In the fist two months of 2022, I’ve been working with several Boston Beacon Hill apartment renters and Boston Beacon Hill condo buyers. One thing I can tell you from my experience working with my clients, you are at a major disadvantage for both Beacon Hill apartment renters and Beacon Hill condo buyers if you have a bad credit score.
FICO scoring is like a game and the consumer controls 1/3 of that game. 30% of the credit score is determined by the total amount of revolving credit such as credit cards and department store cards that the consumer has.
For example; if you have a credit card with a $5,000 limit and you owe $4,800 against it, your credit score will go down. If you only owned $1,500 against the $5,000 limit your credit score will increase dramatically.
You will be amazed at how the credit score will change up to or down with just controlling the amount that you charge against your credit card. Remember you are the one who controls that number. This will have a major impact on how much you can afford to buy a Boston Beacon Hill condo for sale
One of the best ways prospective downtown Boston condo buyers can empower themselves when purchasing a home is to improve their buying power. The numbers may seem daunting but identifying ways to strengthen your financial standing will help you each step of the way in your Boston real estate purchase.
When visualizing your dream Boston high rise condo or traditional Beacon Hill home, it’s common for buyers to focus on the physical characteristics. But to mortgage lenders, a home is a numbers game. The following categories related to your buying power demonstrate how lenders identify your financial standing and determine your eligibility for a home purchase.
As the saying goes, cash is king. The down payment—often 20% of the home’s sale price—can sometimes be the deciding factor between competing offers for a particular downtown Boston condo.
There are numerous benefits to offering a serious…