How to Afford to Buy a House in Lincoln, IL

Money Wise Tips for Affording a Home in Lincoln, IL

Your home should be a retreat from the worries of the world, not a place where new worries begin. A good way to make that happen is to be financially prepared for your home purchase before you set foot in an open house. Be honest with yourself to determine if you can afford to buy a house in Lincoln, or if you should hold off until your situation is different. Walk through the following steps to get started and contact a Mr. Cooper Mortgage Professional to talk strategy.

Examine your finances. Look at the whole picture. How do you feel about your current monthly expenses, credit history, and savings? A quick check-in with yourself can get you on the right path. A solid way to start your Lincoln 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 play with some real numbers. Use Mr. Cooper's affordability calculator to see where your budget stands. You can calculate how much house you can afford in Lincoln based on your desired maximum monthly mortgage payment and income. Will this number get you into the Lincoln home or neighborhood you've had your eye on? If it's not, think about increasing your down payment or looking in surrounding areas. If it will, then move on to your next step. Call Mr. Cooper!

It's the right time to prequalify for a house in Lincoln. 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 an opportunity to learn more about your various mortgage options and determine which one is right for you. Start with Mr. Cooper’s online prequalification tool. Let us know where you want to buy a house in Lincoln, the property type, how you're going to use the property, and if you currently have a real estate agent. Type in your likely purchase price and down payment. Follow that information with a few personal details and you're clicks away from being 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 Lincoln. Your time is one resource that's non-refundable and non-renewable, and looking for the perfect home in Lincoln can be time-consuming. Turn to a real estate agent in Lincoln 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 Lincoln and potentially save thousands.* 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 last step in preparing your finances for a home purchase. You're almost at 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're pros when it comes to what it takes to buy a house and will work hard to find the right loan for you.

Your dream home, or as we like to say, "The One" is waiting for you! Get your finances ready to buy a home in Lincoln and give us a call. You can start on the path to homeownership today!