I presently have a client who is in the process of purchasing a Boston condo, and asked me this question: “Why is there so much paper work in buying a Boston condo?” He went on to say: “Every time I provide them with one document they need three more sources to validate it, when does it end?”
It seems to me that the process was much easier when I purchased my first Boston condo in the 1990’s.
The truth be told, it was easier back then. Now a days because of stricter government guidelines banks need more proof then ever before to prove that you are capable of making your financial obligations on the Boston condo mortgage. Back in my day, all you needed was a pulse and you can obtain a mortgage, hence that led to the housing crisis of the late 90’s and early 2000.
But please don’t get discouraged, the good news is that mortgage interest rates are lower than ever, and its a great time to buy that Boston condo investment or first time homebuyer.
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Updated: December 2017