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Can You Afford to Buy a House in Los Gatos, CA?

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

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Money Wise Tips for Affording a Home in Los Gatos, CA

Help make sure your home isn't a source of financial stress. One of the best ways to make sure that happens is to prepare for your home purchase ahead of time. Know when you can afford to buy a home in Los Gatos, 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. What are your general thoughts about your current monthly expenses, credit history, and savings? A quick check-in with yourself can get you on the right path. A solid way to begin your Los Gatos 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 "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 Los Gatos based on your desired maximum monthly mortgage payment and income. Will this number get you into the Los Gatos home or neighborhood you've had your eye on? If not, think about increasing your down payment or looking in surrounding areas. If it's a good number, then call Mr. Cooper. It's time to move on to the next step in the homeownership journey!

It's time to prequalify for a home in Los Gatos. Prequalification is a more formal estimate of how much of a home loan you could get approved for. It's based on some financial information 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. Get started using Mr. Cooper’s online prequalification tool. Let us know where you’re looking to buy a home in Los Gatos, 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. Type in your likely 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 crunching the numbers on how you'll afford to buy a home in Los Gatos, factor in your time, too. Time is non-renewable and non-refundable, and discovering your perfect Los Gatos home can really eat up the hours. Partner with a real estate agent in Los Gatos who does the legwork for you.

Applying for a home loan is the last step in preparing your finances for a home purchase. Can you see the finish line? Work with a home loan servicer like Mr. Cooper, 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 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 in order to buy a house in Los Gatos. The path to homeownership is right in front of you!

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Mr. Cooper works to save buyers and sellers money at every stage of their journey, from real estate commissions to closing costs.