How to Afford to Buy a House in Downers Grove, IL

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Your Step-by-Step Guide to Afford to Buy a House in Downers Grove, IL

Help make sure your home isn't a source of financial stress. A good way to make that happen is to be financially prepared for your home purchase before you set foot in an open house. Know when you can afford to buy a home in Downers Grove, and when it might be better to wait until your situation changes. Walk through the following steps to get started and contact a Mr. Cooper Mortgage Professional to discuss strategy.

Examine your finances. Look at the whole picture. Are you confident about your savings, current debt, monthly expenses, and credit history? A little "gut check" can go a long way. The best way to begin your Downers Grove 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. Use Mr. Cooper's affordability calculator to see where your budget stands. You can estimate about how much house you can afford in Downers Grove based on your desired maximum monthly mortgage payment and income. Will this number get you into the Downers Grove home or neighborhood you've had your eye on? 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 Downers Grove. Prequalification is a more formal estimate of how much of a home loan you could get approved for. It's calculated based on a credit check and a couple of financial details you provide. Prequalification is also a chance to learn about your mortgage options and work with your lender to find the right fit. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you'd like to buy a home in Downers Grove, 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. Share a couple more personal details and you're clicks away from being prequalified. It's a simple process and prequalification lasts 120 days.

When figuring out what it will take to afford to buy a home in Downers Grove, don't forget to budget your time, too. Your time is one resource that's non-refundable and non-renewable, and looking for the perfect home in Downers Grove can be time-consuming. Partner with a real estate agent in Downers Grove who takes care of the tedious work for you. You can get connected with a top-performing real estate agent in Downers Grove and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Try it—there's no strings attached. Estimate how much you may 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 last step in preparing your finances for a home purchase. Can you see the finish line? Partner 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 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. Call now and let us help you ready your finances to buy a house in Downers Grove. You can start on the path to homeownership today!

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