If you are in Coffs Harbour you’re seriously considering buying a home, one of the first things that you really need to do is get yourself pre-approved for a loan. The best reason why, is that when you go looking at homes, you’re going to find the perfect home at an incredible price, but by the time you get your loan, the home will already be sold. In addition to that, most real estate sales people won’t even want to waste their time with you if you aren’t ready to buy, you’re called a tire kicker. Showing an agent that you have your loan pre-approved says you’re serious, and ready.
You Have Two Choices In Getting Pre-Approved
For the most part, there are two choices that prospective homebuyers have in getting themselves preapproved and ready to buy a home. They can visit a local bank and talk to a loan officer there, or they can visit a mortgage broker and see what they have to offer.
The major difference between a bank and a mortgage broker is that a bank loan officer will only be able to offer loans through their employer and they are usually quite restrictive with their qualifications. On the other hand, a mortgage broker will be able to offer mortgages from a wide variety of sources that are able to fit nearly any kind of income or home that you’d like to purchase.
The loan officers at the bank get paid a salary to do their job and help people get loans from their employer. On the other hand, a mortgage broker gets paid a commission and has an incentive to get you a loan from any number of sources that he has.
The biggest advantage that a mortgage broker in Coffs Harbour has over the local bank is if your credit is complicated in any way, or the property isn’t exactly what the banks expect, he’ll still be able to get you approved.
In The New Economy, Many People Have Varied Income Sources
In the last decade or so, many people have become independent contractors, work at home consultants and have excellent incomes that come from a variety of different sources. While these people are usually well-paid and excellent prospects for a mortgage, a bank or credit union may have a hard time giving them a loan.
Mortgage brokers in Coffs Harbour will have several outlets for people in exactly this type of situation, in fact, there are mortgage companies that specialize in making loans to clients in nearly all walks of life. And since your mortgage broker in Coffs Harbour works on commission, he will definitely take the time to find you the best loan available on the market.
In addition to that, if the real estate that you are trying to buy doesn’t exactly fit the regular three bedrooms, two baths, double car garage, scenario a mortgage broker is most likely your only option.
As you can see, there is quite a bit of difference in getting a mortgage from a bank or getting one from a qualified mortgage broker. Contact Mortgage Broker Coffs Harbour for more information.