Financing Your Boston Home
Getting pre-approved for a home loan is one of the most important steps in the home buying process. Often times, agents and home owners will not accept an offer without a pre-approval letter. Many lenders can pre-qualify you for a mortgage over the phone or through a short consultation. Using information about your income, assets, as well as your debit and credit history, a lender can estimate how much of a mortgage you are eligible to receive. It is always wise to know your budget up front. That way, you don’t end up wasting time and energy finding a perfect home in Boston, only to realize that you can’t afford it.
Contact one of our sales professionals to learn more about what kind of house you can afford, settlements, closing costs, and to get access to the most up to date lending rates.
Required Finance Documents:
- This list is just an example and will vary by situation.
- Rental property of all types
- Two (2) most recent pay check stubs
- W-2 for the last two years
- If self-employed need tax returns for last two years (all pages) and profit and loss statement for the current year
- Last three month bank statements for both checking and saving bank accounts (copies of all pages)
- Most recent statement of 401-K, 403B, IRA or other retirement plans
- Copy of sales contract including all addendum
- Copy of Earnest Money Deposit check (front and back)
- Listing and selling agent telephone and fax numbers
- Closing attorney or title company who will handle the closing for both parties (buyers and sellers)
- Copy of lease agreement on rental properties (if applicable)
Finding out your financing options is an the essential first step to buying a home. By getting pre-approved for a home loan you can save time by looking at the right homes, gain confidence in your ability to afford your purchase, increase you bargaining and negotiating power and most times enjoy a faster closing period.