Buying an affordable Boston condo can be a complicated process, especially if you need to apply for a mortgage. Having as much information about the process of applying for a loan can help you make appropriate decisions. When applying for a mortgage, here are some do’s and don’ts to keep in mind.

Do: Get Preapproved for a Loan

By getting preapproved for a loan before the house hunting begins, you’ll know exactly what you can afford. This way, you can limit your search to homes within your budget and won’t be tempted to stretch your budget. A preapproval can also be beneficial when it comes to putting an offer on the home because income and assets have already been verified.

Do: Gather All Financial Records and Other Documents

Before starting the home buying process, gather all documents that show your income, verification of your employment, and any debt you have. Financial documents that may be needed to get preapproved for a loan include W2s, paystubs, tax return documents, and bank statements. You should also be prepared to hunt down any additional documents the loan officer needs.

Do: Reduce Debt

Lenders take debt-to-income ratio into consideration when qualifying a future homeowner for a mortgage loan. The less debt you have to make payments on every month, the more likely you will qualify for a mortgage loan. Before applying for a mortgage loan, pay off as much of your debt or consolidate consumer debt as much as possible.

Don’t: Make Major Changes to Employment and Income

Changing jobs when trying to qualify for a loan can make it more difficult, especially if the pay structure changes. Further, this could make you look unreliable or unable to earn consistent income. If you do have to change jobs for any reason, the lender should be notified as soon as possible.

Don’t: Open Additional Lines of Credit without Talking to a Professional

Whenever you apply for a new credit card or other loans, your credit score will decrease. Because credit scores are important when it comes to qualifying for a loan, your credit score should be as high as possible. As an added benefit, having a higher credit score may translate to a lower interest rate on the home loan.

Don’t: Make Large, Unnecessary Purchases

Although the prospect of buying a home can be exciting, you should wait to close on your mortgage loan before going on shopping sprees for new furnishings. Instead, the focus should be on keeping balances on open credit cards low or completely paid off. Even deferred payment plans can have an impact on your credit score and debt-to-income ratio.

Before looking for an affordable Boston condo, make sure you’re ready to take all the necessary steps to acquire a mortgage. You should also get in touch with a trusted agent from  Ford Realty. Give us a call today  to schedule an appointment.

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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.


Back Bay

Beacon Hill

Charles River Park


North End

South End

Seaport District

South Boston



Surrounding Communities of Boston
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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