How to Afford to Buy a House in South Elgin, IL

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Money Wise Tips for Affording a Home in South Elgin, IL

Help make sure your home isn't a source of financial stress. One of the best ways 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 South Elgin, 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 discuss strategy.

Examine your finances. Look at the whole picture. What are your general thoughts about your current monthly expenses, credit history, and savings? A quick reality check goes a long way. The best way to start your South Elgin 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 put some real numbers down. See where your budget stands with Mr. Cooper's affordability calculator. How's it looking? You can estimate about how much house you can afford in South Elgin based on income or your desired maximum monthly mortgage payment. Will this number get you into the South Elgin 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 time to prequalify for a home in South Elgin. 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 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 South Elgin, the property type, how you're going to use the property, and if you currently have a real estate agent. Enter your expected 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 simple and your 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 South Elgin. Minutes and seconds are things you never get back, and discovering your perfect South Elgin home can really eat up the hours. Turn to a real estate agent in South Elgin who takes care of the tedious work for you. You can get connected with a top-performing real estate agent in South Elgin and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Try it—there's no strings attached. 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.

The last step in preparing your finances to buy a house in South Elgin is to apply for a home loan. 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 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 in order to buy a house in South Elgin. Let's get you started on your path to homeownership!

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