Where do I find a Boston Downtown Real Estate Loan?
It is recommended that first-time Boston condo home buyers consult with multiple lenders before formally applying for a loan. Different lenders may have different rates and fees which can impact your monthly mortgage payment. By doing some research beforehand and shopping around, you can find the best deal. Also be sure to explore different types of financial institutions such as mortgage brokers, credit unions, savings and loans, and traditional banks.
Can I afford a Mortgage?
Before you start the Boston condo for sale buying process it is important to be sure that you can afford a home. Most lenders and lending institutions adhere to standards that are set by Fannie Mae. Fannie Mae buys and sells mortgages in the secondary market. Lenders want to be sure that your total monthly payment is not more than 28% of your gross monthly income, and your total monthly debt payments are no more than 36% of your total gross monthly income.
How do I apply For a Mortgage?
When applying for a mortgage loan for Boston downtown real estate for sale, be prepared to provide a large amount of documentation. It is recommended by Ginnie Mae that you gather these documents beforehand. Some of the documentation that you will need to provide includes personal information such as Social Security numbers and photo IDs. You will also need to have proof that you can afford the home including bank statements for the past 6 months, a month or more worth of pay stubs and documentation of other financial assets. It is also recommended that you bring documentation on your current credit accounts, tax statements for the past two years and the contact information of someone who can verify your employment.
How does my credit score fit in?
Credit scores have a major influence on whether or not you will be approved to buy a home. The Home Buying Institute states that a score of 620 will usually get you in the door with lenders. In order to get the best rates however, you will probably need a score of at least 740. Your credit score directly influences the amount of interest you will have to pay on the loan.
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