Boston Real Estate for Sale

This is a great time to buy a Boston condominium. Historically, interest rates are still near an all time low —  although beginning to rise, the average  rate for a 30-year fixed-rate loan is about 4.20%, according to and — inventory may not be abundant now, but the spring market is right around the corner and more choices will be had.

Are you ready to find out how much you qualify for a Boston condo mortgage? I’ve learned that it definitely boils down to four principal elements that can impact a lender’s decision:

  1. Your capacity to make a down payment – generally between 3% to 20% of the purchase cost — needless to say, the larger the down payment, the better your odds of securing the mortgage.  It is also easier to get a loan if you are trying to borrow $400,000 or less.  Above this amount the loan will fall under slightly different lending guidelines.
  2. Two years for continuous employment, at the same job or at least in the same field.
  3. Good credit score, ideal above 680.
  4. Monthly income between 2 and 3 times the estimated monthly mortgage payment. A great deal of acquiring a loan is your income to debt ratio.

Now if you don’t meet all these requirements, meet with a lender anyway. You may be surprised to find out that you do qualify after all , and if not, the lender can tell you precisely which areas to focus on in order to qualify within the near future. I have mortgage lenders that I work with that deal strictly with Boston condos, and I will be able to point you in the right direction.

Get a co-signer. This is not simple, since if you default on a loan, the co-signer will probably be responsible for paying it. But when you know someone with excellent credit who has absolute faith in your capability to pay, a co-signer could possibly be a workable option. I had young professionals in the past that had their parents co-sign. But lets keep this as a last option.

Bottom line, plan for the future. If it turns out you can’t qualify today, let my staff and a qualified lender assist  you to map out a plan for improving your credit qualifications over the coming months.  If you are serious about owning a Boston condo you will be able to properly structure your finances and put yourself in a position to qualify.

For more information about applying for a mortgage, please feel free to contact me at 617-595-3712 and I will refer you to a lender that best fits your needs.

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Contact me to find out more about Boston condos for sale or to set up an appointment call/text 617-595-3712.

Boston condos

Boston condos for sale


For more information please contact one of our on-call agents at 617-595-3712.

Updated:  1st Q 2018

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