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First Colony Mortgage

By Clip Syndicate
First Colony Mortgage Video: First Colony Mortgage
First Colony Mortgage Wed, 01 Mar 2017 16:36:09 +0000 First Colony Mortgage First Colony Mortgage KTVX ABC 4 Salt Lake City i'm so excited to be talking about this topic. from first colonnee mortgage, we're talking about how important it is when buying a home to have good credit. this is a really important thing i have had to learn the hardway. but he is here to break this down for us. first of all, what is the credit for? >> the credit score is a snap shot of your debt, of all of your use range of credit, all those different things and at a tern period of time, and gives a number based off of those things and tells you how likely are you to pay back a certain debt. that is how we determine how likely we are to pay back the mortgage. >> which is a big deal. >> a lot of times you can have-- a lot-of-times people won't have the cash to pay for a home and find they have the cash to put down and find out their credit isn't good. >> it is fairly common for people to think oh yeah, my cred sit great, i have nothing to worry about and then we pull their credit score and they are like i didn't know about that collection. i didn't know it was that bad so we can offer recommendations and say this can be something we can do to improve your credit. maybe we need to pay down this credit score by a certain amount and your score can go up if is good to look before hand, maybe in the six months, years you are going to buy a home, it's good to look at it now. >> so the first is to protect your score, don't let it surprise you when you sit down and trying to. >> okay so my second tip is what to check your score, don't let it surprise you. and then use your credit, this is is what i was so interested in. you are supposed to use your cred-- credit card. >> you want to be careful with it, on obviously. you don't want to max out these credit cards. you want to use them smartly, making sure that you keep the balance a good rule of thumb is is to make sure each credit card has a certain limit. let's say your credit card has a thousand dollar limit on it you want to make sure your balance on that stays at least below 50, preferly below 25%. just kind of make sure that you are using it responsiblably and that will improve your credit, definitely, a lot of times i tell people get a credit card, buy a tank of gas and pay it off. that will start helping you build credit. >> so when someone comes in and wants to buy a home and are put in this position. first colonnee mortgage, you don't necessarily help them fix their credit. you can refer them to someone without does, right? >> correct. we do refer that out. there are instances if someone, just as an example, last week i helped somebody out who was gsh-- credit score in the 500s and we thought maybe there is an opportunity for us to improve it immediately and they had a credit card that only had $500 on it but it was maxed out because it was only $500. we got their score up into the mid 6000s. it went up almost 40 points because they paid off that one credit card. so it's pretty amazing to see just one credit card, the usage on that being maxed out and pay paid off. can improve the credit score by quite a bit. >> the other thing that is interesting is some people don't have credit. it is important to actually establish credit. why is that important sth. >> because you want to build up that history. you can't just go from not having a credit card or any kind of debt to just buying a house. we need to be a little bit of proof that you can handle debt, you can handle that and from our end we want to see those things. so it's good if you know when are you going to be buying a home in the near future to start looking at these now. >> such a good tip. the last one is consistency, why? what do you mean by that? >> yeah, so consistency is, i mean we look at your history for however long you've had credit. if you have been consistent, then your credit score is going to reflect that. so for example i worked with people with credit scores in the 800st because they have been meaking their payments on time. there is no special trick with that, it is just making sure you do it. and setting up automatic reminders, things like that because a lot of times the little late, the 30 day late payments with credit history are because you just forgot about it. >> totally. i just forgot, you guys. i just forgot. it is interesting, have i worked with a company called true path credit that helped me get my credit score up. when you have bad credit you just want to avoid it but that is the worst to do. so working with a third party, 2 is helpful i love that, are you helping people to bring awareness. >> absolutely. >> to the credit issue. and if you guys are looking to get a mortgage, please go to first colonnee there is the phone number on the screen. and thank you for bringing all of this. >> you're welcome. >> it is a scary thing but it is worth

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