Tips for Buyers: Don't Buy a Truck

 

Many people in Athol, Orange and the surrounding towns in the North Quabbin Region of Massachusetts own a truck. Some of them would like a better truck. A lot of people in Athol, Orange, etc., who do not own a truck would like to own a truck.

When you are buying a home, it might seem like a good idea to take out a loan to buy a new truck, too. You could use the truck when you move. And your lender confirmed your credit when they pre-approved your loan.

 

Actually, it's a bad idea.

 

Between now and your closing, you should not buy a new truck on payments..... you should not buy a new bedroom set on layaway..... you should not apply for a new credit card. Do not do anything that would increase your outstanding debts.

 

If your outstanding debts go up while your income stays the same, your debt-to-income ratio also goes up. When your debt-to-income ratio goes up, the amount your lender can lend you for your new home goes down.

 

Lenders check this stuff. If you buy a new truck while you are buying a home, your pre-approved loan for your new home may suddenly get un-approved.

 

For the same reason, even if you find a better job, do not tell your boss you are quitting until after your closing. Lenders check that stuff, too.

 

Unless your lender tells you to, you do not need to pay down your existing debts. Just make sure you keep your payments up to date. And don't buy a truck.

 

Attention North Quabbin Region Home Buyers: You can have a buyer's agent, a real estate pro who works together with you right through your closing. To find out how a buyer's agent can help you, get in touch with an agent at Four Columns Realty.

A New Sign, A New Era

Nick Kimball and his wife Leigh-Anne recently opened Kimball Law Office in space leased from Four Columns Realty. As our beautiful new sign from McAnney Signs says, our building at 43 New Athol Road in Orange is now the Four Columns Professional Building. Nick is a highly respected real estate attorney and we are pleased that Nick and his wife chose to set up their office in the same building with Four Columns Realty.

Paul Riendeau Does It Again

Paul RiendeauPaul Riendeau of Four Columns Realty has done it again. Paul was the #1 real estate agent in the North Quabbin Region in 2011, according to the MLS Property Information Network, Inc., based on total dollar volume of real estate sales in the region closed last year.*

Paul topped the local list for the 3rd year out of the past 4. He previously finished #1 in 2008, and again in 2009, in total dollar volume of real estate sales in the North Quabbin Region.

Paul works hard and treats people fairly. There are many skilled real estate agents in our region. It's great to see Paul on top of the list.

Congratulations, Paul!

*Agents are rated on the total dollar volume in 2011 of real estate sales (all categories) by agent in the 9 towns of the North Quabbin Region of Massachusetts (Athol, Orange, Erving, New Salem, Petersham, Phillipston, Royalston, Warwick and Wendell), based on information provided to and compiled by MLS Property Information Network, Inc., covering the period from January 1, 2011 through December 31, 2011.