What’s the first step in buying a Boston condo?
Getting pre-approved for a mortgage is the first step for buying a Boston condo for sale. Obtaining a pre-approval letter from a lender will place you in the right direction as you search the internet for Boston condos for sale.
First, you need to know how much you can borrow. Knowing you can afford narrows down online home searching to suitable properties. As a result, no time is wasted considering Boston luxury condos that are not within your budget. (Pre-approvals also help prevent disappointment caused by falling in love with a condo you can’t afford high rise condo.)
Second, the loan estimate from your lender will show how much money is required for the down payment and closing costs. You may need more time to save up money, liquidate other assets or seek mortgage gift funds from family. In any case, you will have a clear picture of what is financially required.
You’re a serious buyer
Finally, being pre-approved for a mortgage demonstrates that you are a serious buyer to both your real estate agent and the person selling their home.
Most real estate agents will require a pre-approval before showing Boston Seaport condos for sale. This is especially true at the higher end of the real estate market; sellers of luxury homes will only allow pre-screened (and verified) buyers to view their homes. This is meant to keep out “Looky Lous” and protect the seller’s privacy. What’s more, by limiting who enters their home, sellers are given extra security from potential thieves trying to case the home (like identifying security systems, locating expensive artwork or other high-value personal property)
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