Economic crises can create significant challenges for homebuyers, particularly when it comes to securing a mortgage. During times of economic uncertainty, lenders often tighten their lending standards, making it more difficult for potential buyers to qualify for favorable mortgage terms. However, securing a mortgage during a crisis is not impossible.

Managing debt during a financial crisis is one of the most critical steps to regaining control of your finances. Economic downturns can lead to job losses, reduced income, and increased living costs, all of which can make it difficult to keep up with loan repayments and credit card bills.