Credit Score Changes
Chase bank is raising credit score requirements to a minimum of 700 and mandating a 20% down payment for home purchases, emphasizing the importance of credit scores in the mortgage process. Additionally, refinancing options are becoming more appealing, but stricter lending standards may hinder access to low rates for many. A listener inquires about the tax implications of stimulus checks, which are not taxable income but rather refundable tax credits, allowing recipients to keep the full amount received.In this clip
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The Great Lockdown Effects on Spending and the Housing Market #189
Related Questions
If I apply for a new credit card now because there is a great offer, and then my husband and I apply for a mortgage in a few months, will I have a higher interest rate on my mortgage if I currently have an 814 credit score, have no credit card debt, and always pay off my credit cards in full? My husband also has over 800 credit score.
If my checks are around $1,700 that get deposited, how should I use that amount to determine how much to spend on my mortgage?