Saturday, December 15, 2007

Step 4: The waiting game

This is a pain in the bum.

I've never found waiting so hard. All our hopes and dreams were really dependent on the answer to the mortgage application. Are we staying in Dublin? Are we moving to Galway? Will they blame a refusal on my missed credit card payment back in 1992? Will she dump me because of that? Where will I live if we split up over my missed credit card payment causing us to be refused a mortgage? Will I loose my job because I descend into madness with all this infuriating waiting?

Yes, it really got me over thinking! I would suggest you try to get away for a couple of days while waiting for a mortgage to be approved. I don't mean blow all those savings, I just mean something to occupy your mind. We just went down to Galway for a weekend and looked at some areas to give ourselves a bit of a mind map of the area we could refer to later when looking through property listings.

The other small bit of advice is to ask the mortgage advisor or lending facility how long it will be before you hear anything back. If they say 5 working days, make it 7 in your mind because that way you will not be crawling up the walls by lunchtime on day five.

For us it took 5 days to hear back, but about 8 working days to get full details. After 5 the mortgage broker rang to tell us that we had been approved by 2 so it took the sting out of the rest of the wait. You may want to ask yours to do the same (I'd advise it).

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