Non Conforming Loans - mortgage refinance - home equity loan

Iconex Home Loans

Non Conforming Loans:

In many cases, asset rich individuals, that may own there own business, may not be able to justify there ability to service a loan by the income declared on their tax returns. In this case a non conforming loan may be the best home loan finance option.

Non conforming loans require a higher deposit than your standard "fully documented" home loan. This will invariably mean at least a 20% deposit will need to be put own on a property. In some cases the deposit will 30% -35%, generally the higher the associated risk measured by the bank will result in the greater deposit required.

The risk associated with the borrowing will also affect the interest rate. A borrower will be granted rates close to the standard fully documented home loan rate if they have a strong repayment record and clean credit history. A potential borrower with a less than clean credit record and lower deposit will often be offered interest rates 2-3% above the standard rate.

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DAIS Investments Suite 1.04, 339 Military Road Cremorne NSW 2090 Ph +612 9908 8875 Fax +612 9908 7061

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