Examples of bad credit history applicants include:
Divorcees: In some divorces, lawyers may recommend that customers stop contributing to shared financial commitments such as mortgage repayments or credit card bills.
Unfortunately, as a bi-product, this results in the customer ending up with a bad credit history. After the divorce, both parties are going to want to get on with their lives, such as buying out the other partner’s share of their residence. These blemishes would naturally limit their eligibility for a prime product, but non conforming lending products may be suitable.
Recovering from health issues:
Unfortunately, some are struck down with health issues that temporarily prevent them from working or require the patient to have extended hospital stays or recovery periods.
Not to mention, medical treatment is extremely expensive and not always covered by health insurance.
In some cases, the burden falls on the patient to fund their own medical costs – they may go into debt to do so, or miss making other financial commitments such as paying their mortgage. These people shouldn’t be punished and excluded from finance because of the circumstances they had to endure, and because they had to prioritise their own health. Whilst they may not be suitable for a prime product, they may be able to refinance or consolidate their debts through a non conforming home loan.
Recovering from debt:
Debt can sometimes just get out of hand. It’s not necessarily through financial illiteracy, financial mismanagement, excessive risk taking or other nefarious reasons – life just happens. Businesses, for instance, impacted financially by unforeseen events like natural disasters, may fall into this category. These customers may benefit from the net savings made from consolidating various debts into one.
No matter if they’re looking to buy or refinance, invest in their business, consolidate debt (even tax debt), get cash out Non Conforming Loans have out of the box solutions for you.
- Home Loans & Mortgage Brokers in Australia
- Home Loans & Mortgage Brokers in Adelaide
- Home Loans & Mortgage Brokers in Brisbane
- Home Loans & Mortgage Brokers in Inner North
- Home Loans & Mortgage Brokers in Hobart & South East
- Home Loans & Mortgage Brokers in Melbourne
- Home Loans & Mortgage Brokers in Darwin
- Home Loans & Mortgage Brokers in Sydney
- Home Loans & Mortgage Brokers in Perth