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

From down payments to closing costs, there are lots of numbers to crunch when buying a house in Gilroy. Let's break them down together.

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Money Wise Tips for Affording a Home in Gilroy, 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. Be honest with yourself to determine if you can afford to buy a house in Gilroy, or if you should hold off until your situation is different. Walk through the following steps to get started and reach out to a Mr. Cooper Mortgage Professional to discuss strategy.

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 quick check-in with yourself can get you on the right path. The best way to begin your Gilroy 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. See where your budget stands with Mr. Cooper's affordability calculator. How's it looking? You can calculate how much house you can afford in Gilroy based on income or your desired maximum monthly mortgage payment. Will this number get you into the Gilroy home or neighborhood you've had your eye on? If 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 time to prequalify for a home in Gilroy. 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 want to buy a house in Gilroy, 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 on your way to getting prequalified. The process is straightforward. Prequalification lasts 120 days.

When crunching the numbers on how you'll afford to buy a home in Gilroy, factor in your time, too. Your time is one resource that's non-refundable and non-renewable, and discovering your perfect Gilroy home can really eat up the hours. Partner with a real estate agent in Gilroy who takes care of the tedious work for you.

Applying for a home loan is the final step in getting your finances ready for a home purchase. Can you see the finish line? Let a home loan servicer like Mr. Cooper guide you in the process 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. They are home buying experts who will work their hardest to present you with the best loan options possible.

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

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