How to Afford to Buy a House in Chicago Ridge, IL

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Money Wise Tips for Affording a Home in Chicago Ridge, IL

You want your home to be a haven of happiness, not a financial burden. A great way to ensure that happens is to ready your finances beforehand. Be honest with yourself to determine if you can afford to buy a house in Chicago Ridge, 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.

Take a look at your finances—the whole landscape. How do you feel about your savings, current debt, monthly expenses, and credit history? A quick reality check goes a long way. A good way to begin your Chicago Ridge 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 pencil to paper," as they say. 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 Chicago Ridge based on income or your desired maximum monthly mortgage payment. Does this number fit your vision? Is it enough to get you into the Chicago Ridge home you want? 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 Chicago Ridge. Prequalification is a more formal estimate of how much of a home loan you could get approved for. It's the result of some financial details 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. Get started using Mr. Cooper’s online prequalification tool. Let us know where you want to buy a house in Chicago Ridge, 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. Share a couple more personal details and you're almost prequalified. The process is straightforward. 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 Chicago Ridge. Your time is one resource that's non-refundable and non-renewable, and discovering your perfect Chicago Ridge home can really eat up the hours. Turn to a real estate agent in Chicago Ridge who takes care of the tedious work for you. You can get connected with a top-performing real estate agent in Chicago Ridge and potentially save thousands with Mr. Cooper® Real Estate Rewards.* 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.

The last step in preparing your finances to buy a house in Chicago Ridge is to apply for a home loan. You're almost at 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.

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 Chicago Ridge. You can start on the path to homeownership today!

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