As the year draws to a close, it’s time to take stock of your financial health and set goals for 2025. Whether you’re already a homeowner or preparing to buy, a year-end financial checkup can help you identify opportunities and make informed decisions. ONE Presidential Mortgage is here to help with a comprehensive checklist designed to set you on the path to success.
For Homeowners: Take Control of Your Investment
1. Review Your Mortgage Health
Check your loan balance, interest rate, and terms.
Explore whether refinancing could lower your monthly payments or provide access to cash for home improvements.
2. Evaluate Home Equity
Estimate your home’s current market value using online tools or consult a real estate professional.
Calculate your home equity and consider how it could be used for renovations or other financial goals.
3. Audit Your Insurance Coverage
Confirm your homeowners insurance policy is up to date and adequate.
Add coverage for any new valuables or renovations completed in 2024.
4. Prepare for Property Taxes
Check your property tax bill and ensure payments are current.
Budget for any increases in property tax rates or reassessments.
5. Plan for Maintenance Costs
Create a home maintenance fund to cover routine repairs and unexpected issues.
Review past maintenance expenses to better anticipate 2025 needs.
6. Take Advantage of Tax Benefits
Gather documents for deductions like mortgage interest and energy-efficient upgrades.
Consult with a tax advisor to ensure you’re maximizing available homeowner benefits.
7. Upgrade Energy Efficiency
Identify ways to reduce energy costs, such as sealing drafts, upgrading to energy-efficient appliances, or installing smart thermostats.
Research local and federal incentives for energy-saving improvements.
For Prospective Buyers: Lay the Groundwork for Homeownership
1. Understand Your Credit Profile
Obtain a free credit report and address any errors or areas for improvement.
Work on paying down debt and avoiding new credit inquiries to enhance your score.
2. Strengthen Your Savings Plan
Set a target for your down payment and closing costs.
Automate savings to build your fund steadily over time.
3. Explore Mortgage Options
Learn about available loan programs, including first-time buyer options, low-down-payment loans, and down payment assistance programs.
Schedule a consultation with a ONE Presidential Mortgage loan officer to determine the best fit for your needs.
4. Get Pre-Approved
Obtain pre-approval to know your budget and gain a competitive advantage when shopping for a home.
Pre-approval also helps identify any potential financing challenges early on.
5. Create a Realistic Budget
Evaluate your income, savings, and expenses to set a monthly payment range that fits your lifestyle.
Include costs like property taxes, insurance, and maintenance in your calculations.
6. Track Market Trends
Stay informed about interest rates, local market conditions, and housing inventory.
Partner with a trusted real estate agent to time your purchase strategically.
7. Build an Emergency Fund
Establish a safety net of 3–6 months of living expenses to cover unexpected costs during or after the buying process.
This cushion ensures financial stability, especially when transitioning to homeownership.
Let ONE Presidential Mortgage Help You Thrive in 2025 A year-end financial checkup is the first step to achieving your homeownership dreams or maximizing the value of your existing property. Whether you need help exploring financing options, refinancing, or navigating the homebuying process, ONE Presidential Mortgage is here for you.
Contact us today to start the conversation and make 2025 your most successful year yet!