When you are going to hire a mortgage broker in Melbourne for finding you a mortgage loan, you might want to know as much about the type of mortgages that you can get. Especially, if you are a contractor that is looking for a contractor mortgage. The contractor mortgage is different from a normal mortgage that anyone can apply for. Here is everything you will need to know about the contractor mortgages:
What is a contractor mortgage?
Many people know what a mortgage loan is, but there are only a couple of people that really understands what a contractor mortgage really is.
A contractor mortgage is a loan or a mortgage, that you can find at a mortgage broker, that is especially for contractors that are building property like homes and offices. They need to have the cash to start the building project. This is where this mortgage loan comes in. With this loan, they can get started in the building and they can repay the loan when the project is finished and paid for.
What do you need to know about this mortgage?
The one important thing that you need to know about a contract mortgage that you can get from a mortgage broker or from a lender directly, is the fact that you need to be a contractor in order to be able to get the mortgage approved.
This isn’t a loan that just anyone can get. You need to proof that you are building a property, or that you are an owner that is building your own property. This isn’t a mortgage for buying a home, and you need to repay the loan as fast as possible. Check here !
What you will need to provide to apply for a contractor mortgage
Just like applying for any other type of mortgage or loan, you need to provide some documentation to prove that you have an income, that you are the real person, and you need to prove where you are living.
You will normally need to provide your contractor’s contract, your ID document, proof of address and the last three month’s bank statements. Some brokers are asking for other documentation as well. If you are unsure, you should ask your mortgage broker in Melbourne, what type of documentation you are going to need to apply for your contractors mortgage.
Using a mortgage broker or not
You can use a mortgage broker, or you can go directly to the lenders of contractor mortgages. But, if you are looking for a fast and efficient way, then you should consider using a mortgage broker.
A contractor mortgage is designed for someone that is going to build the property and doesn’t have the money to start the project. There is much information that you need to know about this type of mortgage loan, before you can decide if this is the mortgage for you. If you have any problems or questions about a contractor mortgage, you can go to a mortgage broker, like Www.mortgagebroker247.com.au for more information.