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Should I have a mortgage approved if I want to look at a few houses?

  • 10-01-2013 2:51pm
    #1
    thebourke
    Registered Users, Registered Users 2 Posts: 1,362 ✭✭✭


    If i am interested in looking at a few houses,,,,
    should i have a mortgage approved first of it all?


Comments

  • #2
    the_syco
    Registered Users, Registered Users 2 Posts: 37,316 ✭✭✭✭the_syco


    thebourke wrote: »
    If i am interested in looking at a few houses,,,,
    should i have a mortgage approved first of it all?
    Well, you should at least have a talk with the bank to see what sort of mortgage that you're eligible for; no point finding a house you like, without knowing if you can even afford the low-ball offer you threw at it.


  • #3
    Ritchi
    Registered Users, Registered Users 2 Posts: 319 ✭✭Ritchi


    I looked at a good few houses before I had approval, had a fair idea of how much we would get, but had to wait until I was a year in the job before I applied. No harm in looking, lots of people do it with no intention of buying.

    I'd advise having approval before you offer though.


  • #4
    Peanut2011
    Registered Users, Registered Users 2 Posts: 1,001 ✭✭✭Peanut2011


    OP, would you not be better off in betting an approval from the bank first and than with the knowledge of how much of a mortgage you can get, start looking at the houses you like and are in your price range.

    No point in looking at something with a view of buying if you don't know the amount you can borrow.


  • #5
    killers1
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭killers1


    thebourke wrote: »
    If i am interested in looking at a few houses,,,,
    should i have a mortgage approved first of it all?

    No harm in looking. You should have an idea of whether or not you are a good candidate for mortgage approval. By the time you are getting around to putting an offer in you should have gotten the ball rolling on your mortgage approval in principle. It really depends what you might qualify for and whether you are looking to borrow at the top end of your borrowing capabilities in which case I'd suggest getting the mortgage approval first of all.


  • #6
    Duckjob
    Registered Users, Registered Users 2 Posts: 2,859 ✭✭✭Duckjob


    All depends on your level of intent.

    If it's just casual window shopping, then I probably wouldn't bother. If you are actually looking to buy if you see the right property, then it makes sense to get the ball rolling on the mortgage side so you can know what price point you would be aiming for and, by extension, what properties would fall in scope for you to offer on.

    Also, as a mortgage approved individual you will have more credibility with EAs as going though the mortgage approval process indicates intent on your part.


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