Let's calculate how much a family with an annual income of $150,000 can afford to spend on a home in Burlington. If we set the DTI limit at 43 percent, the monthly debt repayment capacity is approximately $5,380. Assuming no other debts, with a 6.6 percent interest rate, including property taxes and insurance, the loan amount would be roughly between $700,000 and $750,000. Considering that the typical home value in Burlington is $804,017 (Zillow, 2026, up 3.0 percent from the previous year), a plan for a 20 percent down payment is necessary.

If you have the same budget, it might be worth comparing Burlington with the neighboring Woburn. Woburn has lower home prices than Burlington, allowing for a larger home within the same budget, but Burlington excels in school ratings and access to Route 128. In summary, if you have a flexible budget, Burlington is a good choice, but if you want to lower initial costs, consider Woburn as well.

There are two types of loans. FHA loans require a credit score of 580 or higher for a 3.5 percent down payment, and 10 percent for scores between 500 and 579. Conventional loans start at 3 percent for first-time homebuyers or those with an area median income of 80 percent or less, with a typical down payment of 5 percent. If the down payment is less than 20 percent, PMI applies, and it drops off if it's 20 percent or more. To summarize briefly, here are the considerations when deciding between loan types.

• FHA: Low entry barrier, but often has PMI insurance premiums throughout the loan term.
• Conventional loan: No PMI with a 20 percent down payment, but credit score requirements are generally higher than FHA.
• Pre-approval documents: 2 years of income verification, 2 months of bank statements, pay stubs, and ID.
• Earnest money: 1 to 3 percent of the purchase price, larger amounts are advantageous in competitive offer areas.

Interest rates vary by credit score. Above 780, the rate is 6.59 percent; in the 760s, it's 6.66 percent; in the 740s, it's 6.75 percent; and in the 700s, it's 6.91 percent (as of early July 2026). The average is around 6.6 percent (between 6.55 and 6.72 percent, Freddie Mac PMMS). Improving your score is definitely beneficial.

The pre-approval documents include 2 years of income verification, 2 months of bank statements, pay stubs, and ID. DTI will also be reviewed. Closing costs are estimated at 2 to 5 percent of the loan amount. For a $700,000 loan, you should prepare about $14,000 to $35,000 separately. Fixed rates are stable, while ARMs have lower initial rates but come with future variability risks.

The average property tax rate in Massachusetts is 1.11 percent (based on a median home value of $525,800, resulting in an annual tax of $5,813). The tax rate for Middlesex County, where Burlington is located, should be checked separately. Down payment assistance is available through MassHousing's standard program, up to $30,000, with income limits set at 135 percent of the area median income. The temporary interest-free $25,000 expansion program ended on July 2, 2026.

The school district in Burlington is rated fairly well on GreatSchools, leading to consistent inquiries from Korean families. However, school district boundaries change frequently, so it's essential to verify assigned schools before signing a contract.

A home inspection should be conducted within 7 to 10 days after the contract is signed. This includes checking the roof, foundation, plumbing, and electrical systems. If issues arise, you can renegotiate or terminate the contract. If the appraisal comes in lower than the contract price, the difference must be covered in cash. It's advisable to prepare for this in advance. Rate locks are typically for 30 to 60 days. If closing is delayed, extension fees may apply. When comparing with Woburn, it's practical to consider commute times and school district ratings together. This article does not constitute investment or legal advice, and consulting a professional before finalizing any contracts is recommended.