The Boston real estate market and its luxury condominium stock are not all cookie-cutter as you might think. For example, lenders and their underwriting teams—the group who ultimately give the green light on obtaining a mortgage—are sometimes not familiar with certain Midtown condo high rise building attributes or what the market requires in order to obtain a morgage
Boston condo associations with unique CC&R items, condo assoaciation litigation, or below-market-rate units. Out of state Lenders who don’t often deal with these sorts of common Boston issues that can run into road blocks when it comes to approving your loan.
And when it comes to appraisal/loan approval and closing timeframes, out-of-state lenders may not be used to the fast pace of the Boston real estate for sale market. Local lenders are typically on the ball when it comes to having loans approved in ten days and close in 21 days or less. Those tight timeframes are what have become the norm in downtown Boston in competitive situations. A lender who can’t offer competitive terms won’t be able to help you compete when you’re putting your best feet forward on your dream Beacon Hill home.
If you already have accounts with a particular bank, it’s a good idea to check with that bank to see what perks might be offered to account holders before shopping around for out-of-state lenders
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