For many people, home ownership is a critical milestone, combining significant financial rewards with the satisfaction of having a place to call your own. While you might want to make the leap, how can you be sure you're ready for such a major financial investment? The experts at Hawaiian Tel Federal Credit Union offer a variety of mortgage loans and can help you decide whether you’re ready to apply.

4 Signs You’re Ready for a Mortgage Loan

You’re Settled in the Area

Buying a home is cheaper than renting in most areas, but only if you plan to stay there at least a few years. If you're ready to put down roots and your employment situation seems secure, it might be time to go house hunting.

You’re Ready for Responsibility

A homeowner is responsible for repairs, maintenance, and yard work, along with unexpected emergencies typically handled by a landlord. However, in many markets buying a home is still cheaper than renting, even after you factor in maintenance costs.

You've Worked on Your Credit

The better your credit score, the less you'll pay in mortgage loan interest and fees. Several months before you plan to start looking for a house, get a copy of your credit report so you can look for mistakes and pay down as much credit card debt as possible.

You Have a Lender

Securing financing is one of the most stressful aspects of buying a home, which is why it's important to work with a mortgage loan provider who is committed to helping your dreams come true. Credit unions are owned by their members, so they usually provide a higher level of service and personalized attention.

Since 1936, Hawaiian Tel Federal Credit Union has provided members with excellent customer service and an array of financial solutions, from checking accounts to mortgage loans. Visit their website to find your nearest location or call (808) 832-8700 to speak with someone at their main branch. Like them on Facebook and follow them on Twitter to receive tips and news about your finances.