If you're thinking about buying your first home in Massachusetts, the most important thing you can do right now — before you look at a single listing — is get pre-approved for a mortgage. Here's why it matters and exactly how to do it.
What pre-approval actually means
Pre-approval is a lender's written commitment to loan you up to a certain amount, based on a review of your income, assets, credit score, and debt. It's not a guarantee, but it tells sellers you're a serious buyer — and in a competitive market like Greater Boston, it's often the difference between getting an offer accepted and losing the home.
What you'll need to gather
- Last 2 years of tax returns (W-2s or 1099s)
- Recent pay stubs (last 30 days)
- Last 2–3 months of bank statements
- Government-issued ID
- List of any outstanding debts (student loans, car payments, credit cards)
Massachusetts-specific programs to know about
Massachusetts has some of the strongest first-time buyer assistance programs in the country. MassHousing offers down payment assistance up to $50,000 in certain communities. ONE Mortgage, run by the Massachusetts Homeownership Collaborative, provides below-market rates for eligible first-time buyers. These programs can meaningfully change what you can afford.
The honest truth about timelines
In Greater Boston, good properties go under agreement fast — often within days. Being pre-approved means you can move when the right home appears. I've seen buyers lose their dream home because they hadn't taken this step yet. Don't let that be you.
Have questions about the pre-approval process? I work with trusted local lenders and can make a direct introduction. Reach me at 617.663.0679 or Lrodriguez@sellinboston.com.