Obtaining financing is one of the most important steps in buying a Boston luxury condo and the earlier you do it, the better. Everyone’s financial situation and goals are different, that is why it is not as simple as taking your monthly salary and taking x percentage of it to arrive at qualifying number.

What is a Pre-Qualification?

A pre-qualification is a form of a  pre approval without any document verification. The loan officer will ask you about your debts, assets and income and based on your verbal information,  this will give you a sense of what you might qualify for. Some Boston condo buyers who don’t get pre-qualified get a big surprise when they proceed further along the loan approval process and are denied. Just because a bank loan officer gives you a pre-qualification doesn’t mean you’ll get a pre-approval.

What is a Pre-Approval?

A mortgage pre-approval is a document issued by a lender which gives their written commitment to a potential borrower. The lender will want to see some documentation from the borrower, especially their bank statements, tax returns for the past several years, employment verification, and a credit report. This process does not have to take a substantial amount of time.

The pre-approval is not the final approval – that takes much longer. You also need to have a Boston condo selected before the loan can be given because there are a number of conditions that pertain to the condominium, such as an appraisal. In addition, unlike a singe-family home, with a Boston condo there are additional conditions the lender will look at such as the condo building, things like owner/renter ratio, reserve balances, right of first refusal, special assessments and more.

Why You Should Get Pre-Approved For A Mortgage?

There are a number of good reasons why you want to get pre-approved for a mortgage, including:


Author Profile

John Ford
John Ford

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.


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.


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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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