Does non-conforming loan have higher interest rates?
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layney
Apprentice
Joined: 31 Jul 2007
Posts: 6
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 Posted: 09/10/08 - 10:04 Post subject: |
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| I have been looking into a personal loan, and because of my erratic income (I am a freelance journalist) I have trouble in getting a normal loan. I have now been offered a non-conforming loan. Do these things carry a higher interest rate? Can you tell me something about that? |
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cleon
Apprentice
Joined: 11 Jun 2005
Posts: 2
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| Posted: 10/09/08 - 22:08 Post subject: |
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| Yes, they do, but that is only fair when you take into account that the lender thinks that you carry a higher risk of defaulting on the repayments of the loan! What can you do about it? If you want the loan, that kind of loan will be your only option, I am afraid. |
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