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Mortgage loan application - should we test to see if we would get one?

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  • 02-09-2009 2:54pm
    #1
    worded
    Registered Users Posts: 4,575 ✭✭✭


    Im waiting for the market to bottom out, no rush to buy, but then again we might buy in a few months we really don’t know.

    Should we test to see if we get a mortgage now to find out if owning a home is but a dream anyway?

    Does it have negative consequences if we are turned down now when we apply in the future when the banks are ion better condition?


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    #2
    chopley
    Closed Accounts Posts: 37 ✭chopley


    worded wrote: »
    Im waiting for the market to bottom out, no rush to buy, but then again we might buy in a few months we really don’t know.

    Should we test to see if we get a mortgage now to find out if owning a home is but a dream anyway?

    Does it have negative consequences if we are turned down now when we apply in the future when the banks are ion better condition?
    An introductory chat with a mortgage lender or broker will be enough to find out how much you could borrow. Then you can start looking for a house in that price category.


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    #3
    Davy
    Registered Users Posts: 19,340 CMod ✭✭✭✭Davy


    No harm in having a meeting with your bank, or provider. Start the ball rolling, you will know what price range you can look for. If you are FTB you have a good chance of getting a mortgage with a steady income.

    You can have the amount approved so if you do find the right place, their wont be waiting around to organise the funds.


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