How to Afford to Buy a House in Decatur, AL

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Your Step-by-Step Guide to Afford to Buy a House in Decatur, AL

Help make sure your home isn't a source of financial stress. A great way to make that happen is to be financially prepared for your home purchase before you set foot in an open house. Know when you can afford to buy a home in Decatur, and when it might be better to wait until your situation changes. Start the process with the following steps and contact a Mr. Cooper Mortgage Professional to streamline the process.

Take a look at your finances—the whole landscape. How do you feel about your financial situation, credit history, savings, and current monthly expenses? A little "gut check" can go a long way. A solid way to begin your Decatur home buying journey is with a healthy credit history, a good handle on your current expenses, and enough savings for a minimum 20% down payment.

Now, let's "put pencil to paper," as they say. See where your budget stands with Mr. Cooper's affordability calculator. How's it looking? You can estimate about how much house you can afford in Decatur based on income or your desired maximum monthly mortgage payment. Will this price range get you into the Decatur home you've been dreaming about? If it's not, think about increasing your down payment or looking in surrounding areas. If it's a good number, then call Mr. Cooper. It's time to move on to the next step in the homeownership journey!

It's time to prequalify for a home in Decatur. Prequalification is a more formal estimate of how much of a home loan you could get approved for. It's the result of some financial details you provide and a credit check. Prequalification is also a chance to learn about your mortgage options and work with your lender to find the right fit. Start with Mr. Cooper’s online prequalification tool. Let us know where you'd like to buy a home in Decatur, the property type, how you anticipate using the property, and whether or not you're currently working with a real estate professional. Enter your expected down payment and purchase price. Follow that information with a few personal details and you're clicks away from being prequalified. The process is simple and your prequalification lasts 120 days.

Don't forget to budget your time when doing the math on how you can afford to buy a house in Decatur. Time is non-renewable and non-refundable, and looking for the perfect home in Decatur can be time-consuming. Join forces with a real estate agent in Decatur who does the legwork for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Decatur real estate agent and potentially save thousands of dollars.* Give it a try. Estimate how much you may be able to save on closing costs and real estate commissions with Mr. Cooper’s Real Estate Rewards calculator.

Applying for a home loan is the final step in getting your finances ready for a home purchase. The finish line is right around the corner! Partner with a home loan servicer like Mr. Cooper, and you'll gain the distinct advantage of one-on-one support all along the way—from loan to closing. Call Mr. Cooper Mortgage Professionals today. They're pros when it comes to what it takes to buy a house and will work hard to find the right loan for you.

Your dream home, or as we like to say, "The One" is waiting for you! Get your finances ready to buy a home in Decatur and give us a call. You can start on the path to homeownership today!

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