Condo Buying Tips
Find the Best Cape Cod Agent For You
Look for a Cape Cod realtor who will learn your likes and dislikes in condos to make your property search easier. Select a professional who specializes in condominiums and knows the local real estate and mortgage markets.
This Cape Cod Agent should find out about your real estate needs and tastes. He/she should strive to provide service above and beyond what you expect. Planning before you begin your real estate search will make the process more manageable. Your initial game plan should include these steps:
Check your Credit Rating
Even with excellent credit, it is best to double-check. Fixing any errors or disputed items early will avoid unexpected holdups when you're waiting for mortgage approval.
In addition to disputed items, there may be errors due to typo’s in a social security number, a similar name, or a court ordered judgment paid off that hasn't been cleared from the records. To correct these issues, write a letter to the appropriate credit bureau. They are required to help you straighten things out within 30 days.
Here are a few tips:
- Check that any outdated negative entries are removed from your credit file. Adverse credit information should be removed from your credit report after seven years (ten years for bankruptcy information).
- Cancel any inactive credit cards. Even if nothing is owed, it could be considered a potential future debt. Having too many cards can prevent you from getting a mortgage loan. Cards must be officially cancelled, and this should be done early to provide sufficient time for the news to get to the credit bureaus.
- Delay major credit or auto purchases until after getting a mortgage. Monthly payments will reduce the amount of the loan you will qualify for. Even if you have pre-approval for a mortgage, it will be subject to a last-minute evaluation of your finances, and a major purchase will have an impact on the loan amount.
Pre-Qualification and Pre-Approval on a Mortgage
A mortgage professional can help "pre-qualify" you for a mortgage before you start the search for a condo. This process includes analyzing your income, assets and present debt to estimate what you may be able to afford on a condominium purchase.
Getting "pre-approval" for a mortgage is completely different. It is a lender's written commitment for a loan that is subject only to the lender's appraisal of the condo being purchased.
Buyers with pre-approval are strongly preferred by sellers. It frees the seller from having to tie the property up on a contract while waiting to see if the buyer can get financing.
The disadvantage to you is paying application fees for the lender's work in verifying your employment, income, assets, debts and credit rating. Should you decide not to use that lender, there is no rebate.
Once you have selected a condo, pre-approval will speed up the mortgage process. The condo must then be appraised for enough to warrant the loan.
Become an Educated Condominium Buyer
- Our Cape Cod Condos website provides an easy and efficient way to search for condos on Cape Cod. Sign up to receive Daily Condo Email Updates with new and updated listings within your price range in your target area.
- At your convenience you can search the entire MLS for all active condominiums.
- View all available information including amenities, taxes, beds, baths, rooms, siding, fireplaces, garages, room sizes and much more.
- Obtain the property address and find out where the condo complexes are located.
- Check schools and community profiles of your preferred towns.
- Save preferred listings to your own file to view anytime.
- Calculate mortgage payments for specific properties.
Once you make an offer on a condo, a home inspection by an independent authorized inspector must be scheduled. It is very important to hire a reputable inspector who knows what problems to look for. If inspection findings are agreeable, then you can proceed to the Purchase and Sales agreement. If the inspector found issues with the property, this is the time to negotiate with the se