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How to Afford to Buy a House in Colton, CA

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Money Wise Tips for Affording a Home in Colton, CA

You want your home to be a haven of happiness, not a financial burden. One of the best ways to ensure that happens is to ready your finances beforehand. Know when you can afford to buy a home in Colton, and when it might be better to wait until your situation changes. 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 current monthly expenses, credit history, and savings? A quick reality check goes a long way. A solid way to start your Colton 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 Colton based on income or your desired maximum monthly mortgage payment. Will this number get you into the Colton home or neighborhood you've had your eye on? If it's not, think about buying a house in a surrounding area or boosting your down payment. If it will, then take the next step in the homeownership journey with Mr. Cooper!

You're ready to prequalify for a house in Colton. 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 want to buy a house in Colton, the property type, how you're going to use the property, and if you currently have a real estate agent. Enter your expected purchase price and down payment. Follow that information with a few personal details and you're clicks away from being prequalified. It's a simple process and prequalification lasts 120 days.

When figuring out what it will take to afford to buy a home in Colton, don't forget to budget your time, too. Time is non-renewable and non-refundable, and discovering your perfect Colton home can really eat up the hours. Join forces with a real estate agent in Colton who does the legwork for you. You can get connected with a top-performing real estate agent in Colton and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Give it a try. Get an idea of how much you might be able to save on real estate commissions and closing costs with Mr. Cooper’s Real Estate Rewards calculator.

The last step in preparing your finances to buy a house in Colton is to apply for a home loan. The finish line is right around the corner! 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 know the details of buying a home, inside and out, and will work to find the loan that fits you best.

The house of your dreams is waiting for you and your loved ones. Call now and let us help you ready your finances to buy a house in Colton. Let's get you started on your path to homeownership!

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