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How to Afford to Buy a House in Modesto, CA

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

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Your Step-by-Step Guide to Afford to Buy a House in Modesto, CA

You want your home to be a haven of happiness, not a financial burden. One of the best ways 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 Modesto, and when it might be better to wait until your situation changes. Walk through the following steps to get started and reach out to a Mr. Cooper Mortgage Professional to discuss strategy.

Examine your finances. Look at the whole picture. How do you feel about your savings, current debt, monthly expenses, and credit history? A little "gut check" can go a long way. The best way to start your Modesto 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 some real numbers down. Plug in some numbers to Mr. Cooper's affordability calculator and see where you (and your budget) stand. You can calculate how much house you can afford in Modesto based on your desired maximum monthly mortgage payment and income. Will this price range get you into the Modesto home you've been dreaming about? 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 the right time to prequalify for a house in Modesto. 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. The prequalification stage is also a great time to work with your lender to find the right mortgage options for you. Start with Mr. Cooper’s online prequalification tool. Let us know where you’re looking to buy a home in Modesto, 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 almost 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 Modesto. Minutes and seconds are things you never get back, and finding your perfect house can be time-consuming, especially in Modesto. Partner with a real estate agent in Modesto who does the bulk of the work for you.

The last step in preparing your finances to buy a house in Modesto is to apply for a home loan. Can you see the finish line? Partner 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 know the details of buying a home, inside and out, and will work to find the loan that fits you best.

"Home" has never mattered more than it does right now. Get your finances ready to buy a home in Modesto and give us a call. You can start on the path to homeownership today!

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