How to Afford to Buy a House in Downey, CA

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Steps to Afford to Buy a Home in Downey, CA

You want your home to be a haven of happiness, not a financial burden. 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 you can afford to buy a home in Downey, 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 streamline the process.

Evaluate every angle of your finances. Are you confident about your savings, current debt, monthly expenses, and credit history? A quick reality check goes a long way. The best way to start your Downey 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. Plug in some numbers to Mr. Cooper's affordability calculator and see where you (and your budget) stand. You can get an idea of how much house you can afford to buy in Downey based on income or your desired maximum monthly mortgage payment. Will this number get you into the Downey home or neighborhood you've had your eye on? If it's not, think about increasing your down payment or looking in surrounding areas. If it will, then take the next step in the homeownership journey with Mr. Cooper!

You're ready to prequalify for a house in Downey. 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. The prequalification stage is also a great time to work with your lender to find the right mortgage options for you. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you want to buy a house in Downey, 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. Provide a few more personal details and you’re on your way to getting 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 Downey. Your time is one resource that's non-refundable and non-renewable, and discovering your perfect Downey home can really eat up the hours. Join forces with a real estate agent in Downey who does the legwork for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Downey real estate agent and potentially save thousands of dollars.* Try it—there's no strings attached. See just how much you could save on closing costs and real estate commissions with Mr. Cooper’s Real Estate Rewards calculator.

Applying for a home loan is the last step in preparing your finances for a home purchase. You're almost at the finish line! Work 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 Downey and give us a call. Let's get you started on your path to homeownership!

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