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FREQUENTLY ASKED QUESTIONS
CREDIT REPORTS
Q: What are credit scores and how do they affect me?
A: Credit scores are basically a risk factor given to each person by the credit bureau's that rate your loan worthiness and affect at what interest rate a lender may give you the loan.
Q: What is a good score? What is a bad score?
A: Credit scores can range from as low as 400 and as high as 800.
Q: How is my credit score figured?
A: Good question, only the 3 major credit reporting bureau's know the formula for sure but what they do say is it is based on how well you pay your bills on time, the balance of your accounts, and the length of time you have had the accounts.
Q: Why do I have 3 different scores?
A: First each bureau assigns you its own score based on its "secrect formula" and second each of the bureau's tend to be regional.
Q: How much will my scores vary from each other?
A: In theroy there should only be a few points differance between your scores, however I have seen as much as 75 points differance or more that is why it is important to know all 3 scores.
TAX REVIEW
Q: What is a free tax review?
A: Simply that, CMT Services' tax specialist will review your tax returns for up to the past 3 years at no charge to you to make sure you received your FULL REFUND.
Q: What if I or my tax preparer did make and error?
A: No problem, if and error is found and you over paid CMT Services will admend your taxes for you.
Q: Is there a charge for this?
A: Yes, but only if you over paid or are owed a REFUND.
Q: How much is it?
A: The charge for amending a tax return will vary from client to client, an individual who made and error on his or her tax return would pay less than say a small buisness that required a more in depth review. This charge will be quoted prior to any admenments.
Q: If I'm owed a refund how long will it take to get it?
A: Usually you can expect to see your refund in 6-8 weeks.
MORTGAGES
Q: Can I really get a home with little or no downpayment?
A: Yes
Q: I have bad credit can I still get a home loan?
A: Yes
Q: I'm self-employed can I get a home loan?
A: Yes
Q: I've seen infomercials that tell how buy with no money down is this the same?
A: No, I to have seen them and to be honest am amazed, I've been in the mortgage buisness 10 years and some of there claims are just not available in all areas. Our programs are guidelines set forth by national mortgage lenders that anyone can use anywhere.
Q: Should I refinance my house to lower my interest rate?
A: That depends on a variety of things such as your current rate, loan balance and time left on your loan. In our hand book we will show you how to figure out if refinancing will actually save you any money.
Q: How do I know if I'm getting a good deal on my home loan?
A: Our handbook will explain closing cost to you and show you how to make sure you are not paying too much for your loan.
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