Can You Afford to Buy a House in Burbank, CA?

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Money Wise Tips for Affording a Home in Burbank, CA

Your home should be a retreat from the worries of the world, not a place where new worries begin. A good way to make that happen is to be financially prepared for your home purchase before you set foot in an open house. Know when it might be better to wait until your situation improves and when you're in a financially strong enough position to buy a home in Burbank. Walk through the following steps to get started and contact a Mr. Cooper Mortgage Professional to discuss strategy.

Evaluate every angle of your finances. How do you feel about your financial situation, credit history, savings, and current monthly expenses? A quick reality check goes a long way. The best way to begin your Burbank home buying journey is with confidence, a strong credit history, enough savings for a down payment, and a good handle on your current expenses.

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 get an idea of how much house you can afford to buy in Burbank based on your desired maximum monthly mortgage payment and income. Does this number fit your vision? Is it enough to get you into the Burbank home you want? If it's not, think about looking in surrounding areas or increasing your down payment. If it will, then move on to your next step. Call Mr. Cooper!

It's the right time to prequalify for a house in Burbank. 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. Get started using Mr. Cooper’s online prequalification tool. Let us know where you’re looking to buy a home in Burbank, the type of property you’d like to buy, how you plan on using the property, and if you’re currently working with a real estate agent. Enter your expected purchase price and down payment. Share a couple more personal details and you're clicks away from being prequalified. It's a simple process and prequalification lasts 120 days.

When crunching the numbers on how you'll afford to buy a home in Burbank, factor in your time, too. Time is non-renewable and non-refundable, and looking for the perfect home in Burbank can be time-consuming. Turn to a real estate agent in Burbank who takes care of the tedious work for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Burbank real estate agent and potentially save thousands of dollars.* Try it! Get an idea of how much you might 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 Burbank is to apply for a home loan. You're almost at the finish line! Work with a home loan servicer like Mr. Cooper, and you'll receive one-on-one support throughout the home loan, purchase, and closing process. Call Mr. Cooper Mortgage Professionals. They are home buying experts who will work their hardest to present you with the best loan options possible.

"Home" has never mattered more than it does right now. Call now and let us help you ready your finances to buy a house in Burbank. The path to homeownership is right in front of you!

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