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Did you know that the decrease of the mortgage amortization from 30 to 25 years resulted in lower affordability of housing? With the 30 year amortization rate -if your credit was good and all the other factors were fine- you were able to afford a $250,000 house with an income of approx. $50,000. Now since the mortgage amortization was reduced to 25 years, you need at least an income of $55,000 to afford the same house. If you are interested in more details or have any questions, please contact me by e-mail thilo@thiloyourrealtor.com or by calling me at 519-579-4110.
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