Our broker was telling us today that it looks like,this week, we're going to get AIP for mortgage but only at 80%. So our deposit will be used up. House would need a few things done to it,so when would be best time to ask credit union for a loan?Will bank do another credit check before issuing mortgage?So should we wait until after drawdown?
EDIT- Mods- Should I post this in the Mortgages forum also?Or is double posting frowned upon?
The banks will generally do a second ICB check immediately before the mortgage draw down. So you definitely shouldn't apply for the credit union loan until after draw down or else the mortgage offer could be rescinded.