Can You Afford to Buy a House in Storrs, CT?

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Money Wise Tips for Affording a Home in Storrs, CT

You want your home to be a haven of happiness, not a financial burden. One of the best ways to make sure that happens is to prepare for your home purchase ahead of time. Know when you can afford to buy a home in Storrs, and when it might be better to wait until your situation changes. Walk through the following steps to get started and call a Mr. Cooper Mortgage Professional to discuss strategy.

Take a look at your finances—the whole landscape. What are your general thoughts about your current monthly expenses, credit history, and savings? A little "gut check" can go a long way. A solid way to start your Storrs 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 get an idea of how much house you can afford to buy in Storrs based on income or your desired maximum monthly mortgage payment. Does this number fit your vision? Is it enough to get you into the Storrs home you want? If not, consider looking in surrounding areas or increasing your down payment. If it will, then take the next step in the homeownership journey with Mr. Cooper!

You're ready to prequalify for a house in Storrs. 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 Storrs, 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. Provide a few more personal details and you're clicks away from being prequalified. It's a simple process and prequalification lasts 120 days.

When crunching the numbers on how you'll afford to buy a home in Storrs, factor in your time, too. Time is non-renewable and non-refundable, and discovering your perfect Storrs home can really eat up the hours. Join forces with a real estate agent in Storrs who takes care of the tedious work for you. With Mr. Cooper® Real Estate Rewards, you can get connected with a top-performing real estate agent in Storrs and potentially save thousands.* Give it a try. 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 final step in getting your finances ready for a home purchase. Can you see the finish line? Let a home loan servicer like Mr. Cooper guide you in the process 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.

The house of your dreams is waiting for you and your loved ones. Get your finances in order to buy a house in Storrs. You can start on the path to homeownership today!

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