First steps to take when buying a Boston Beacon Hill condo in 2020 Boston Condos For Sale Ford Realty

First steps to take when buying a Boston Beacon Hill condo

Step 1. Organize and Understand Your Finances

Get organized…understand where you are at financially. A credit report is an overview of how you manage your finances. A prospective Beacon Hill condo home owner must know what their credit reports say about their financial history before applying for a mortgage. Credit reports play an imperative role in the mortgage approval process and in determining the interest rate and other loan terms that a lender offers you. Educate yourself on credit reports and how credit scores are calculated http://www.myfico.com.

It might suprise you to learn that errors are common in credit reports…so review yours. For a free credit report follow this link…http://www.freecreditreport.com.

Step 2. Familiarize Yourself with the Mortgage Industry

Finding a proper loan and lender is detrimental to your Beacon Hill condo home buying success. The prospective buyer must determine which lender is best for their particular needs. It is always smart to educate yourself about the loan process before speaking with a lender. You should also get at least one competing mortgage offer from a major industry player.

Step 3. Getting Pre-Approved for a Mortgage

First things first… what kind of Beacon Hill condo do you want to buy and how much you can afford to pay in monthly installments. Try using an online mortgage calculator, just remember it will only be an estimate, not an actual pre-approval amount. Why do you want to get pre-approved? You want to be pre-approved for a loan before hand because if you were making an offer on your dream home and the seller recieves a similar offer in the same day from people who are pre-approved and ready to move forward…who wins?