would it be bad to apply for a mortgage if I'm not 'actually' going to buy a house?

[djheater]

Would it nagatively impact my credit?
i don't understand the home buying process very well and I'm just sort of testing the waters to see what it would take to buy a house.

 

[Vic]

< - Mortgage loan officer here


No, it would not negatively impact your credit if you were to apply for a mortgage even if you aren't planning on buying a house. However, 99% of mortgage loan officers work on some type of commission or bonus basis and you would be wasting a professional's time.

However, if you live in OR or WA, PM me and maybe I can talk you into actually buying. Rates won't be this low forever you know. They will go up in the next 6 months... count on it.

 

[djheater]

Originally posted by: Vic
< - Mortgage loan officer here


No, it would not negatively impact your credit if you were to apply for a mortgage even if you aren't planning on buying a house. However, 99% of mortgage loan officers work on some type of commission or bonus basis and you would be wasting a professional's time.

However, if you live in OR or WA, PM me and maybe I can talk you into actually buying. Rates won't be this low forever you know. They will go up in the next 6 months... count on it.

My fear is that it's a bubble. Yes rates will go up but won't the insanely priced houses HAVE to come down. Or am I dreaming?

I live in the Chicago suburbs or else i'd take you up on the offer.

 

[Sealy]

Well in Canada, you can get pre-approved for a mortgage. That way you are guaranteed a certain rate for 90 days. And you can buy or not buy it's up to you!

 

[DaveSimmons]

Banks and financial sites have "mortgage calculators" to help you figure out what you can afford, and most local newspapers have a table of local mortgage rates either weekly or monthly. Your own bank probably has a loan officer who would be happy to sit down with you and answer questions in person.

Why pretend to want a loan before you do, when you can get your answers by being honest?

 

[djheater]

Originally posted by: DaveSimmons
Banks and financial sites have "mortgage calculators" to help you figure out what you can afford, and most local newspapers have a table of local mortgage rates either weekly or monthly. Your own bank probably has a loan officer who would be happy to sit down with you and answer questions in person.

Why pretend to want a loan before you do, when you can get your answers by being honest?

I'm not being intentionally dishonest. I'm trying to familiarize myself with the process so I don't fvck it up somehow, but thanks for the criticism.

 

[DaveSimmons]

My fear is that it's a bubble. Yes rates will go up but won't the insanely priced houses HAVE to come down. Or am I dreaming?

It's a very sensible fear, especially in "hot" markets.

A lot of people have now panic-sold their stocks & stock funds and are chasing high returns in bonds and real estate because returns are good right now -- exactly the "buy high sell low" behavior that lost them money in stocks.

 

[RossMAN]

It's a good idea to see if you'd qualify and for how much.

The only negative impact is an inquiry on your credit report, too many of those and that's not a good thing.

 

[djheater]

Originally posted by: DaveSimmons

My fear is that it's a bubble. Yes rates will go up but won't the insanely priced houses HAVE to come down. Or am I dreaming?

It's a very sensible fear, especially in "hot" markets.

A lot of people have now panic-sold their stocks & stock funds and are chasing high returns in bonds and real estate because returns are good right now -- exactly the "buy high sell low" behavior that lost them money in stocks.

I'm almost obsessively cautious about things like this. I feel like there's a way in which it can be done wherein I can maximize benefit to my family so I am reluctant to act in any way because I am not certain what the 'best' course of action is. I need the experience of buying a house to feel comfortable buying a house

 

[heartsurgeon]

I'm not being intentionally dishonest

unintentional dishonesty?

 

[BooGiMaN]

The thign is to try and get an honest realtor, the good ones will screen u by askign u questions how much u make how much u owe ect. Just be honest with them. They usually work with a few good oan agents that will probably run ur credit history. Good agents will not waste ur time showing u homes u cant afford.

 

[flot]

Dude, there is plenty of information out there on the internet about applying for a mortgage.

DON'T do it if you're not going to buy a house. That's ridiculous. Aisde from wasting a lot of people's time, you'll be putting an inquriy on your credit report for no reason, and that's really not worth doing.

And I'm not so sure that Vic is right on this... If you actually got approved for a loan, I think that could definitely impact your credit. Otherwise, you could walk into bank #1 and apply for a home loan, and then 2 weeks later go to bank #2 and apply for a home loan. If they both approved you could you theoretically overextend yourself by 100% - which would be a TERRIBLE risk for either bank.

Just read about it online, get a book, but DON'T go through the hassle for no reason. There are plenty of other resources.