Learn How to Better Afford a Home in Santa Barbara, CA

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

Your home should be a retreat from the worries of the world, not a place where new worries begin. 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 Santa Barbara, or if you should hold off until your situation is different. Start the process with the following steps and reach out to a Mr. Cooper Mortgage Professional to talk strategy.

Evaluate every angle of your finances. 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 start your Santa Barbara home buying journey is with confidence, a strong credit history, enough savings for a down payment, and a good handle on your current expenses.

Now, let's play with some real numbers. Use Mr. Cooper's affordability calculator to see where your budget stands. You can get an idea of how much house you can afford to buy in Santa Barbara based on your desired maximum monthly mortgage payment and income. Does this number fit your vision? Is it enough to get you into the Santa Barbara home you want? If 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!

It's time to prequalify for a home in Santa Barbara. 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. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you want to buy a house in Santa Barbara, the property type, how you're going to use the property, and if you currently have a real estate agent. Enter your expected down payment and purchase price. Follow that information with a few personal details and you’re on your way to getting prequalified. It's a simple process and prequalification lasts 120 days.

When figuring out what it will take to afford to buy a home in Santa Barbara, don't forget to budget your time, too. Time is non-renewable and non-refundable, and looking for the perfect home in Santa Barbara can be time-consuming. Partner with a real estate agent in Santa Barbara who does the bulk of the work for you. With Mr. Cooper® Real Estate Rewards, you can get connected with a top-performing real estate agent in Santa Barbara 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. 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.

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

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