Buying a home is a dream come true for many. It’s the result of hard work, saving for a down payment, and spending time searching for the perfect home for you and your family. But how do you prepare for homeownership? Lisa Johnson Mortgage Services, a mortgage broker in Prince George, offers tips for homeownership. Contact her today for your home mortgage today!

TOP 5 TIPS FOR HOMEOWNERSHIP

1. Focus on your credit. If you are purchasing your home with a home mortgage, you’ll need good credit. Credit tells lenders how likely you are to default on any loans you take out. Your credit score also determines your home mortgage interest rate, which can add up to thousands of dollars of savings in the long run. Your credit report also lists all of your outstanding liabilities, which is important in determining how much loan you qualify for. If your credit needs help, work with a credit repair company to get your credit as squeaky clean as possible.
2. Save for a down payment. In order to avoid mortgage insurance, you’ll need to save approximately 20 percent of the selling price of your home for down payment. If you are using an alternative funded program, most home mortgages require some down payment to be made.
3. Don’t take out more loans. When you’re preparing for homeownership, you don’t want a lot of outstanding debt. This affects something called debt-to-income ratio, which affects how much loan you can qualify for. If you have outstanding debt, focus on paying that off as well as saving money for a down payment.
4. Don’t change employers. When applying for a home mortgage, lenders take into account your job history. After all, a loan must be paid back and if you’re unemployed, how will you find the funds to do so? Lenders like to see at least a couple years with your current employer, or at least some time in your industry.
5. Narrow down what you want in a house. Buying a home can be overwhelming with all of the options available. Lisa Johnson recommends sitting down and making a list of everything you want in a home, from the size of the kitchen and yard to the location. Take into account proximity to schools, shopping, and other amenities that are important to you (such as if a coffee shop is in walking distance).

Homeownership is an exciting time and the better you’re prepared, the smoother and faster buying a home will become a reality. Lisa Johnson Mortgage Services serves the Prince George area with home mortgage, home equity mortgages, and home refinancing. Lisa Johnson is a mortgage broker who works diligently to help you through the mortgage process from start to finish. We offer pre-approval services to help you while searching for your perfect home. We work with many outstanding lenders who can put you in the mortgage that is right for your needs. We are always available to answer your mortgage questions, from how do you get a mortgage to what does the closing process entail. With years of experience, Lisa Johnson Mortgage Services takes pride in handing you the keys to your dream home. The smile on our face might possibly match yours. Contact us today!