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

Okay, you have settled into your new job after graduating from college, your best friend just told your 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 home ownership will be one of the most significant financial commitments you will ever make, and the process can get messy so lets 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 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 

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 you 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 preapproved letter. They may sound alike, but they are two totally different loans qualifications, in pursuit of owning a Boston condo for sale. 

What’s a pre-qualifying letter

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.

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


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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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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