Boston Condos For Sale: Mistakes To Avoid When Buying A Boston Condo Boston Condos For Sale Ford Realty

Don’t: Make Major Changes to Employment and Income

Changing jobs when trying to qualify for a loan can make it more difficult, especially if the pay structure changes. Further, this could make you look unreliable or unable to earn consistent income. If you do have to change jobs for any reason, the lender should be notified as soon as possible.

Don’t: Open Additional Lines of Credit without Talking to a Professional

Whenever you apply for a new credit card or other loans, your credit score will decrease. Because credit scores are important when it comes to qualifying for a loan, your credit score should be as high as possible. As an added benefit, having a higher credit score may translate to a lower interest rate on the home loan.

Don’t: Make Large, Unnecessary Purchases

Although the prospect of buying a home can be exciting, you should wait to close on your mortgage loan before going on shopping sprees for new furnishings. Instead, the focus should be on keeping balances on open credit cards low or completely paid off. Even deferred payment plans can have an impact on your credit score and debt-to-income ratio.

Before looking at lofts, penthouses, and condos in downtown Boston, make sure you’re ready to take all the necessary steps to acquire a mortgage. You should also get in touch with a trusted agent please call us at 617-595-3712