4 reasons why buying a Boston condo for sale is not right for YOU
Everyone touts the benefits of owning a Boston condo and, for the most part, owning a Boston condo, i for most people is wise. However, there are times and occasions when buying a Boston Seaport condo may not be the best decision.
If you’ve been considering one of the many Boston condos for sale but are not sure if you’re in a position to buy, the following list will help you decide.
1. No Cash in the Bank –
In the past banks were offering plenty of attractive Boston condo loan programs. Many of which required little to no down payments. Today, however, banks are much more particular regarding to whom they will lend money. In particular, a lender will view you a credit risk if you have at least 20 percent for a down payment. Of course there are loan programs that require less of a down payment.
2. A High Debt-to-Income Ratio –
You may pride yourself on paying all of your bills on time each and every month, but a bank will look further into the situation. In particular, one of the criteria lenders use when determining your eligibility for a Boston Seaport condo loan is your debt-to-income ratio. Although this ratio will differ from lender to lender, it is always best to pay down the better part of your debt load before applying for a home loan.
3. An Unstable Job –
Unless you are comfortable in your current position and see yourself employed in the foreseeable future, it just doesn’t make sense to own a home. In particular, individuals who do not see themselves working in an area or at a company for an extended period of time will just not benefit from owning a home short term. In fact, it is quite possible that they could lose money on the deal.
4. A Less-than-Perfect Credit Score –
If you have a less-than-stellar credit past, it pays to first clean up your credit and improve your credit score before applying for a home loan. The ideal FICO score, by many lenders’ standards, is over 700. Order a copy of your credit report and check out your current FICO score before deciding whether applying for a home loan is right for you.
