CIM Financial

FAQ

Frequently Asked Questions

 

This is the good stuff.

This is the section where I can really tell you the "do's and don'ts" of mortgages.  And how to make your life easier when applying for a loan.

I'ts a good section to review even if you don't have questions.

Frequently Asked Questions

 
FAQ

How can I improve my credit score?

The good news is that it is possible to increase your credit score right now!

Just go to www.optoutprescreen.com and request that all those pre-approved credit card offers stop being sent to you.  That one simple thing will improve your score by 10 points! And you'll see the change in about 2 weeks.

 

In addition here's a few tips you should know.

 

First of all...NEVER go through forclosure!  If you do, there is nothing I or anybody else in the world can do to help you get a mortgage. You are dead, dead, dead for the next 10 years! In fact in it would be better to go bankrupt than to go through forclosure.  Do yourself a favor...don't even think about it.

 

Second...It is extremely important to pay your bills on time...even if it's just the minimum payment. Late payments just kill your score.

 

 Another thing...don't max out your credit cards. The size of your balance is a big factor in determing your score. They like to see a large credit limit with low balances . 

 

Finally, don't close your accounts.  You need open credit lines. It's definitely better for your score to have open accounts with a zero balance than to close an account entirely.

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FAQ

What three things should I never do when applying for a mortgage?

First of all...don't apply for any new credit.  Applying for new credit, makes your score goes down and hurts your changes to get the mortgage.  Please wait til after you've got the loan to apply for any new credit.

The second thing follows close on the heels of the first.  Don't buy anything! People get all excited about getting new furniture or re-decorating the house that they rush right out and start shopping. Let me talk you like a Dutch uncle would....no furniture, no cars, no nothing on an installment basis that is going to show up on your credit report.

 

And no buying it for cash either. You need to show all the assets you have in the bank that you can.

 

It doesn't make sense to get all this new stuff, if you don't have a place to put it.  One step at a time. Let's get the house first and then we get the rest.

 

And the last thing on your "never do" list is this....never go anywhere else for your mortgage!

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CIM Financial
150 East Vine Street, Murray, UT 84107
Phone: 801-274-6555
Fax: 801-274-9222
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