It Just Got Harder to Get, Refinance a Mortgage: Who Faces More Difficulty

Detroit Free Press, Apr. 9, 2020–Susan Tompor
Record spikes in jobless claims are creating major roadblocks for consumers who thought that they’d like to save money by snagging a lower mortgage rate. “For people who are unemployed, it’s going to be more difficult to qualify for a mortgage at this time,” said Bill Banfield, executive vice president of capital markets for Detroit-based Quicken Loans. “The ability to repay debt is based on the person’s income.”