Can You Afford to Buy a House in Des Plaines, IL?

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Steps to Afford to Buy a Home in Des Plaines, IL

You want your home to be a haven of happiness, not a financial burden. One of the best ways 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 Des Plaines. Walk through the following steps to get started and reach out to a Mr. Cooper Mortgage Professional to streamline the process.

Take a look at your finances—the whole landscape. Are you confident about your current monthly expenses, credit history, and savings? A quick check-in with yourself can get you on the right path. A good way to start your Des Plaines 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. Plug in some numbers to Mr. Cooper's affordability calculator and see where you (and your budget) stand. You can estimate about how much house you can afford in Des Plaines based on income or your desired maximum monthly mortgage payment. Will this price range get you into the Des Plaines home you've been dreaming about? If not, think about increasing your down payment or looking in surrounding areas. If it will, then take the next step in the homeownership journey with Mr. Cooper!

You're ready to prequalify for a house in Des Plaines. 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. 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 Des Plaines, the property type, how you're going to use the property, and if you currently have a real estate agent. Enter your expected purchase price and down payment. 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 Des Plaines. Time is non-renewable and non-refundable, and discovering your perfect Des Plaines home can really eat up the hours. Turn to a real estate agent in Des Plaines who takes care of the tedious work for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Des Plaines real estate agent and potentially save thousands of dollars.* Give it a try. Estimate how much you may be able to 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! Work 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 today. 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 in order to buy a house in Des Plaines. Let's get you started on your path to homeownership!

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