When you are searching for your perfect Boston
home you will need to make yourself as financially attractive as
possible to your potential mortgage lender. There are three key steps to be an
attractive mortgage candidate. And don't worry, if you need some help with one
or all of these categories – with a little work, you can fix those first-time Boston homebuyer
blemishes.
#1 Have a Stable Job
Evidence of a dependable income can help you get a better mortgage rate
and make you more attractive to lenders. Banks understand a certain degree of
turnover, but, the longer you are with one company, the better it looks to a
lender. Stay in your present position for a while, at least until you have
secured the loan. Make sure you know your debt-to-income ratio and don't try to buy a Boston home
outside of your means.
#2 Manage your Credit
The better your credit score the better looking you will be to the
lender. If you have made credit mistakes you can work to clean up your score by
removing any non-factual items from your credit report, pay off any bills or
credit cards to lower your debt-to-income ratio, and don't take on any new
debts at this time.
#3 Have a Down Payment
Ideally you would want to have at least 20% of a down payment in your
savings. Do you need help saving for your Boston home down payment? There are
several things you can do such as downsizing where you are now while you save,
strict budgets, and low risk savings plans.
When you are ready to purchase your Boston home, look to an experienced Boston real estate agent. I'm committed to
providing you with the highest quality buyer service. When making the type of
investment that buying a home requires, you deserve to have all the latest
market information and the very best advice, both of which I can provide you
with. I am always here should you have a question on a Boston, MA neighborhood such as South End, Fenway, Beacon Hill, or any other. I thoroughly enjoy
getting prospective residents familiar with new neighborhoods and exposing them
to the best of everything Boston has to offer. I hope to speak with you soon!
Lucas Garofalo
Keller Williams Realty
(617) 861-3631
Lucas@LucasBostonHomes.com
Connect with me:
No comments:
Post a Comment