It appears that banks are quickly adapting their policies to the current darkening economic outlook. In the US, the country’s fourth-largest lender – JP Morgan, is raising its mortgage borrowing standards as a response to the situation.
JP Morgan Raising Mortgage Borrowing Standards
Borrowing money against a mortgage will be harder for US citizens starting tomorrow, April 14th. This became clear as the country’s fourth-largest lender, JP Morgan, was reported to increase its mortgage borrowing requirements.
As soon as the change takes place, customers will need a credit score of at least 700 to qualify for a mortgage loan. On top of this, they will also be required to make a down payment of at least 20% of the home’s value.
“Due to the
Read More At: Article Source