Boston Condos for Sale and Apartments for Rent
How to select a Boston condo mortgage lender?
If you’re aiming to purchase a Boston condo for sale, make sure you seek the services of a local lender.
The downtown Boston condo for sale market and its housing stock are not cookie-cutter by any stretch. Out-of-area lenders and their underwriting teams—the individuals who ultimately give the green light on financing—are sometimes not familiar with certain building attributes or what our competitive market requires in order to “win” a Beacon Hill condo or a high-rise condo in the Seaport District.
We have in-law units done without permits and brick foundations. Condo associations with unique condo docs and terms, condo association special assessments, or below-market-rate units. Lenders who don’t often deal with these sorts of common-in-downtown Boston issues may run into road blocks when it comes to approving your loan.
And when it comes to appraisal/loan approval and closing timeframes, out-of-area lenders may not be used to the, uh, faster pace of the Boston condo for sale market. Local lenders are typically on the ball when it comes to having loans approved in ten days and escrow closed in 21 days or less. The market may have changed, but you can be more competitive with shorter contractual timeframes. A lender who can’t offer competitive terms won’t be able to help you compete when you’re putting your best feet forward on your dream single-family home.
If you already have accounts with a particular bank, it’s a good idea to check with that bank to see what “relationship banking” perks might be offered to account holders.
When it comes time to selling or buying a Boston condo, hiring the right real estate agent makes your life so much easier throughout the process – but have you considered how much of a difference landing a good lender makes?
Why? Not all lenders are trustworthy.
Choosing a lender that understands you, and you trust, helps significantly when working towards a timely and successful closing. Here are a few ways to find a good lender:
Have your real estate agent refer a lender when buying a Boston condo for sale
Know that many brokerages have in-house mortgage lending businesses, but a good agent will not limit their recommendation to only their in-house lender. An experienced downtown Boston condo broker will most likely have a firm relationship with a preferred lender they have worked with in the past. A proven track record is a good sign that you are making the right decision.
Have your friends refer a lender
If you have friends or family that have recently purchased a Boston Seaport condo, ask them who their lender was and if they feel that they received a fair exchange. You can assess the whole experience from their perspective, and evaluate whether or not they chose a reputable lender that was enjoyable to work with. Ask them if the rates they were promised were the ones they got.
Compare mortgage lenders by asking questions
- Asking the right questions is the best way to find a trustworthy lender:
- What are your fees and how are they broken down?
- What are your points?
- How much do you stand to earn from this loan?
- Can you get this done in time for closing?
- Where will you get approval for my loan from?
- How much is the estimate for my closing costs?
- Can I see the HUD-1 closing statements for the last two or three deals you completed?
Compare the different answers each lender gives you to determine which one really seems to be putting forth the best effort to meet your goals. In addition, Google reviews on the mortgage lenders you are interviewing to see what others have to say about their reputation. You can always contact the Better Business Bureau for more information.
It might be in your best interest to follow up with several of their former clients to see if they followed through on their terms and agreements.
Related Links –
What credit score do I need to have to buy a Boston condo for sale
What’s the difference between pre-qualified letter and commitment letter
How much of a downpayemt do I need to buy a Boston condo for sale?
10 steps in buying a Boston condo[ box]
When in doubt, read the contract before choosing a lender
Go over the fees, closing costs, interest payments and hidden costs in the contract, and if you have any questions, be sure to ask for clarification.
Lenders that ask for a deposit in the form of “earnest money” or a Good Faith Estimate may have clauses allowing them to keep your deposit whether or not you choose them as your lender.
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