Non Conforming Home Loans faq
Who can apply for non conforming home
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
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.