As housing inventory declines in comparison to the rising demand and prices continue to climb, the housing market proves to be highly competitive. Heading out in the market without preparation is not a good idea. Winter is the perfect time to start your planning. Here are some tips to help you prepare to buy a Boston home this spring.
Getting the finances in order
If you do not intend to pay in cash, you must apply for a mortgage. Be prepared to gather a number of different documents that offers an accurate financial snapshot to the lender. Take a look at your credit report to see if there are any errors that may affect your credit score. The higher the credit score, the better your chances of securing a decent amount of loan.
Qualifying for a mortgage
Lenders would need to know if you are able to pay your monthly dues without a problem. For this reason, they may need such things as your salary slip, employment history, debts, savings and anything that constitutes your net worth. You should consider using a prequalifying mortgage calculator to determine what size of loan would satisfy your needs. However, do review the lenders’ guidelines as you could be denied a loan no matter how good you look as a candidate.
Choosing a qualified realtor
Unless you have had experience with buying homes, you should seriously consider hiring the services of a well experienced realtor. Choosing between multiple sellers can be tricky, just as the ability to secure a loan can be. Where multiple buyers compete for the same properties, you would want to call dibs on the best option available. A qualified realtor would help you call the right shots given their level of expertise.
As the spring season approaches, you must do your homework such that you do not make any rash decisions when the opportunity to buy presents itself. These tips for preparing to buy a Boston home in spring should assist you in your efforts.
If you need more help, get in touch with me for any assistance or advice about buying a new Boston home. Feel free to call me or send me an email or get in touch on Facebook.
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