February is a month dedicated to love and commitment — so why not extend that focus to one of the biggest commitments of all: buying a home? Whether you’re searching for your first home or planning to upgrade, getting financially prepared is key to making your dream home a reality in 2025.
As the trusted mortgage partner of Wallace Real Estate, CMG Financial helps homebuyers navigate the process with confidence.
David O’Block, the area sales manage and senior loan officer for CMG Financial, gives us a few essential steps to ensure we are financially ready to say “yes” to the home we’ll love:
Set a realistic budget
Before falling for a home, know what you can afford. Review your income, expenses and savings to determine a comfortable monthly mortgage payment. Keep in mind that homeownership includes more than just a mortgage payment — factor in property taxes, insurance and maintenance costs.
Strengthen your credit
Your credit score plays a big role in securing the best loan options and interest rates. Request a free credit report, check for errors and take steps to improve your score by paying down debt and making timely payments. A strong credit profile can save you thousands over the life of your loan.
Save for upfront costs
Beyond your down payment, be prepared for additional expenses like closing costs, inspections and moving fees. Setting up an automatic savings plan can help you stay on track without stress.
Get pre-approved for a loan
A preapproval is one of the best ways to show sellers you’re serious. It gives you a clear picture of your borrowing power and helps you move quickly when you find the right home. Working with a local loan specialist ensures you get personalized guidance tailored to your financial goals.
Buying a home is an investment in your future, and with the right preparation, you’ll be ready to make a confident move when the time is right. If you’re considering homeownership in 2025, now is the time to start preparing.
Wallace Real Estate, in partnership with Knox TN Today, is committed to keeping homebuyers informed and empowered. For expert mortgage advice and a smooth home-buying experience, CMG Financial is here to help every step of the way.
