Getting pre-approved for mortgage financing falls under the category of boring but necessary. I like to revisit this topic now and then, however, because I believe the single most important thing you can do beforebeginningyour home search is to get a pre-approval letter from a lender. If you plan on buying a Boston area condo or home, and you are not paying cash, you should get pre-approved for a loan.Having a pre-approval letter minimizes unwelcome surprises further along in the homebuying process. It's possible you think you know how muchyou can afford to buy, but the pre-approvalprocess clarifies that.It also has the benefit of showing sellers that you have homebuying credential. A pre-approval letter states that the lender will commit, in advance, to approving you for a certain loan amount. This is provided that youve given accurate information, and it is contingent upon certain aspects of the property you intend to purchase. Without seeing a copy of your pre-approval letter, sellerswon't want to take their property off the market and miss out on other potential buyers. Boston homebuyers are in high competition because of the tight inventory of properties, soI recommend submiting your pre-approval letter with your offer to purchase. Its important to give the seller the security ofknowing you have been pre-approved for financing.Time is of the essenceif other buyers bidon the same property, having this key piece of informationready forthe seller gives you a distinct advantage over buyerswhohavent taken the time to be prepared.Once you make an offer on a home, you are under no obligation to work with the lender who pre-approved you.You canstill shop around with otherlenders. I encourage you to do that, in fact, as ithelps you to become familiar with concepts and options of such things as closing costs, mortgage rates and programs, and pre-payment penalties. But those are not decisions you need to make immediately, as long as you get your pre-approval letter in hand for your home search.I know ofseveral good local lenders who can quickly pre-approve you, as well as having goodservice and rates, and an understanding of the local market. If youd like to know more, click the blue Questions? Get in touch! button at the endof this post.Here are other thingsyou should know whenpurchasing a property in Boston.Are you pondering which neighborhoods best suit you and your needs? Heresinformation aboutBoston neighborhoods.To learn more about the Boston real estate market, call me at
617-584-9790 or click the button below.In my 25 years in the Boston real estate market, I have helped hundreds of people buy and sell Boston condos.I am committed to providing my clients with all the information necessary to make gooddecisions. 
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Featured Boston Real Estate:
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