Go Gundy Go Site

People looking to buy their first home, and even those looking to refinance, are hitting the street in masses. The beginning of the year is generally slower than in the spring, but this year, buyers are looking to purchase before the new mortgage standards come into effect. Beginning on April 20, 2010, home buyers will have to pass more stringent tests to get a mortgage in order to enter the real estate market. Traditionally, a borrower had to qualify for a three-year fixed-rate mortgage. Under the new rules, the same borrower will now need to qualify for a five-year fixed-rate mortgage. This means that people may not be able to afford as big a mortgage this year.