Can You Afford to Buy a House in San Luis Obispo, CA?

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Steps to Afford to Buy a Home in San Luis Obispo, 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 San Luis Obispo, 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.

Evaluate every angle of your finances. How do you feel about your current monthly expenses, credit history, and savings? A quick check-in with yourself can get you on the right path. A good way to begin your San Luis Obispo 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. Use Mr. Cooper's affordability calculator to see where your budget stands. You can calculate how much house you can afford in San Luis Obispo based on your desired maximum monthly mortgage payment and income. Will this number get you into the San Luis Obispo 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!

You're ready to prequalify for a house in San Luis Obispo. 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. 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'd like to buy a home in San Luis Obispo, the property type, how you anticipate using the property, and whether or not you're currently working with a real estate professional. Type in your likely purchase price and down payment. Follow that information with a few personal details and you're clicks away from being prequalified. The process is straightforward. Prequalification lasts 120 days.

When figuring out what it will take to afford to buy a home in San Luis Obispo, don't forget to budget your time, too. Minutes and seconds are things you never get back, and looking for the perfect home in San Luis Obispo can be time-consuming. Join forces with a real estate agent in San Luis Obispo who does the legwork for you. With Mr. Cooper® Real Estate Rewards, you can get connected with a top-performing real estate agent in San Luis Obispo and potentially save thousands.* Try it—there's no strings attached. Get an idea of how much you might be able to 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. Can you see the finish line? Work with a home loan servicer like Mr. Cooper, and you'll receive one-on-one support throughout the home loan, purchase, and closing process. 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. Call now and let us help you ready your finances to buy a house in San Luis Obispo. You can start on the path to homeownership today!

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