A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainty about the buying process. A specific cause for concern tends to be mortgage qualification.
So what does it take to obtain a Boston condo mortgage? Many potential Boston condo buyers are uncertain about the process. Today, I’ll provide you with a short outline of the process:
- In order to qualify for a Boston condo mortgage you’ll need to show that you saved enough for a down-payment. The good news, 73% of all Boston condo buyers made a downpayment of less than 30%, with many only putting down 3%. The main point, is to show you have stable income and a good credit history.
- Find out your credit score. According to recent surveys, the average credit score for a first time home buyer was 724. If you’re lower than that, don’t panic. Take steps to improve your credit score. Example, cancel and payoff some of your credit cards, especially store credit cards. For more steps you can take please call me at 617-595-3712.
- Gather your financial documentation. This would include pay stubs, W-2 and tax returns for the last 3 years. It would also include: credit reports. credit history, rental history, assets and bank statements showing how much money you save per month.
- Contact a bank or mortgage representative about a pre-approval letter showing how much money you are qualified to borrow.
- Contact Ford Realty to set up appointments to view Boston condos for sale.
For more information on how to be a Boston condo owner please contact John Ford at 617-595-3712. You can also email at realtyford@yahoo.com
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For more information please contact one of our on-call agents at 617-595-3712.
Updated: January 2018
