• Kirill Perelyguine

How will I get approved for mortgage now if I get laid off?

If you will lose your employment due to the current pandemic situation, you are unlikely to get an approval for a mortgage. You should also consider if you still need to close the transaction, maybe it would be better to get out of it if you still can. Try to communicate the situation to the seller. However, if you are still planning to close, you can consider an alternative solution - private lender, vendor take-back mortgage (VTB) or lease-to-own strategy. Consult your real estate professional for an advice.

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