How much should you borrow if you’re buying a Boston condo?
The first step in answering this question is you need to find out how much you qualify for a bank loan in buying a Boston condo. How do you do that? First things first, under stand your credit score.
Credit score history, and qualifications
The higher your credit score, the less you need to worry about being stuck with a high mortgage interest payment, but you may also be allowed to borrow more than you can afford. If you don’t have enough to qualify for a conventional loan, a high credit score will allow you to buy a Boston high rise condo, but does not mean you should unless you can realistically afford it.
Loan to Value Ratio (LYV)
Mortgage lenders for Boston condos for sale set their business LTV ratios. For example the 80/20 ratio pf a conventional loan for a Boston condo for sale for $500,000 means you can borrow up to $400,000 at a competitive rate, but this does not mean you should be able to afford monthly payments, You also need to take into account your other debt obligations. This would include such items as utilities, debt card debt and condo fees.
Boston condo fees
Boston condo buyers, you need to understand that mortgage lenders will always take monthly condo fess into consideration when reviewing your Boston condo loan application.
Knowing how much you can afford for a Boston condo is just one of the many things to keep in mind if you’re serious about buying a Boston condo for sale. Listed below are numerous question That have been asked and answered by me. Thank you for taking the time to read this blog post.
Boston condos for sale: Buyers questions and answers
- What is the difference between pre-qualified and pre-approval regarding Boston condos?
- Why do I need a pre-approval?
- How much of a yearly salary do you need to buy the average Boston condo?
- What are closing costs?
- What is a buyers agent?
- When buying a Boston condo what does the buyer pay for in closing costs?
- What does the seller pay in closing costs?
- What is a down payment on a Boston condo?
- What are hidden cost are there is buying a Boston condo?
- What do I need to do to qualify for a mortgage?
- How do I save for a down payment on a Boston condo?
- What things should I do if I’m relocating to Boston?
- How do I find a Boston condo for sale?
- How do I negotiate a Boston condo for sale?
- How can I predict changes in the Boston condo market?
- What is a probate sale?
- What is the best methods of writing an Offer for a Boston condo for sale?
- How do I find pet friendly condos for sale or rent?
- What is the process of submitting an Offer for a Boston condo for sale?
- What are the advantages of buying a Boston condo for sale with cash?
- What you should know when buying a Boston condo as an unmarried couple?
- Boston condo buyers misconceptions
- How do I get a Boston condo mortgage if I’m self-employed?
- What does the Boston condo home buying process consist of?
- What should be on my Boston condo and apartment check list?
- Tips for Boston condo buyers
- Tips on purchasing a new construction high rise condo
- How student loans can prevent your from buying a Boston condo?
- What are some examples of Boston condo real estate scams?
- Thinking of moving to Boston? Moving into a Boston condo?
- Graphic chart on all you need to know about obtaining a Boston condo mortgage
- Are we entering a Boston condo housing bubble?