How to Afford to Buy a House in East Lyme, CT

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Money Wise Tips for Affording a Home in East Lyme, CT

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 it might be better to wait until your situation improves and when you're in a financially strong enough position to buy a home in East Lyme. Get started with the following steps and call a Mr. Cooper Mortgage Professional to talk strategy.

Examine your finances. Look at the whole picture. How do you feel about your financial situation, credit history, savings, and current monthly expenses? A quick reality check goes a long way. The best way to begin your East Lyme 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. 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 East Lyme based on your desired maximum monthly mortgage payment and income. Will this number get you into the East Lyme home or neighborhood you've had your eye on? If not, consider increasing your down payment or looking in surrounding areas. If it will, then take the next step in the homeownership journey with Mr. Cooper!

It's time to prequalify for a home in East Lyme. 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’re looking to buy a home in East Lyme, 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. Follow that information with a few 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 East Lyme, factor in your time, too. Your time is one resource that's non-refundable and non-renewable, and discovering your perfect East Lyme home can really eat up the hours. Join forces with a real estate agent in East Lyme who takes care of the tedious work for you. You can get connected with a top-performing real estate agent in East Lyme and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Give it a try. See just how much you could save on closing costs and real estate commissions with Mr. Cooper’s Real Estate Rewards calculator.

The last step in preparing your finances to buy a house in East Lyme 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 gain the distinct advantage of one-on-one support all along the way—from loan to closing. 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.

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 East Lyme. Let's get you started on your path to homeownership!

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