For Americans with ultra-high credit scores, homeownership goals and dreams are much more realistic. Not only can they secure financing more easily, but they can get more perk-filled financing options and mortgage loans as well. If you have an impressive credit score, here are six ways to secure a mortgage in an intelligent, valuable fashion:
1. Loan Aggregators
If you’ve got stellar credit, then you can use your high-value nature to make mortgage loan officers compete for your business. After all, they want to secure loan applicants that are almost certain to pay back their loans on a regular, consistent, and successful basis if they want to stay in business (and beat out their competitors in the marketplace). Taking advantage of this fact is key. After you’ve consulted your bank or mortgage broker about potential loan options, you should contact a loan aggregator to see what other loans you have available to you. The higher your credit score is, the more likely that they’ll have other mortgage loan options that will be well, well worth looking into. Outside of a few common types of home loans that people can seek out without an aggregator’s help, there are many distinct, lesser-known loan types that professional loan aggregators can help you access.
2. P2P Lenders
While those with excellent credit scores are less likely to use P2P lenders, they are still a potentially-valuable option worth looking into. P2P lenders typically charge larger loan and interest rate amounts, however, they are also much easier to secure in a timely, immediate fashion. If you’ve had your eye on your dream property, and want to beat other bidders to the punch, you may be advantaged by using a P2P lender service. That being said, these loans are typically meant for smaller home purchases. But if you are the type of person who has always dreamed of living in a “tiny home,” you should consider the value you can gain from using a P2P loan in 2023.
3. Banks and Credit Unions
Banks and credit unions have long been the dominant force in mortgage loans. However, only those with high credit scores can typically access the quality bank mortgage loans that are so sought after in American society. Thankfully, since you have a high credit score, you can take advantage of the many amazing features that come packed into the most valuable bank and credit unions’ loan programs. For those who want to make their loan simple, direct, and valuable, this is the way to go.
4. Personal Loan Lenders
The world is becoming more and more connected, and every business is being affected by this system. If you’ve ever taken out payday loans in the past, you’ll likely know that many of these services are offered via personal loan lenders these days. What most people do not know, however, is that personal loan lending services are becoming more common for those seeking mortgage loans as well. However, to secure these often primo loans, you’ll need to have an incredibly high credit score and low DTI. Otherwise, it may be difficult to convince a private, individual lender to finance your home purchase. If you are determined to make your dreams of homeownership come true in 2023, however, it’s absolutely worth looking into the personal loan lending options in your area. You may just find a deal that’s difficult to believe (and that can change your family’s future for the better).
5. Premium Credit Cards
Premium, perk-stacked credit cards are one of the most coveted benefits of having an incredibly high credit score. While the practice is unusual, some people will use mega-premium credit lines to purchase homes or smaller properties. While this is not a mortgage exactly, it functions in a very similar fashion. However, you’ll have much fewer fees and frustrations if you buy your next home using a premium line of credit.
6. Home Equity Loans
If you already own a home and have a huge credit score, then you can secure valuable home equity loans to either improve upon your home or buy up a new one. For those who want to live large, or who want to build a valuable real estate portfolio, few financial packages are as value-packed as home equity loans. These unique credit lines are offered up by banks and other financial institutions across the country. Finding one that will work for you is key, and can help you make your homeownership goals even larger in the coming decade. The more research you put into how much home equity you’ve built over the last few years, the better your chances are of securing a dynamite home equity loan.
