Can You Afford to Buy a House in Homewood, AL?

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Steps to Afford to Buy a Home in Homewood, AL

Your home should be a retreat from the worries of the world, not a place where new worries begin. A good way to make sure that happens is to prepare for your home purchase ahead of time. Be honest with yourself to determine if you can afford to buy a house in Homewood, or if you should hold off until your situation is different. Start the process with the following steps and contact a Mr. Cooper Mortgage Professional to streamline the process.

Examine your finances. Look at the whole picture. How do you feel about your current monthly expenses, credit history, and savings? A quick check-in with yourself can get you on the right path. A good way to begin your Homewood 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 play with some real numbers. Use Mr. Cooper's affordability calculator to see where your budget stands. You can get an idea of how much house you can afford to buy in Homewood based on income or your desired maximum monthly mortgage payment. Does this number fit your vision? Is it enough to get you into the Homewood home you want? If not, consider looking in surrounding areas or increasing your down payment. If it will, then move on to your next step. Call Mr. Cooper!

You're ready to prequalify for a house in Homewood. Prequalification is a more formal estimate of how much of a home loan you could get approved for. It's calculated based on a credit check and a couple of financial details you provide. Prequalification is also an opportunity to learn more about your various mortgage options and determine which one is right for you. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you'd like to buy a home in Homewood, 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 purchase price and down payment. Share a couple more personal details and you're almost prequalified. The process is straightforward. Prequalification lasts 120 days.

When figuring out what it will take to afford to buy a home in Homewood, don't forget to budget your time, too. Your time is one resource that's non-refundable and non-renewable, and looking for the perfect home in Homewood can be time-consuming. Partner with a real estate agent in Homewood who takes care of the tedious work for you. With Mr. Cooper® Real Estate Rewards, you can get connected with a top-performing real estate agent in Homewood and potentially save thousands.* Try it—there's no strings attached. Estimate how much you may be able to save on closing costs and real estate commissions with Mr. Cooper’s Real Estate Rewards calculator.

The last step in preparing your finances to buy a house in Homewood is to apply for a home loan. The finish line is right around the corner! Let a home loan servicer like Mr. Cooper guide you in the process and you'll receive personalized support from the moment you dream of owning a home to the reality of holding the keys in your hand. Call Mr. Cooper Mortgage Professionals. They know the details of buying a home, inside and out, and will work to find the loan that fits you best.

"Home" has never mattered more than it does right now. Get your finances ready to buy a home in Homewood and give us a call. The path to homeownership is right in front of you!

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