If you purchased a Boston high rise condo for sale and are thinking about refinancing the process is similar to getting a new Boston condo mortgage. The bank will request an appraisal, credit report and will check income verification. Here are 5 tips to help you in the process of refinancing your Boston condo.

Make sure you have enough equity

Many Boston condo owners are surprised to learn that they aren’t qualified to refinance especially if they own the condominium less than 3 years. Most lenders request that you have at least 20% in equity before you can refinance.

Don’t take on new debt

When you bought your Boston high rise condo you were probably advised not to take on new debt (make any large purchases on credit). This rule also applies to refinancing. Buying a car before you refinance will hurt your chances of obtaining a new loan. This will impact your debt-to-income ratio.

Check your credit score

Don’t go into a refinance application blind. No your credit score before you apply for a refinance. If there are any mistakes on your credit report get them corrected first before applying for a new mortgage.

Make sure you can pay for the closing costs

While its possible to roll the closing costs into the new loan most financial experts thinks its better to pay it up front.

Boston condo association can be a problem

Unlike refinancing a single-family house, a Boston high rise condo has stricter guidelines from FHA and other government agencies. Items that they look for are; resevers in the condo budget and owner occupancy are two examples.

 

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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