Before searching for Boston condos for sale – check your credit report

If you’re interested in figuring out what you can afford in the Boston condo for sale market, the first step is getting fully pre-approved for a loan. And part of that process involves a lender pulling your credit so it can verify the type of loan for which you’ll qualify

I’ve heard Beacon Hill prospective condos buyers question why it’s necessary to have a lender run their credit score as part of the loan process.

Lenders are interested in a borrower’s “depth.” For example, a lender wants to see that a buyer has used credit in the past 24 months, and believe that if the Charles River Park condo buyer doesn’t have debt, the credit score may be compromised. As a result, the lender may not be getting an accurate read on the borrower’s ability to pay.

Additionally, lenders want to make sure a buyer’s credit line still actually exists. I heard about a situation wherein a borrower who had past credit closed it all down. He had no active trade lines over the past 24 months, and his loan options became significantly limited. He had wanted a 30-year fixed, jumbo loan, but was unable to get it. As a result, the buyer had to go with an adjustable rate mortgage with a lender that was willing to overlook his lack of current credit.

I strongly recommend consulting with a lender or mortgage broker when you believe you may be getting serious about buying a Boston Seaport condo. They can alert you to these sorts of issues early on, so you can potentially rectify them and take advantage of the best loan and interest rate available.

Boston condos for sale -2019


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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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