{"id":1396,"date":"2020-08-05T18:55:12","date_gmt":"2020-08-05T18:55:12","guid":{"rendered":"https:\/\/mymortgagepros.com\/?p=1396"},"modified":"2024-02-08T05:46:02","modified_gmt":"2024-02-08T05:46:02","slug":"difficult-time-to-qualify-for-a-mortgage-during-covid","status":"publish","type":"post","link":"https:\/\/mymortgagepros.com\/difficult-time-to-qualify-for-a-mortgage-during-covid\/","title":{"rendered":"Difficult time to qualify for a mortgage during Covid"},"content":{"rendered":"\r\n
With COVID-19 challenges that include layoffs and deferred mortgage payments, getting a mortgage may be a bit tougher for some, whether it\u2019s for a first home, or refinancing to consolidate debt, or simply renewing your existing mortgage with a new lender to take advantage of a lower interest rate.\u00a0 But it doesn\u2019t mean you\u2019re shut out of the market completely. It just means you have to plan ahead and be careful managing your debt load.\u00a0
Lenders generally look at two primary factors to determine whether you qualify for a mortgage loan — the Five Cs of Credit, and at a couple of ratios. It\u2019s these ratios that are affected by changes to interest and qualifying rates.<\/p>\r\n\r\n\r\n\r\n
The first factor is your ability to make your mortgage payments and your willingness to make those payments. This factor is categorized into the five variables. They are:<\/p>\r\n\r\n\r\n\r\n