Home Loans In Sheridan, Wyoming 

Sheridan is the county seat of Sheridan County in Wyoming. The city is famous for its rodeo culture and its American-Indian influences. According to recent rankings, Sheridan ranks number one place in Wyoming with the best public schools and number five in Wyoming’s best places to live. 

If you’re in the market for a home in Sheridan, then you should also start working on improving your chances of obtaining a home loan to finance the purchase. One of the most crucial qualification requirements is a good credit score. By good, we mean a credit score of 670 and up. 

A good credit score can mean lower interest rates, better terms, more negotiating power, and more loan approvals. Who wouldn’t want all that when applying for a mortgage loan? 

Strategies For Improving Your Credit Score In Sheridan

Your credit activities affect your overall credit score. Sometimes, even things you thought were harmless, usage of credit cards can negatively impact your credit score. 

Let’s walk through some strategies to improve your credit score before applying for a mortgage:

• Pay Bills On Time

The cardinal rule is to always stick to your due dates. As much as possible, pay bills two or three days before the due date. 

When you pay bills early, you’re returning amounts to your credit utilization rate somewhat. For example, if you have a total credit limit of $2,000 and a total outstanding balance is $1,000. Your credit utilization ratio is 50%. Assuming you paid $400 three days before the billing cycle ends, your credit utilization goes down to 30% — this decrease can heavily impact your credit score.

• Don’t Maximize Your Credit Limit

Your credit limit is simply a ceiling to how much credit you can use on that account. However, that doesn’t mean you have to maximize it. 

The Consumer Financial Protection Bureau recommends keeping a credit utilization ratio of 30%. Anything significantly above 30% may imply “irresponsibility” in handling credit. 

• Limit Requests For New Credit 

Signing up for new credit facilities when trying to improve your credit score is like taking two steps forward and three steps back. 

Plus, it doesn’t look well to lenders. Taking on new credit within a short period tells them that your current income is not enough to handle your current obligations. That increases borrower risk. 

• Consolidate Your Debts

If you have multiple small debts, consider consolidating them by getting a larger loan and using the proceeds to settle these smaller debts. This way, you have just one biller to deal with, making it easier to maintain your repayment schedule. 

Sheridan, Wyoming Mortgage Lender

Capital Home Mortgage is here for you when it comes to home loans in Sheridan. We offer a wide range of mortgage products, including Conventional, Jumbo, refinance mortgages, and government-insured FHA loans. 

We are a direct mortgage lender, which means from pre-approval to funding, we handle every aspect of the home loan process. In this way, we can provide a more personalized and enjoyable home buying experience for would-be homeowners in Sheridan. 

Capital Home Mortgage offers flexible loan underwriting, competitive interest rates, and low fees.

Apply For A Home Loan In Sheridan Now

Find the right Sheridan home loan for your needs today with Capital Home Mortgage. Call us today at (307) 365-6001 to speak with our expert loan officers.