How to Afford to Buy a House in Rantoul, IL

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Steps to Afford to Buy a Home in Rantoul, 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 sure that happens is to prepare for your home purchase ahead of time. Know when you can afford to buy a home in Rantoul, and when it might be better to wait until your situation changes. Walk through the following steps to get started and reach out to a Mr. Cooper Mortgage Professional to talk strategy.

Examine your finances. Look at the whole picture. What are your general thoughts about your current monthly expenses, credit history, and savings? A little "gut check" can go a long way. A solid way to begin your Rantoul 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 "put pencil to paper," as they say. 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 Rantoul based on income or your desired maximum monthly mortgage payment. Does this number fit your vision? Is it enough to get you into the Rantoul home you want? If not, think about buying a house in a surrounding area or boosting your down payment. If it's a good number, then call Mr. Cooper. It's time to move on to the next step in the homeownership journey!

You're ready to prequalify for a house in Rantoul. 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. The prequalification stage is also a great time to work with your lender to find the right mortgage options for you. Start with Mr. Cooper’s online prequalification tool. Let us know where you want to buy a house in Rantoul, 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. Share a couple 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 Rantoul, don't forget to budget your time, too. Minutes and seconds are things you never get back, and discovering your perfect Rantoul home can really eat up the hours. Partner with a real estate agent in Rantoul who does the legwork for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Rantoul real estate agent and potentially save thousands of dollars.* Give it a try. 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.

Applying for a home loan is the final step in getting your finances ready for a home purchase. The finish line is right around the corner! Let a home loan servicer like Mr. Cooper guide you in the process 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.

"Home" has never mattered more than it does right now. Get your finances ready to buy a home in Rantoul and give us a call. Let's get you started on your path to homeownership!

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