2018 Boston luxury condo buyers: Avoid these mistakes
The good news, the Boston luxury condo seller has accepted your offer, the inspector didn’t find any electrical problems or a shaky foundation, and the closing date is set for you to live in your dream home. You’re in the Boston luxury condo homestretch. While you can breathe a little easier, remember, the deal’s not done until everyone signs all the numerous documents at the closing table. And, your lender can still change their mind. Here are 5 closing mistakes to avoid when a Boston luxury condo.
1. Don’t mess with your income-to-debt ratio
What is this? It is the ratio of your monthly income to your monthly debts is one of the main factors the lender considered when qualifying you. And your lender will probably run your financials two or three more times before closing. While it’s tempting, don’t take out a big loan for the new deck you want to install when you move into your new place. Don’t sign the lease on the new Audi that will look perfect in your new driveway. The bank looks at lease payments like any other debt payment.
2. Don’t disappear
Be sure to keep in touch with your lender and be readily available to immediately address any last-minute concerns.
3. Don’t change jobs
Lenders love stability. Switching jobs right before closing can make them anxious, and you want to give them every reason to feel confident. Most lenders prefer to have a two-year job history in hand, so making a big career move could slow things down, or squash the deal entirely.
4. Don’t open new credit cards
Yes, you’ll be buying furniture to fill those lovely rooms. Yes, you might need a new fridge. And yes, new dishes to match the new kitchen would be splendid. But resist the lure of opening new credit cards until after closing. Doing so can affect your credit score. For now, just open catalogs.
5. Don’t be late
Even though you may have been riding the real estate roller coaster and life’s been chaotic, be sure to stay current with all bill payments. Late payments, too, can affect that all-important credit score.
Wondering what else is involved in the final stretches of a home purchase? Your agent will be happy to answer any of your questions. To find an experienced agent call Robert Veek at 617-720-5454.
For more information on the Boston luxury condo market please call Robert Veek at 617-720-5454.
Updated: 1st Quarter 2018