Whether you’d like to buy a home or fund a major life event, like education, little to no credit history can be a barrier to achieving your dream. With help from Tri City’s lending experts, you can begin the journey to establishing good credit.
Credit Builder Program
Your hometown bank offers a Credit Builder Program which is designed to help those who are new to the credit system build a credit history and save for a down payment. Credit-builder loan proceeds are deposited into a certificate of deposit (CD) at Tri City and used as collateral for the loan.
The monthly payments are reported to the credit bureau building your credit history. At the end of the term, you will have the funds in the certificate of deposit to use as a down payment.
In other words, you will take out a small loan and make monthly payments for that loan. Once the loan is paid, you will use those funds as a down payment or for other financial needs. As you make these monthly payments over time, your credit history will grow.
Mortgage Masters
Tri City’s mortgage lending team are experts in the Southeastern Wisconsin market and can help you learn more about the Credit Builder Program, low down payment options, or financial assistance. Free, virtual Home Buying Seminar sessions are also available with our team.
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