Texas Mortgage Lender, Preston Rampy, Reveals The Secret to a Higher Credit Score
PLANO, TX / ACCESSWIRE / March 11, 2021 / For Mortgage Lender and Founder of Dox Home Lending, Preston Rampy’s philosophy is to help as many people as possible increase their credit score and get the lowest rate possible when applying for a mortgage. How does he do this? He works with each client on ways to fix their credit and counsels them through their current situation.
Preston grew up in Austin, Texas. He went to Abilene Chrisitan University in West Texas, where he met his wife, and then received his Masters in Personal Financial Planning from Texas Tech University. After moving back to Dallas with his wife and getting a job in Wealth Management, it seemed like everything was falling into place, but something was missing for him.
“Something didn’t feel right. I wanted to be more independent and after working in consulting with banks and mortgage companies I decided to get my mortgage license because it was something that piqued my interest.”
After discovering what truly excites him, Preston began working at his friend’s mortgage company, where he was mentored for four years.
“My friend taught me the whole mortgage business. I helped him with loan processing and started building up my own business. Then 2020 happened, and to be blunt, it was an amazing year for mortgage companies. Rates fell drastically, and everyone started refinancing their current mortgages, so I decided to use that momentum and spin-off to do my own thing. That’s how Dox Home Lending came to be,” says Preston.
Dox is short for Doxology. For those unfamiliar, a doxology is an expression of praise to God in the Christian church. “I thought it was a good thing to name the company, especially in 2020. Even though there is a lot of suffering during this pandemic, it’s important to find ways to be grateful, and my company is something I’m grateful for,” explains Preston.
Dox Home Lending provides lending services for people purchasing or refinancing homes in Texas. Preston is a recent recipient of the 2021 “Rising Star” award given to the top 1% of eligible loan officers. “For me, every deal is important. I spend significantly more time counseling my potential clients to try to ensure that everyone is able to qualify for a home loan.”
Exceptional, personable service is not the only benefit of a smaller mortgage company; better rates are too. “The smaller the company, the better the interest rates,” says Preston. “Mortgage companies are compensated by the interest rates they provide, so the higher the interest rate, the more money the company makes. If you’re a big company with big expenses, you have to charge higher interest rates to make a profit. Smaller companies don’t have as many expenses, so they can cut the interest down and still make a profit while giving you a better interest rate. Most people assume bigger is better, but not when it comes to mortgage companies.”
Another way to get better interest rates for your home loans (besides working with smaller companies) is by increasing your credit score. “Much of my time is spent talking to clients about how to increase their credit scores. There are five major components to a credit score and managing all five components will lead to an excellent credit score which can save you thousands of dollars over time.”
One of the fastest ways to increase your score is by utilizing your credit cards correctly. “When you have a credit card, there’s a credit limit on how much you can charge. For instance, if you charge $900 out of your $1000 limit, you are utilizing 90% of your credit. The credit bureaus view that as a bad thing because they think you may be spending more than you make each month and are having to increase your debt each month. Even if you are making the monthly payment on time each month, yoru score will still go down if you are highly utilizing your credit.”
So if you want to see an immediate increase in your credit score, Preston advises you to pay your card balances down. “If you pay your cards down below 50% of your credit limit, your score immediately goes up. If you use less than 30%, it’s even better, and if you use 10%, you’ll see an even more significant boost in your score.”
Now, don’t avoid using credit cards altogether. Preston advises continuing using credit cards because “the credit scoring model looks for a history of paying back debt. If you can use 3 or 4 credit cards and pay them off each month, you can increase your credit score and history over time. Even if you spend $11 on one card, it’ll still help.”
A big part of what Dox Home Lending does is help people navigate their credit. “I’m not sure how many other loan officers spend time with their clients to increase their scores, but that’s something I try to do with every single person I work with. Some bigger companies, if they’re buying leads or are part of a call center, they’re much less inclined to help people who have credit problems because it takes too much time and they’d rather just take the next call.”
If you’re looking for help with your next home loan, or know someone who needs help with a home loan, then reach out to Preston and the Dox Home Lending team by calling (214) 906-3611 or emailing preston@doxlending.com.
CONTACT:
Contact Name: Preston Rampy
Business Name: Dox Home Lending
Address: 7300 Lone Star Drive, Suite C200, Plano, TX 75024
Phone Number: (214) 906-3611
Website Link: http://doxlending.com/
SOURCE: Preston Rampy
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