How is NFCU to work with? Is it beneficial to have other credit products with them to build an internal payment history?
DW has lower scores and some baddies but if they were to be close enough to a broker it would be worth adding her from the start as opposed to a refi in several years.
Just looking for any NFCU Mortgage info really!
I’m not sure I understand your question but I’m going to try to give general info.
I found NFCU mortgage products to be varied, and after reading about the different ones, I found the right one for my situation.
It is not necessary to build an internal payment history with NFCU in order to get a mortgage product. It’s one’s entire credit history that counts.
If DW’s baddies are within the last 24 months, it will help her credit profile immensely to get those taken care of whether it’s applying for a mortgage, refi, or any other credit product.
Hope this helps
And if DW cannot be on mortgage for qualification reasons, she can be added to the deed.
And yes, if she’s not added to a mortgage in the beginning, it can be refinanced at a later date adding her assuming she qualifies and that you can get the same or a lower APR.
Thanks Inspired! Exactly the information I was looking for!
You're welcome Caught750
It's hard to pin NFCU down on CC approvals. They give monster SL approvals when applications are in the low-to-mid 600s on one hand, and then on the other hand there have been declines for applicants who had high 700 scores and thick files. No one can figure out NFCU's algorithm.
But on the mortgage front, their criteria is probably the same as other lenders, but definitely not as lenient as for CCs because of the amount being borrowed, even if a house is secured by the mortgage.
Honestly, I don't think a CC will help with getting a mortgage (if that's the question), especially if there are recent credit issues like lates and unpaid chargeoffs. However, medical collections under $2K are looked at differently, and if any, won't count against one seeking a mortgage.
Does DW have any CCs at all? If no, I think applying for a secured cc is a good first step.