Mortgage lending, practices and guidelines have tightened once again.
Major changes are;
1/No more amortization periods of 30 years, max 25 yrs.
This I completely agree with, because if your goal is not to pay the mortgage off in a reasonable amount of time, you might as well be renting. A few years ago I had clients actually buy a home they could not afford by any stretch of the imagination and then amortize the mortgage over FORTY YEARS. This is financial Hara-Kiri. It’s keeping up the Jones’ but the Jones’ don’t even know who you are.