If you have substantial debts you may have got to a stage where you now have bad credit and the bank wont let you Consolidate your debts. You may now be considering selling your home, with the intention to re-enter the market later. Take a look at the chart below to see what this could actually cost you. A Non conforming home loan can consolidate all your debts into one payment and may be a more manageable amount to pay. It just means the finance is not done by a bank but a specialist Lender.
The Possible Cost of Selling a $500,000 House and re buying 1 year Later
$18,000 Stamp duty on
$25,000 rent pa
5% increase pa $25,000
Price to rebuy later $525,000
All numbers are for illustrative purposes only.
It could quite easily cost you $86000 to have sold and bought again 1 year later in this example.
Exploring the options available in a non conforming loan can save you a considerable amount of money and hassle. The actual interest rate, charges and payment amount, on a non conforming loan is different in every circumstance. We have to make a full application and paperwork to get an offer for you. You will then have the option to compare costs properly and then have the option to accept or reject it. But seeing the cost of selling and buying another home just one year later can be huge, the benefit of staying in your own home can't be under estimated and is usually the best option.
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