When buying a Boston condo for sale, you’ll obtain a mortgage (unless you pay in cash). When it comes to getting a mortgage, there is usually going to be more than just the amount you pay back to the bank on the bill each month. Here are some of the basic components of an average mortgage payment if you’re purchasing a Boston Beacon Hill condo for sale.

Principal

This is the actual amount a borrower receives from the bank for the purchase of the Boston condo. Early in the life of the loan, little of the payment will go toward paying back the principal. The amount of principal paid each month will go up over time as the borrower pays back the loan.

Interest

This part of a mortgage payment goes to the bank for the privilege of borrowing. Interest payments can be fixed or variable. The amount of interest paid is inverse to the amount of principal that gets paid back over time, as the interest is calculated on the amount of principal that’s still outstanding.

Private Mortgage Insurance (PMI)

PMI is an expense that not every property buyer will pay, but many lenders require this form of insurance. Only borrowers who had a down payment of less than 20 percent will have to pay for PMI, whereas those who put down more than this amount will avoid paying PMI altogether.

Homeowners Insurance

Most banks require borrowers to purchase a homeowners insurance policy. This form of insurance will protect both borrowers and lenders from fires and other common hazards that can destroy a property. In the event of a loss, owners of a Beacon Hill condo will only have to pay their deductible.

Property Taxes

With few exceptions, just about anyone who purchases a Boston Beacon Hill condo or loft will have to pay taxes to the local jurisdiction. These taxes are generally based on the value of the property and go to support local schools, police, fire departments, and other assorted services. If you’d like to learn more about mortgages, or if you’re interested in seeing the latest listings for Beacon Hill condos, penthouses, and Boston high rise condos, please contact us today. Call 617-720-5454 to set up an appointment.

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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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