increasing your credit scores part 2

DDA Mortgage • September 13, 2021

3 things you can do to improve your credit scores, Mortgage Broker Largo.

When buying a house, a 30 point difference in your credit score can change your rates, determine loan terms and type, and can even influence your ability to win in a multiple offer situation.


Here are three things you can do to help boost your credit score and help you qualify for the best loan.



Student Loans, How They Affect Your Debt-to-income Mortgage Calculation


As a friend of ours always says, "you can pay me now, or pay me later." If you defer your loans you debt continues to grow. As your debt grows, you debt-to-income level also changes.


What does this mean for you and your mortgage qualification? As a broker, we take .5% of your total student loan debt to determine your monthly obligation. If you have $100,000 in loans, we assume you will have a monthly payment of $500.


The good news. If you start to payback your loans and go on an income-based repayment plan, we can use your actual payments. I recently qualified a couple where the wife had a debt of $240,000. Yikes! I told her to start repaying her loans ASAP. She was able to start an income-based plan of about $300/mo, and after three months, I was able to pull her actual payments and qualify them for a $380,000 loan. If you have student loans, and would like us to run your numbers, start an application and we can review everything with you.



Medical Collections, Mortgage Qualification, And Credit Scores


Medical collections can be tricky. You would think, "I payoff the debt, and my credit score goes up." Unfortunately, this is not how it works.


You need to do two things. 1st, pay off the loan. 2nd, you need to ask for a deletion letter. A deletion letter lets the credit burrows know everything is in good standing. This helps improve your credit score and helps you qualify for a mortgage.



30 Day Late, Make A Call And Get It Removed


Most credit card companies will remove late notices or 30 day lates if you simply give them a call. We know, this one sounds too easy, but it is true. With most credit cards all it takes is identifying a mark on your credit report, calling, being polite, and asking them to remove it. As long as the card is in good standing, they should take care of it for you.



If you are thinking of buying a home, it is critical that you have the highest credit score possible to get the lowest interest rate available. The best way to improve your score is to talk to one of our mortgage specialists. We can look at your credit and let you know how to improve your score.


If you want to buy a home, start your application, and get pre-qualified.



Start Your Loan with DDA today
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Mortgage Broker Largo
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Finally, putting a stop on the trigger list

By Didier Malagies • September 10, 2025
Excited to share a major update that will make the homebuying process more secure and less stressful. President Donald Trump recently signed the Homebuyers Privacy Protection Act of 2025 into law. This bill is a significant victory for the real estate industry, as it directly addresses the problem of unwanted calls, texts, and emails that often flood clients upon mortgage application. What's Changing? For years, many borrowers have experienced a barrage of unsolicited contact from different lenders immediately after their mortgage application. This happens because of "trigger leads"—a process where credit reporting agencies sell information to other companies once a credit inquiry is made. Effective March 5, 2026, this new law will put a stop to this practice. It will severely limit who can receive client contact information, ensuring client privacy is protected. A credit reporting agency will only be able to share trigger lead information with a third party if: • Clients explicitly consent to the solicitations. • The third party has an existing business relationship. This change means a more efficient, respectful, and responsible homebuying journey. We are committed to a seamless process and will keep you informed of any further developments as the effective date approaches. In the meantime, you can use the information below to inform clients how to proactively protect themselves from unwanted solicitations.  Opting Out: • OptOutPrescreen.com: You can opt out of trigger leads through the official opt-out service, OptOutPrescreen.com. • Do Not Call Registry: You can also register your phone number with the National Do Not Call Registry to reduce unsolicited calls. • DMA.choice.org: For mail solicitations, you can register with DMA.choice.org to reduce promotional mail. tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329

Finally putting a stop to the Trigger leads from happening

By Didier Malagies • September 10, 2025
We're excited to share a major update that will make the homebuying process more secure and less stressful. President Donald Trump recently signed the Homebuyers Privacy Protection Act of 2025 into law. This bill is a significant victory for the real estate industry, as it directly addresses the problem of unwanted calls, texts, and emails that often flood clients upon mortgage application. What's Changing? For years, many borrowers have experienced a barrage of unsolicited contact from different lenders immediately after their mortgage application. This happens because of "trigger leads"—a process where credit reporting agencies sell information to other companies once a credit inquiry is made. Effective March 5, 2026, this new law will put a stop to this practice. It will severely limit who can receive client contact information, ensuring client privacy is protected. A credit reporting agency will only be able to share trigger lead information with a third party if: • Clients explicitly consent to the solicitations. • The third party has an existing business relationship. This change means a more efficient, respectful, and responsible homebuying journey. We are committed to a seamless process and will keep you informed of any further developments as the effective date approaches. In the meantime, you can use the information below to inform clients how to proactively protect themselves from unwanted solicitations. Opting Out: • OptOutPrescreen.com: You can opt out of trigger leads through the official opt-out service, OptOutPrescreen.com. • Do Not Call Registry: You can also register your phone number with the National Do Not Call Registry to reduce unsolicited calls. • DMA.choice.org: For mail solicitations, you can register with DMA.choice.org to reduce promotional mail. Didier Malagies nmls212566 DDA Mortgage nmls324329 

When is the right time to refinance your mortgage

By Didier Malagies • September 8, 2025
Good question — refinancing can be a smart move, but the timing really matters. The "right time" to refinance your mortgage depends on a mix of personal and market factors. Here are the main ones to weigh: 1. Interest Rates If current mortgage rates are at least 2% lower than your existing rate, refinancing could save you money. Example: Dropping from 7% to 6% on a $300,000 loan can save hundreds per month. 2. Loan Term Goals Switching from a 30-year to a 15-year mortgage can help you pay off your home faster (though monthly payments are higher). Extending your term may lower your monthly payment but increase total interest paid. 3. Equity in Your Home Lenders usually want you to have at least 20% equity for the best rates and to avoid private mortgage insurance (PMI). If your home’s value has increased, refinancing can help eliminate PMI. 4. Credit Score If your credit score has improved since you got your mortgage, you may now qualify for much better rates. 5. Life Situation Planning to stay in the home at least 3–5 years? That’s often how long it takes to “break even” on refinance closing costs. If you might sell sooner, refinancing may not make sense. 6. Debt or Cash Needs A cash-out refinance can help if you want to consolidate higher-interest debt, fund renovations, or free up cash — but it raises your loan balance. ✅ Rule of Thumb: Refinance if you can lower your rate, shorten your term, or eliminate PMI, and you’ll stay in the home long enough to recover the costs. tune in and learn https://www.ddamortgage.com/blog didier malagies nmls#212566 dda mortgage nmls#324329
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