Non-conforming lenders are specialized financial providers who help borrowers who do not meet the approval criteria of conventional lenders to obtain a mortgage. With around 10 per cent of all borrowers in this category, a sizeable number of Australians are no longer missing out on a home loan.
You don’t need to have committed a heinous crime to be turned down by major lenders. Often your occupation or employment conditions will be enough to send them red flags or prevent you from meeting their strict loan criteria. If you are self-employed, over age 55, do not have a deposit, have poor credit, or are in contract or casual employment, then you may be a
‘nonconforming’ borrower.
Borrowers generally only need such a loan for a relatively short period of time to help them until they can improve or establish their credit rating and qualify for a regular loan.
Non-conforming loans may include conditions such as strict payment terms or additional financial monitoring.
Typical additional costs include:
or higher interest rates and fees
or lower borrowing limits
or restrictions on the use of funds
or lack of additional features
or high exit fees
or stricter payment terms, and
or possible additional financial follow-up
Lady. Mortgages…
Lady. Mortgage is a Melbourne-based mortgage brokerage company, with resources capable of stretching across Australia.
Lady. Mortgage is run by the original “Mrs. Mortgage” Jennifer Schelbert. Jennifer has been working in the mortgage brokerage industry for years, and deciding that the industry needed a highly ethical company that could meet the personalized needs of the individual, she decided to embark on her own career.
Jennifer currently has a Diploma in Financial Services (Finance/Mortgage Brokerage Management) and has contacts with dozens of different lenders to get the best deal for you.
Today Mrs. Mortgage is a growing company that has more than one “Mrs. Mortgage” working for it. As the company continues to grow, it still remains true to its core values of high ethics, while serving the client in the best possible way. This means that when she comes to see us, we will not only assign her the mortgage that will give her the best commission, but the one that suits her best.
This may even mean that we could send it back to your current lender with no commission to us!
At Ms. Mortgage we realize that very often people may wish to see us for advice on buying their first home or investment property. If this is the case, we will not force you to sign a contract until you are ready. Our service to you is free, but other fees may apply.
So call Mrs. Mortgage, talk to me, and find out how we can help you.