How Much Should You Borrow If You're Buying A Boston Condo? Boston Condos For Sale Ford Realty

How much should you borrow if you’re buying a Boston condo?

The first step in answering this question is you need to find out how much you qualify for a bank loan in buying a Boston condo. How do you do that? First things first, under stand your credit score.

Credit score history, and qualifications

The higher your credit score, the less you need to worry about being stuck with a high mortgage interest payment, but you may also be allowed to borrow more than you can afford. If you don’t have enough to qualify for a conventional loan, a high credit score will allow you to buy a Boston high rise condo, but does not mean you should unless you can realistically afford it.

Loan to Value Ratio (LYV)

Mortgage lenders for Boston condos for sale set their business LTV ratios. For example the 80/20 ratio pf a conventional loan for a Boston condo for sale for $500,000 means you can borrow up to $400,000 at a competitive rate, but this does not mean you should be able to afford monthly payments, You also need to take into account your other debt obligations. This would include such items as utilities, debt card debt and condo fees.

Boston condo fees

Boston condo buyers, you need to understand that mortgage lenders will always take monthly condo fess into consideration when reviewing your Boston condo loan application.

Conclusion

Knowing how much you can afford for a Boston condo is just one of the many things to keep in mind if you’re serious about buying a Boston condo for sale. Listed below are numerous question That have been asked and answered by me. Thank you for taking the time to read this blog post.

Boston condos for sale: Buyers questions and answers

Boston condos for sale near Downtown/Midtown Boston

Back Bay Boston condos
Beacon Hill Boston condos
Charlestown Boston condos
Navy Yard Charlestown Boston condos
Dorchester Boston condos
Fenway Boston condos
Jamaica Plain Boston condos
Leather District Boston condos
Midtown Boston condos
Seaport District Boston condos
South Boston new condos
South End new condos
Waterfront new condos
North End new condos
West End new condos
East Boston condos

Condos around the Midtown area to rent:

Click here: Boston Midtown Condos For Sale.

How much should you borrow if you’re buying a Boston condo?