Can You Afford to Buy a House in Oak Park, IL?

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Your Step-by-Step Guide to Afford to Buy a House in Oak Park, IL

Your home should be a retreat from the worries of the world, not a place where new worries begin. One of the best ways to make sure that happens is to prepare for your home purchase ahead of time. 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 Oak Park. Walk through the following steps to get started and call a Mr. Cooper Mortgage Professional to talk strategy.

Examine your finances. Look at the whole picture. 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 solid way to start your Oak Park 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. Use Mr. Cooper's affordability calculator to see where your budget stands. You can get an idea of how much house you can afford to buy in Oak Park based on income or your desired maximum monthly mortgage payment. Will this number get you into the Oak Park home or neighborhood you've had your eye on? If not, consider increasing your down payment or looking in surrounding areas. If it will, then move on to your next step. Call Mr. Cooper!

It's time to prequalify for a home in Oak Park. 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 a chance to learn about your mortgage options and work with your lender to find the right fit. Start with Mr. Cooper’s online prequalification tool. Let us know where you want to buy a house in Oak Park, 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. Provide a few more personal details and you're clicks away from being prequalified. The process is simple and your prequalification lasts 120 days.

When figuring out what it will take to afford to buy a home in Oak Park, 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 Oak Park can be time-consuming. Join forces with a real estate agent in Oak Park who does the bulk of the work for you. You can get connected with a top-performing real estate agent in Oak Park and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Try it! 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 Oak Park is to apply for a home loan. You're almost at the finish line! Partner with a home loan servicer like Mr. Cooper, 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 are home buying experts who will work their hardest to present you with the best loan options possible.

"Home" has never mattered more than it does right now. Get your finances in order to buy a house in Oak Park. You can start on the path to homeownership today!

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