I would be happy to go over all of these questions in detail with you. Is there an email address I can contact you on? This might be the best way to communicate until you are in town.
I am happy to send you several qualified mortgage brokers that you can be in touch with regarding a loan.
To answer your question, it?s a good idea to get prequalified for your mortgage before shopping for a home. Prequalification involves supplying a lender with basic information regarding your debt, income and assets. From this information, lenders can get an idea of the mortgage amount for which you qualify, and it can usually be done at no cost.
Being prequalified can help you narrow the range of homes in which you are interested, as it?s another way of knowing what you can afford. It can also help you act fast if a home you?re interested in has a lot of interest. Prequalification shows you are a serious shopper, and your offer will be taken more seriously than an offer from someone who has not spoken with a lender.
And to answer your other other question, Foreclosure is a procedure that takes place when the borrower (current owner) is not able to pay their loan on time. For this reason the lender (bank) would declare the borrower as default. The lender therefore will try to sell the property (usually at a discounted price) and recover the loss that was made by the lender.
Please give me an idea of what you are looking to spend and what you are looking for in a home - and I would be happy to discuss different areas of MA that may be a good fit.
You are welcome to reach me via email - email@example.com to discuss these questions in further detail.
Good luck on your move to Boston. Welcome!!!
Gibson Sotheby's International Realty