{"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

\r\n
\"\"\r\n
we are your best bet to finance a new and or refinance an old mortgage https:\/\/mymortgagepros.com\/<\/a><\/figcaption>\r\n<\/figure>\r\n<\/div>\r\n\r\n\r\n\r\n

Capacity: <\/strong>Can you repay the mortgage loan? This is the most important of the five. A lender will look at your credit report and review your debts to see if you\u2019ve paid them on time. Lenders don\u2019t like to see missed payments consistently. One or two missed payments is okay, if they can be explained away.\u00a0<\/p>\r\n\r\n\r\n\r\n

Capital: <\/strong>This is the amount of money you have to invest in the property yourself.\u00a0<\/p>\r\n\r\n\r\n\r\n

Character: <\/strong>This is subjective: It\u2019s an impression of your trustworthiness. It\u2019s the big picture.\u00a0 Lenders look at how long you\u2019ve been employed and how secure you are. They will also look at your ability to save and manage your credit.\u00a0<\/p>\r\n\r\n\r\n\r\n

Collateral: <\/strong>Yes, your cash flow is important but so is the property you\u2019re buying. The house is pledged as security for the loan.<\/p>\r\n\r\n\r\n\r\n

Credit: <\/strong>This is your credit history \u2013 the more years you\u2019ve been an active credit user the better.\u00a0<\/p>\r\n\r\n\r\n\r\n

Now, the ratios. There are two critical ones that lenders use to determine your ability to service your debt \u2013 your gross debt service ratio or GDS and your total debt service ratio or TDS. To qualify for an insured mortgage loan, or high-ratio mortgage, your GDS cannot be higher than 39% of your gross income. GDS is the amount spent on housing — principal mortgage payments, interest, taxes and heat.\u00a0 The TDS includes all your debt and cannot be higher than 44% of your gross income.\u00a0<\/p>\r\n\r\n\r\n\r\n

Working with a mortgage professional<\/strong><\/a> can help you realize your home ownership dream, so let\u2019s schedule a conversation.\u00a0Call me today.<\/p>\r\n\r\n\r\n\r\n

\r\n
\"Mortgage\r\n
business customer service team in an office environment https:\/\/mymortgagepros.com\/<\/a><\/figcaption>\r\n<\/figure>\r\n<\/div>\r\n\r\n\r\n\r\n

 <\/p>\r\n","protected":false},"excerpt":{"rendered":"

