Clearing Up Credit Misconceptions: How Nations Lending Can Help You Qualify for a Mortgage
What type of of credit score do you need to buy a home?
Today I want to talk about a topic that is near and dear to many people's hearts - buying a home. In this video Greg Dallaire from Dallaire Realty interviewed Nick Wurzer from Nations Lending a Green Bay Mortgage Lending expert. Nick Wurzer discussed the misconceptions about credit reports and what it takes to qualify for a mortgage.
Nick Wurzer from Nations Lending explaining credit scores
The credit score is a touchy topic because the bureaus have a big formula that determines your score. Even the smallest changes in your credit can affect your score quite a bit. Nick emphasized that anyone looking to apply for a mortgage should get an application in and start the process. Nations Lending works with you to improve your credit score, even if it's lower than the minimum required. They have simulators that walk through how much paying off a credit card by different amounts can impact your credit score and how long it would take to improve it.
Improving your credit score is essential as it can save money on your mortgage and other things like insurance costs. Nick mentioned a rapid re-score process, where they can work directly with the three bureaus to update your score within 24-48 hours. This process can save you a lot of money by helping you get to the next level of credit score.
If you are looking for Homes for Sale in Green Bay WI Dallaire Realty a local real estate brokerage has a website that provides you with instant access to the most vital information while looking for homes.
What type of downpayment do you really need to buy a home?
Another misconception is that you need to have 20% down to buy a home. However, there are several options available, such as a USDA loan that's 0% down for rural areas, VA loan for veterans, 3% down options for conventional loans, and 3.5% down options for FHA loans. Nations Lending works with you to set out a roadmap for success and get you in the position to buy a home, even if it takes three months, six months, or a year.
You can improve your credit score with help
It's refreshing to hear that Nick Wurzer from Nations Lending works with you to improve your credit score and get you in the position to buy a home. Buying a home is a huge investment, and it's crucial to have a lender like Nations Lending who understands that and is willing to work with you to make it happen.
So, if you're looking to buy a home, don't be discouraged by your credit score or down payment. Reach out to Nations Lending and start the process today. It's never too late to start working towards your dream home.