Attention Boston condo buyers remember this for 2018
In this Boston condo market, the number of buyers searching for their Boston condominium outnumbers the number of Boston condos for sale. As a result, this has increased competition in the real estate marketplace. So what should a buyer do? My first recommendation is to go to your local bank or mortgage broker and obtain a pre-qualified or pre-approved mortgage commitment before submitting an offer. By doing this, it shows you are a serious buyer and your willing to pull the trigger on purchasing a condominium.
Freddie Mac lays out the advantages of pre-approval in the ‘My Home’ section of their website:
“It’s highly recommended that you work with your lender to get pre-approved before you begin house hunting. Pre-approval will tell you how much home you can afford and can help you move faster, and with greater confidence, in competitive markets.””
Freddie Mac describes the ‘4 Cs’ that help determine the amount you will be qualified to borrow:
- Capacity: Your current and future ability to make your payments
- Capital or cash reserves: The money, savings, and investments you have that can be sold quickly for cash
- Collateral: The home, or type of home, that you would like to purchase
- Credit: Your history of paying bills and other debts on time.Back to Boston condos for sale homepage
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Updated: December 31, 2017 New Year’s Eve
