Boston condos for sale

The importance of a pre-approval

Working as a downtown Boston condo buyer’s agent, 8 out of 10 times I receive inquiries from buyer clients who want to see Boston Midtown condos without already having a mortgage pre-approval. A pre-approval letter should be the first step in your home search. Searching for downtown Boston condos prior to pre-approval is a waste of your time.  There are many factors and preparation that can affect your pre-approval and rates, including repairing your credit score, amount of down payment, closing costs, reducing debts.  You need to first talk to a lender.  When a Boston downtown condos buyer cannot qualify for a mortgage, there is no point looking at Boston Beacon Hill condos with a real estate agent.

Submitting an Offer

All Boston downtown condo Offers should be submitted with a pre-approval letter so the seller feels comfortable about accepting an offer from someone who can actually obtain financing.  Getting pre-approved also takes a few days so it makes no sense to find your dream Boston Seaport condo without already having it ready to submit with your offer.  In today’s Boston condo market you’ll find that Boston condos for sale in the median price range get snatched up so quickly if they are move-in ready and priced reasonably.  It’s important for future buyers to do their homework first with a mortgage situation before emotionally investing in their future of finding your dream Boston condo for sale.

Sellers want to see a solid pre-approval letter, not a pre-qualification letter.  Sellers are represented by listing agents and the agents know what is a good pre-approval letter and what isn’t.  Often times, buyers mistakenly believe that a pre-approval letter is same as pre-qualification letter.  Some lenders actually use the word “pre-approval” when it actually is a pre-qualification.  So what’s the difference

What is a Pre-Qualification Letter?

Pre-qualification is a piece of letter from a lender saying that the buyer is pre-qualified for a mortgage based on the income information he or she verbally communicated to the lender.  Anyone could tell the lender that he or she makes a million dollar salary and will receive a pre-qualification letter.  It basically means nothing and no prudent seller will rely on pre-qualification letters.

Pre-approval is when a lender actually approves of one’s ability to obtain financing up to a certain amount after verifying income documents and pulling the borrower’s credit.  The lender analyzes the borrower’s debt to income ratio against the monthly mortgage and interest payments and determine the borrower’s true financial ability for a mortgage approval.  This is the type of approval that is needed in today’s market for an offer to be considered seriously.

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.


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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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