to pay back your debt obligations. Before taking on a mortgage, your debt may have consisted of credit cards, a line of credit or a car loan. You were able to pay these…

Read More

How To Raise Your Credit Score Quickly

Posted onDecember 12/2016By

If your credit score isn’t where you would like it to be, then you should consider changing some of your spending habits and pay closer attention to your monthly statement. Even if you have small debt, missing monthly payments can still negatively affect your credit score. Here are a few tips to help you improve your credit score. Pay Off Any Small Balances Small things can add up. If you have any small balances on your card then you shouldn’t neglect paying them off. Missing your payments can have a bigger impact on your credit score than you think—no matter how small they are. Make More Than Just The Minimum Payment If you just make the minimum payment then you will have a hard time getting out of debt. Try to make more than just the minimum payment and keep at it until you can get your balance down to…

Read More