15 Feb 2022

What Is a Monthly Commitment with Non-Banks?

Interest-Only Mortgage Extension

Every time an individual agrees to new debt, they commit to repaying it. With credit cards, the issuer sends a packet of information to the new cardholder. The documents detail the interest rate information and repayment structure. When a non-bank issues a new mortgage, the borrower receives a welcome packet. The contents include the monthly repayment information including the monthly commitment.

Individuals who become Mortgage House clients receive access to loans that go beyond mortgages. You can apply and obtain a debt consolidation loan or loan to fund an inventory purchase. The more products an individual obtains, the more their monthly commitment to the non-bank increases.

Mortgage House helps individuals accomplish their financial goals. As a non-bank lender, we provide a different route toward success. We help our clients become financially savvy. It’s possible to decrease the amount paid in fees and interest rate charges through our added loan features. Mortgage House also offers several online tools that have no strings attached. For example, you can use our mortgage repayment calculator to understand your financial position before applying for a mortgage. Once you apply, you have the knowledge to get through the process efficiently. 

Plus, our loan specialists remain available to our existing and new clients. They have access to proprietary and innovative tools that continue changing how the lending market works in Australia. 

Monthly Commitment and Non-Bank Lenders Conclusion

A monthly commitment with a non-bank lender is the amount that a borrower owes them every month. Those who want to discuss this information can contact our Mortgage House loan specialists.

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