Can You Afford to Buy a House in Newport Beach, CA?

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

You want your home to be a haven of happiness, not a financial burden. A good way to ensure that happens is to ready your finances beforehand. Know when you can afford to buy a home in Newport Beach, and when it might be better to wait until your situation changes. Get started with the following steps and call a Mr. Cooper Mortgage Professional to discuss strategy.

Take a look at your finances—the whole landscape. Are you confident about your savings, current debt, monthly expenses, and credit history? A little "gut check" can go a long way. The best way to begin your Newport Beach home buying journey is with adequate savings for a down payment, a strong credit history, and a good grasp on your everyday expenses.

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 get an idea of how much house you can afford to buy in Newport Beach based on your desired maximum monthly mortgage payment and income. Will this price range get you into the Newport Beach home you've been dreaming about? If it's not, think about buying a house in a surrounding area or boosting your down payment. If it will, then move on to your next step. Call Mr. Cooper!

You're ready to prequalify for a house in Newport Beach. 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. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you’re looking to buy a home in Newport Beach, 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 down payment and purchase price. Share a couple more personal details and you're almost prequalified. The process is straightforward. Prequalification lasts 120 days.

When figuring out what it will take to afford to buy a home in Newport Beach, don't forget to budget your time, too. Time is non-renewable and non-refundable, and discovering your perfect Newport Beach home can really eat up the hours. Turn to a real estate agent in Newport Beach who does the legwork for you. With Mr. Cooper® Real Estate Rewards, you can get connected with a top-performing real estate agent in Newport Beach and potentially save thousands.* Try it—there's no strings attached. Estimate how much you may 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 Newport Beach 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 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. They know the details of buying a home, inside and out, and will work to find the loan that fits you best.

Your dream home, or as we like to say, "The One" is waiting for you! Get your finances ready to buy a home in Newport Beach and give us a call. Let's get you started on your path to homeownership!

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