Can You Afford to Buy a House in St. Petersburg, FL?

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Steps to Afford to Buy a Home in St. Petersburg, FL

Help make sure your home isn't a source of financial stress. A good way to ensure that happens is to ready your finances beforehand. 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 St. Petersburg. 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 little "gut check" can go a long way. A good way to begin your St. Petersburg 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 "put pencil to paper," as they say. See where your budget stands with Mr. Cooper's affordability calculator. How's it looking? You can calculate how much house you can afford in St. Petersburg based on your desired maximum monthly mortgage payment and income. Will this number get you into the St. Petersburg home or neighborhood you've had your eye on? If not, think about looking in surrounding areas or increasing 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 St. Petersburg. 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 a chance to learn about your mortgage options and work with your lender to find the right fit. Start with Mr. Cooper’s online prequalification tool. Let us know where you’re looking to buy a home in St. Petersburg, 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 clicks away from being prequalified. The process is simple and your prequalification lasts 120 days.

Don't forget to budget your time when doing the math on how you can afford to buy a house in St. Petersburg. Your time is one resource that's non-refundable and non-renewable, and discovering your perfect St. Petersburg home can really eat up the hours. Join forces with a real estate agent in St. Petersburg who does the legwork for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing St. Petersburg real estate agent and potentially save thousands of dollars.* Give it a try. See just how much you could save on real estate commissions and closing costs 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. The finish line is right around the corner! Let a home loan servicer like Mr. Cooper guide you in the process and you'll receive one-on-one support throughout the home loan, purchase, and closing process. Call Mr. Cooper Mortgage Professionals today. They are home buying experts who will work their hardest to present you with the best loan options possible.

The house of your dreams is waiting for you and your loved ones. Get your finances ready to buy a home in St. Petersburg and give us a call. You can start on the path to homeownership today!

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