What if you are on an interest only period with bank A and have the ability to borrow $300k more with them. Then you borrow say $400k with bank B, because they have more relaxed criteria.
When it's time to renew your interest only period with bank A and they review your serviceability, you may not meet their requirements given your new loan with lender B and it may switch to principal and interest which may not be feasible from a cash flow perspective? Could something like that happen? Keen to hear peoples thoughts.
Question for mortgage brokers
When it's time to renew your interest only period with bank A and they review your serviceability, you may not meet their requirements given your new loan with lender B and it may switch to principal and interest which may not be feasible from a cash flow perspective? Could something like that happen? Keen to hear peoples thoughts.
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