If you dream of owning a home, then make 2014 your year to become a homeowner! 2014 can be your year to become a homeowner if you put your mind to it and plan ahead. The very first thing is not to wait if you can do it now. If you have enough money saved up for your down payment and are in the financial position to become a homeowner, making your move now will help you save in the future. Both interest rates and home prices are expected to rise in the future.

Another goal for hopeful homeowners should be to have a large down payment. Saving carefully is important in order to make a down payment of 20 percent of the purchase price of the home. Putting down 20 percent will allow you to avoid having to pay a monthly fee for private mortgage insurance and will put you in a stronger equity position right away. If you will not have a down payment of at least 20 percent, you can still eliminate private mortgage insurance costs once you build up enough equity with a conventional loan.

Another important aspect to take care of in order to make your dream of homeownership come true is your credit score. Work on boosting your credit score as much as possible this year to ensure that you get the lowest interest rate possible. A credit score of 740 or higher will help you secure the best interest rate possible. Pay down your credit cards debts, student loan balances, car loans, etc. as much as possible to boost your credit score. Pay all of your bills on time to ensure you do not get any negative marks towards your credit score.

Find a mortgage lender and a real estate agent that you can trust. Both can guide you through the financing and home buying process to ensure it is smooth and you find the home of your dreams (for your budget). If you are ready to begin your home search and achieve your dream of homeownership in 2013, give Prospect Financial Group, Inc. a call today at 858-605-0952.