Boston Condos for Sale and Apartments for Rent


What’s the fist steps in buying a Boston condo for sale?

The bureaucracy and what amounts to endless paperwork is there for a reason – to protect both the Boston condo buyer, as well as the Boston condo seller.

1. Getting pre-approval for a Boston condo for sale

Before you can start your search, make sure you know just how much you can spend. Does your budget allow you to pay for your new home upfront? If not, you’ll probably have to consider taking out a mortgage.

Unlike mortgages for single-family homes, mortgages for condos are considered riskier. Therefore, you will need to get pre-approval for a condo loan and present your income and other essential financial information to your lender. Once you receive an estimate and confirmation of your loan, you can move on to the next step.

2. Get in touch with a Boston real estate agent

If you have some experience in purchasing property, you may not need the help of a real estate agent. However, agents can guide you through the entire process and make it a hassle-free experience.

From initial negotiations to submitting your offer, agents can help you avoid obstacles, especially those pertaining to paperwork. Having an expert on and by your side can prove crucial when you’re in the midst of the buying process.

Boston Condos for Sale


What’s the first step in buying a Boston condo for sale?

Okay, you have settled into your new job after graduating from college, your best friend just told you he/she is moving out because they’re in the process of buying a Boston condo for sale. You realize you need to get serious about life. Does this sound familiar to you? Is life starting to pass you by?

Let’s get started on the next journey of your life story. Assuming that homeownership will be one of the most significant financial commitments you will ever make, and the process can get messy so let’s get you properly prepared on what lies ahead. So think of this as your first baby-step in owning a Boston condo for sale

Here’s a breakdown of what to expect.

1. Know your financial numbers before you buy a Boston condo

It all starts with money. Unless you’re paying for your ideal Boston condo for sale in cash, you’re going to need to borrow funds from a bank for a mortgage. What are you going to need to find out how much a bank will lend you?

Your income and your debt (including credit cards, student loans, and car loans) are key. Then, you’ll need your monthly expenses. This would include; electricity, internet, and rent are tied to your current Beacon Hill apartment. In addition, how much are you spending on food, clothes, entertainment, and transportation? Can you adjust any of these numbers down to make more money available for the mortgage? In other words, you need to cut down on vacations, restaurants going to the pub ect.

2. Build your savings for a home

You’ll need to save for the down-payment on the Boston North End condo you want to buy. in your bank account to secure the loan. You’ll also need money for property taxes, mortgage insurance, condo fees, and closing costs. If this is looking too expensive, there are programs out there that can help you afford it.

I’ll provide more information on these programs in one of my future blog posts. But for today, I’ll keep this brief to keep your attention and enthusiasm in a motivated state.

3. Find a lender/banker to finance your Boston condo for sale

Once you have a handle on your personal finances, you should meet with a banker to obtain either a pre-qualified letter or a preapproved letter. They may sound alike, but they are two totally different loan qualifications, in pursuit of owning a Boston condo for sale. 

What’s a pre-qualifying letter?

A prequalifying letter is a lender’s estimation of how much of a mortgage the bank will loan you on a Boston condo based on your income, debt, and credit.

You may have heard that pre-approval is a great first step in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real. So, before you start shopping around, it’s helpful to know your price range, what you’re comfortable within a monthly mortgage payment, and ultimately how much money you can borrow for your loan. Pre-approval from a lender is the only way to do this.

According to a recent survey from, many buyers are making the mistake of skipping the pre-approval step in the homebuying process:

“Of over 2,000 active home shoppers who plan to purchase a home in the next 12 months, only 52% obtained a pre-approval letter before beginning their home search, which means nearly half of home buyers are missing this crucial piece of paperwork.

This paperwork (the pre-approval letter) shows sellers you’re a qualified buyer, something that can really help you stand out from the crowd in the current ultra-competitive market.

How competitive is today’s market? Extremely – especially among buyers.

With limited inventory, there are many more buyers than sellers right now, and that’s fueling the competition. According to the National Association of Realtors (NAR), homes are receiving an average of 2.9 offers for sellers to negotiate, so bidding wars are heating up.

Pre-approval shows homeowners you’re a serious buyer. It helps you stand out from the crowd if you get into a multiple-offer scenario, and these days, it’s likely. When a seller knows you’re qualified to buy the home, you’re in a better position to potentially win the bidding war and land the home of your dreams.

Danielle Hale, Chief Economist for notes:

“For ‘a buyer in a competitive market, it’s typically essential to have pre-approval done in order to submit an offer, so getting it done before you even look at homes is a smart move that will enable a buyer to move fast to put an offer in on the right home.’”

In addition, today’s housing market is also changing from moment to moment. Interest rates are low, prices are going up, and lending institutions are regularly updating their standards. You’re going to need guidance to navigate these waters, so it’s important to have a team of professionals (a loan officer and a real estate agent) making sure you take the right steps along the way and can show your qualifications as a buyer at the time you find a home to purchase.

Bottom Line On the pre-qualifying letter

In a competitive market with low inventory, a pre-approval letter is a game-changing piece of the homebuying process. If you’re ready to buy this year, let’s connect before you start searching for a home.

What’s a pre-approval letter?

Preapproval is a stronger and more formal commitment because the lender has pulled your credit, checked your debt-to-income ratio, and analyzed your tax returns and other parts of your financial picture. It’s more work, but it allows you to stand out favorably as a serious buyer because you’ve taken the extra steps to get vetted and lock in a specific interest rate.

It’s a good idea to know this as soon as possible before searching for Boston condos for sale

Choosing a knowledgeable professional lender is the first step is key to helping you understand your financial picture and moving forward in purchasing a Boston condo for sale

Boston Real Estate for sale and the Bottom Line

I hope this brief Boston condo for sale blog post was helpful. If you have any questions, please let me know. I try to answer all my emails in a timely manner.

You can also call me at 617=595-3712


John Ford

Boston Condos for sale

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