I'm looking to build a house and I need a 100% loan.
I have just found out from the builder that once the contracts are ready I will need to pay a $5000 deposit within 2-3 days.
I enquired with a mortgage broker how long it takes to approve a loan and they said that it takes approximately 2 weeks. I can't get a loan without the contracts (and quotes for various items like air conditioning etc).
What I am wondering is if I get pre-approval for a loan will that mean I would be able to have the money faster? ie I would be able to give the $5000 deposit to the builder with 2-3 days of contract.
Or if I can't do that, a friend is willing to lend me the $5000 but would a mortgage reimburse that?
I will be speaking to a bank/broker about this but just thought I'd find out if anyone here knew the answer or had been in a similar situation.
TIA