top of page
One Presidential Mortgage Logo

START YOUR MORTGAGE
JOURNEY TODAY!

Contact Mortgage Loan Officer to discuss your unique financial situation.

Financial Resolutions for Homebuyers: 5 Steps to Get Mortgage-Ready in 2025



As the new year approaches, it’s the perfect time to set goals for the future—especially if homeownership is on your radar. Getting mortgage-ready is an achievable resolution, and with some strategic planning, 2025 could be the year you unlock the door to your dream home. Here are five steps to set you on the path to success:


1. Understand Your Credit Score

Your credit score plays a significant role in determining your mortgage eligibility and interest rate. Start by checking your credit report for free at annualcreditreport.com. Look for any inaccuracies, late payments, or high balances, and take steps to address them. Aim to keep your credit utilization below 30% and make all payments on time.

Pro Tip: If your score is lower than you’d like, consider working with a credit counselor to develop a plan for improvement.


2. Create a Realistic Budget

Understanding your financial capacity is crucial for determining how much house you can afford. Start by calculating your monthly income and expenses, factoring in savings goals and potential homeownership costs like property taxes, insurance, and maintenance.

Action Item: Use a mortgage affordability calculator to estimate what fits your budget and adjust your spending habits to prioritize saving for a down payment.


3. Save for Your Down Payment and Closing Costs

While some loan programs offer low or no down payment options, saving as much as possible can provide flexibility and reduce overall costs. Closing costs typically range from 2-5% of the home’s purchase price, so include these in your savings plan.

Quick Tip: Set up a dedicated savings account for your home purchase and automate regular contributions.


4. Pay Down Debt

Your debt-to-income (DTI) ratio is another critical factor lenders consider. This ratio compares your monthly debt payments to your gross monthly income. Lowering your DTI by paying down existing debts can increase your borrowing power and improve your loan options.

Strategy: Focus on high-interest debts first while maintaining minimum payments on other accounts. Avoid taking on new debt during the mortgage preparation process.


5. Get Pre-Approved

A mortgage pre-approval is a game-changer for homebuyers. It not only provides clarity on your borrowing limit but also signals to sellers that you’re a serious buyer. Work with a trusted lender to gather the necessary documentation and secure your pre-approval.

Insider Advice: Partner with a ONE Presidential lender who can guide you through the process and help you explore loan programs tailored to your needs, such as first-time buyer incentives or down payment assistance.



Start 2025 on the Right Track

By following these five steps, you can position yourself for a successful homebuying journey in 2025. Remember, preparation is key, and the sooner you start, the more confident you’ll feel when it’s time to make an offer. At ONE Presidential Mortgage, we’re here to help you navigate every step of the way. Contact us today to begin your journey toward homeownership!

bottom of page