As of this writing, mortgage rates are low, but are expected to rise. I am not ready to commit to a house that ties me down to a location but would prefer to take advantage of the low mortgage rates. I'm financially secure and was wondering if I could take out a mortgage with a low rate, pay monthly, and just do all the normal stuff with out actually getting a house. Then, when I'm ready, I would have a mortgage ready and waiting to purchase a house.
I see how this would be attractive to a bank. They could hold the money until I was ready (which makes it really easy to "foreclose" on me if I go astray).
If this is possible, is it a good idea? I think I might be better off just saving and doing a bigger down payment but am not sure how the math would work out (it likely is a function of how fast rates rise).
Is taking out a mortgage without purchasing a house a) possible and b) a good idea?