Can You Afford to Buy a House in Wheaton, IL?

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Your Step-by-Step Guide to Afford to Buy a House in Wheaton, 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 Wheaton, or if you should hold off until your situation is different. Start the process with the following steps and call a Mr. Cooper Mortgage Professional to discuss strategy.

Take a look at your finances—the whole landscape. Are you confident about your current monthly expenses, credit history, and savings? A quick reality check goes a long way. The best way to start your Wheaton 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 some real numbers down. Plug in some numbers to Mr. Cooper's affordability calculator and see where you (and your budget) stand. You can get an idea of how much house you can afford to buy in Wheaton based on income or your desired maximum monthly mortgage payment. Does this number fit your vision? Is it enough to get you into the Wheaton home you want? If not, consider buying a house in a surrounding area or boosting your down payment. 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 Wheaton. 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. The prequalification stage is also a great time to work with your lender to find the right mortgage options for you. Get started using Mr. Cooper’s online prequalification tool. Let us know where you’re looking to buy a home in Wheaton, 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. 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 straightforward. Prequalification lasts 120 days.

When figuring out what it will take to afford to buy a home in Wheaton, don't forget to budget your time, too. Your time is one resource that's non-refundable and non-renewable, and finding your perfect house can be time-consuming, especially in Wheaton. Turn to a real estate agent in Wheaton who takes care of the tedious work for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Wheaton real estate agent and potentially save thousands of dollars.* Try it! Estimate how much you may 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 Wheaton is to apply for a home loan. Can you see the finish line? Work with a home loan servicer like Mr. Cooper, and you'll gain the distinct advantage of one-on-one support all along the way—from loan to closing. 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 Wheaton and give us a call. Let's get you started on your path to homeownership!

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