Who is eligible?
Not everyone qualifies for a regular rate-and-term refinance. You ll need to meet the following criteria:
Home equity. Many lenders want you to have at least 20% equity in your home.
Credit score. The minimum credit score will depend on which type of mortgage you are refinancing. A conventional mortgage requires at least a 620 score.
Debt-to-income ratio. The DTI ratio you ll need also depends on which type of mortgage you have. Most lenders will be happy if your ratio is 36% or lower.
There s some flexibility with these requirements. For example, a lender may approve you to refinance with a higher DTI ratio if you have an excellent credit score or more than 20% equity.
Simple bank announced in January that it would be shutting down.
If you re a current customer and want to close your account, you can do so online or by phone.
If you choose to do nothing, your Simple account will become a BBVA USA account in 2021.
Simple bank announced recently that it will be closing its doors in 2021. If you re a current customer wondering what that means for your money, there are a few things you should know.
Simple is shutting down because its parent company, BBVA USA, is being acquired by PNC Bank. By spring 2021, all Simple bank accounts will become BBVA accounts, then PNC accounts. So as a customer, the first thing you can do is absolutely nothing; Simple has been clear that if you leave your money where it is, your bank account will transition over to BBVA USA this year, and the intention is that customers shouldn t be impacted too greatly.