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mortgage application

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  • 01-03-2011 2:32pm
    #1
    shipuvictor
    Closed Accounts Posts: 8 ✭


    hi, just want to ask for mortgage for single application, can any people tell something,

    person gross income: 23000

    have saving : 65000 around

    have one kid :9 years old

    ist possisble to get mortgage for 100k or 102k from bank in current economic circumstances.

    thanks


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    #2
    JoeyJJ
    Registered Users Posts: 3,663 ✭✭✭JoeyJJ


    I'd say 100k might be a little to high for that Salary. You might get 75-80k, however call into your bank / mortgage advisor and fill out some forms.

    It might be the best thing that happens not getting the full 100k, if you got 75k and low ball over to seller they might jump, hardly anyone buying, use that to your advantage.

    You will be less of a risk with the amount of equity you will bring to the table however you should be more wary than the bank, stress test yourself carefully. If you can't pay they might recover the full amount from the sale a couple of years down the line if the **** hits the fan leaving you with nothing or very little.


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