Obtaining a mortgage loan is drastically different than it was even a couple of years ago. Banks and lending institutions are becoming increasingly hesitant to lend money due to the financial crisis gripping the nation and the only thing that less-than-perfect credit will get you is a rejection letter.

If, however, you have done your part by maintaining an exemplary credit rating and have pinched and saved for a substantial down payment (think 20 percent), then you may be well on your way to purchasing your first Boston condo.

First Step: Preapproval!

An important first step in obtaining a mortgage loan is getting preapproved for a loan by a lender. For any first-time home buyer, this should precede any other moves you make, including looking for homes. A preapproval letter from a lending institution.

A preapproval letter will not only show sellers that you are credit worthy and are serious about purchasing a home, but will also give you a clear picture of what size loan you can realistically afford. It will also help you in negotiations. For example:

Couple A immediately heads to the financial institution of their choice and obtains a preapproval letter. Couple B skips this important first step and instead heads out to search for their dream Dallas County property.

Both couples end up falling in love with the same property, and both couples put in an offer.

Who do you think will get the house?

If you guessed couple A, you’re right. It is unlikely that a seller will accept the offer from Couple B because of the uncertainty of whether they can afford the home or even get approved for a mortgage.

Couple A, on the other hand, was prepared to make an offer, and the seller was comfortable accepting their offer because they were prepared and ready to own their first home.

The bottom line: make getting preapproved your first priority!

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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