This is a YouTube video titled "Ep 73 🚨 Do I Need to Pay Credit Cards off Before a Mortgage? 🚨" containing a single-speaker explanation about credit card balances and mortgage qualification, recorded on September 2, 2021. The speaker clarifies that paying down credit card balances is not necessary for mortgage qualification beyond the minimum monthly payment consideration.
Common question I get from many clients is if they need to pay their credit card balances down before qualifying for a mortgage. Now, paying the balances down on a credit card can certainly boost someone's credit score, so if that's a necessary move, by all means it makes sense. But as far as how much you qualify for, all that lenders have to account for is the minimum monthly payment on a credit card, and generally whether the balance is ten grand or zero dollars, as long as the card's open, the same minimum monthly payment applies. That's all that's impacting how much they qualify for. So paying a balance off before qualifying is not necessary.
