Shrinking amortizations?

Last week the talk was about fixed rates increasing, this week the talk is about cutting back longer term amortizations. For high ratio mortgage borrowers, those who have less than 20% down payment, the rules are set that the longest amortization available is 25 years. Up until now, conventional borrowers (those with more than 20% down) could choose an extended amortization up to 30 years. This may be changing. But don't get to thinking that the mortgage rules are so strict that you cannot borrow what you want. Consider this, when I got into the mortgage industry in 2003, there were no extended amortization. In fact, most of the lending guidelines that the government is implementing to "slow down the market" are the same guidelines we had 10 years ago. We are just going back to basics. If you have questions about how you can qualify to buy a home or refinance a current mortgage, please contact me any time. My services are free to you and I would be happy to offer you a mortgage pre-approval or complimentary assessment