Hi all,
This is my first time to purchase a Land and going to get a builder to build a house on it. I have done some research and found that Bank West have an attractive basic loan (Lite Homeloan).
I have called them and after informing them of my financial information they pre-approved me with $200000 since the price of the land is $136K and i am planning to build a house with an estimation about $125000 on it. I told them that i will pay 20% of the total price to avoid paying Mortgage Insurance. (They send me a qualification advise letter, and requesting me to send my Pay Slips, and Land Sale Contract).
Last couple days, i tried to talk to a Mortgage Broker as well and he also suggested me to go with BankWest Lite Homeloan.
Today i called Bankwest and they said i can’t use the previous pre-approved amount if i am going to use a Broker because i was directly contacted Bankwest Sales.
My question is:
– I am confused should i use the Morgage Broker or i can just fax all of my documents to Bank west directly because they still over the same product and interest rate? (i know broker gets commision bank and do the paper works, but nowadays banks makes the application process easier by using their online application form or on the phone).
– On My Land contract i need to get Loan approval by 22 August, which one will be quicker to be processed? Mortgage Broker or Directly deal with Bankwest.
– Since the Land Title will be ready early Nov until i can sign my Building Contract, that means i will know my Total Home Loan till then by sending my Building contract to the Bank in order to add up my loan from the land price plus House price. Am i right?Hope you guys can help me with my concerns. I have found this Forum is very useful…
Thanks …
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