faq non conforming home loans

Non Conforming Home Loans faq



Who can apply for non conforming home loans?

Anyone who had financial problems in the past, bad credit rating, short employment history, new residency, etc.


What is the difference between a regular and a non conforming home loan?

Non conforming home loan requires larger deposit comparing to a regular home loan. The interest rate for this type of loan is higher than regular home loan interest rate.


What is the interest rate for non conforming home loan?

The interest rate is usually 1% to 3% higher than the one for a regular home loan.


What is deferred establishment fee?

This is a fee you have to pay if you pay out your home loan early. Make sure this fee is in clearly displayed your contract.


Can I switch to a regular home loan?

When you establish a history of on-time and regular loan repayments over a 2-3 year period you will be able to refinance your home loan with a mainstream lender.
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