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 … Read More<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[1],"tags":[],"yoast_head":"\nDifficult time to qualify for a mortgage during Covid - My Mortgage PRO - Calgary<\/title>\n<meta name=\"description\" content=\"As we all know, Covid has put everything upside down, even in the mortgage industry, qualifying process, making more difficult to get a yes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mymortgagepros.com\/difficult-time-to-qualify-for-a-mortgage-during-covid\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Difficult time to qualify for a mortgage during Covid - My Mortgage PRO - Calgary\" \/>\n<meta property=\"og:description\" content=\"As we all know, Covid has put everything upside down, even in the mortgage industry, qualifying process, making more difficult to get a yes.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mymortgagepros.com\/difficult-time-to-qualify-for-a-mortgage-during-covid\/\" \/>\n<meta property=\"og:site_name\" content=\"My Mortgage PRO - Calgary\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-05T18:55:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-08T05:46:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mymortgagepros.com\/wp-content\/uploads\/2019\/07\/logo-land.jpg\" \/>\n<meta name=\"author\" content=\"Zoltan Padar\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Zoltan Padar\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mymortgagepros.com\/difficult-time-to-qualify-for-a-mortgage-during-covid\/\",\"url\":\"https:\/\/mymortgagepros.com\/difficult-time-to-qualify-for-a-mortgage-during-covid\/\",\"name\":\"Difficult time to qualify for a mortgage during Covid - My Mortgage PRO - Calgary\",\"isPartOf\":{\"@id\":\"https:\/\/mymortgagepros.com\/#website\"},\"datePublished\":\"2020-08-05T18:55:12+00:00\",\"dateModified\":\"2024-02-08T05:46:02+00:00\",\"author\":{\"@id\":\"https:\/\/mymortgagepros.com\/#\/schema\/person\/3d33f004ed81f9102789c46d0a84c07c\"},\"description\":\"As we all know, Covid has put everything upside down, even in the mortgage industry, qualifying process, making more difficult to get a yes.\",\"breadcrumb\":{\"@id\":\"https:\/\/mymortgagepros.com\/difficult-time-to-qualify-for-a-mortgage-during-covid\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/mymortgagepros.com\/difficult-time-to-qualify-for-a-mortgage-during-covid\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/mymortgagepros.com\/difficult-time-to-qualify-for-a-mortgage-during-covid\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/mymortgagepros.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Difficult time to qualify for a mortgage during Covid\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/mymortgagepros.com\/#website\",\"url\":\"https:\/\/mymortgagepros.com\/\",\"name\":\"My Mortgage PRO - Calgary\",\"description\":\"Best Mortgage Broker in Calgary\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/mymortgagepros.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/mymortgagepros.com\/#\/schema\/person\/3d33f004ed81f9102789c46d0a84c07c\",\"name\":\"Zoltan Padar\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/mymortgagepros.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3123172e3e5953e7ec278c3dd7654966?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3123172e3e5953e7ec278c3dd7654966?s=96&d=mm&r=g\",\"caption\":\"Zoltan Padar\"},\"url\":\"https:\/\/mymortgagepros.com\/author\/zoltanp\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Difficult time to qualify for a mortgage during Covid - My Mortgage PRO - Calgary","description":"As we all know, Covid has put everything upside down, even in the mortgage industry, qualifying process, making more difficult to get a yes.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/mymortgagepros.com\/difficult-time-to-qualify-for-a-mortgage-during-covid\/","og_locale":"en_US","og_type":"article","og_title":"Difficult time to qualify for a mortgage during Covid - My Mortgage PRO - Calgary","og_description":"As we all know, Covid has put everything upside down, even in the mortgage industry, qualifying process, making more difficult to get a yes.","og_url":"https:\/\/mymortgagepros.com\/difficult-time-to-qualify-for-a-mortgage-during-covid\/","og_site_name":"My Mortgage PRO - Calgary","article_published_time":"2020-08-05T18:55:12+00:00","article_modified_time":"2024-02-08T05:46:02+00:00","og_image":[{"url":"https:\/\/mymortgagepros.com\/wp-content\/uploads\/2019\/07\/logo-land.jpg"}],"author":"Zoltan Padar","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Zoltan Padar","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/mymortgagepros.com\/difficult-time-to-qualify-for-a-mortgage-during-covid\/","url":"https:\/\/mymortgagepros.com\/difficult-time-to-qualify-for-a-mortgage-during-covid\/","name":"Difficult time to qualify for a mortgage during Covid - My Mortgage PRO - Calgary","isPartOf":{"@id":"https:\/\/mymortgagepros.com\/#website"},"datePublished":"2020-08-05T18:55:12+00:00","dateModified":"2024-02-08T05:46:02+00:00","author":{"@id":"https:\/\/mymortgagepros.com\/#\/schema\/person\/3d33f004ed81f9102789c46d0a84c07c"},"description":"As we all know, Covid has put everything upside down, even in the mortgage industry, qualifying process, making more difficult to get a yes.","breadcrumb":{"@id":"https:\/\/mymortgagepros.com\/difficult-time-to-qualify-for-a-mortgage-during-covid\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/mymortgagepros.com\/difficult-time-to-qualify-for-a-mortgage-during-covid\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/mymortgagepros.com\/difficult-time-to-qualify-for-a-mortgage-during-covid\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/mymortgagepros.com\/"},{"@type":"ListItem","position":2,"name":"Difficult time to qualify for a mortgage during Covid"}]},{"@type":"WebSite","@id":"https:\/\/mymortgagepros.com\/#website","url":"https:\/\/mymortgagepros.com\/","name":"My Mortgage PRO - Calgary","description":"Best Mortgage Broker in Calgary","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/mymortgagepros.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/mymortgagepros.com\/#\/schema\/person\/3d33f004ed81f9102789c46d0a84c07c","name":"Zoltan Padar","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/mymortgagepros.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3123172e3e5953e7ec278c3dd7654966?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3123172e3e5953e7ec278c3dd7654966?s=96&d=mm&r=g","caption":"Zoltan Padar"},"url":"https:\/\/mymortgagepros.com\/author\/zoltanp\/"}]}},"_links":{"self":[{"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/posts\/1396"}],"collection":[{"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/comments?post=1396"}],"version-history":[{"count":2,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/posts\/1396\/revisions"}],"predecessor-version":[{"id":1561,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/posts\/1396\/revisions\/1561"}],"wp:attachment":[{"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/media?parent=1396"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/categories?post=1396"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mymortgagepros.com\/wp-json\/wp\/v2\/tags?post=1396"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}