How to Afford to Buy a House in Montgomery, IL

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Steps to Afford to Buy a Home in Montgomery, IL

Help make sure your home isn't a source of financial stress. 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 Montgomery, or if you should hold off until your situation is different. Get started with the following steps and contact a Mr. Cooper Mortgage Professional to streamline the process.

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 start your Montgomery 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. Plug in some numbers to Mr. Cooper's affordability calculator and see where you (and your budget) stand. You can calculate how much house you can afford in Montgomery based on your desired maximum monthly mortgage payment and income. Will this price range get you into the Montgomery 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!

It's the right time to prequalify for a house in Montgomery. 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 an opportunity to learn more about your various mortgage options and determine which one is right for you. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you’re looking to buy a home in Montgomery, 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. Type in your likely purchase price and down payment. Follow that information with a few personal details and you’re on your way to getting prequalified. The process is straightforward. Prequalification lasts 120 days.

When figuring out what it will take to afford to buy a home in Montgomery, don't forget to budget your time, too. Minutes and seconds are things you never get back, and discovering your perfect Montgomery home can really eat up the hours. Partner with a real estate agent in Montgomery who does the bulk of the work for you. With Mr. Cooper® Real Estate Rewards, you can get connected with a top-performing real estate agent in Montgomery and potentially save thousands.* Try it! Get an idea of how much you might 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! Let a home loan servicer like Mr. Cooper guide you in the process and you'll receive personalized support from the moment you dream of owning a home to the reality of holding the keys in your hand. 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 ready to buy a home in Montgomery and give us a call. The path to homeownership is right in front of you!

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