Learn How to Better Afford a Home in Park Ridge, IL

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Steps to Afford to Buy a Home in Park Ridge, IL

Your home should be a retreat from the worries of the world, not a place where new worries begin. A good way to ensure that happens is to ready your finances beforehand. Know when you can afford to buy a home in Park Ridge, and when it might be better to wait until your situation changes. Start the process with the following steps and call a Mr. Cooper Mortgage Professional to streamline the process.

Evaluate every angle of your finances. What are your general thoughts about your savings, current debt, monthly expenses, and credit history? A quick check-in with yourself can get you on the right path. A good way to start your Park Ridge home buying journey is with adequate savings for a down payment, a strong credit history, and a good grasp on your everyday expenses.

Now, let's play with some real numbers. See where your budget stands with Mr. Cooper's affordability calculator. How's it looking? You can get an idea of how much house you can afford to buy in Park Ridge based on your desired maximum monthly mortgage payment and income. Does this number fit your vision? Is it enough to get you into the Park Ridge home you want? 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 Park Ridge. 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. 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'd like to buy a home in Park Ridge, the property type, how you anticipate using the property, and whether or not you're currently working with a real estate professional. Enter your expected down payment and purchase price. Follow that information with a few personal details and you're almost prequalified. It's a simple process and 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 Park Ridge. Time is non-renewable and non-refundable, and finding your perfect house can be time-consuming, especially in Park Ridge. Partner with a real estate agent in Park Ridge 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 Park Ridge and potentially save thousands.* Give it a try. See just how much you could 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. The finish line is right around the corner! 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. 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 ready to buy a home in Park Ridge and give us a call. Let's get you started on your path to homeownership!

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