How to Afford to Buy a House in Lafayette, IN

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Money Wise Tips for Affording a Home in Lafayette, IN

Help make sure your home isn't a source of financial stress. A good way to ensure that happens is to ready your finances beforehand. 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 Lafayette. Start the process with the following steps and call a Mr. Cooper Mortgage Professional to streamline the process.

Examine your finances. Look at the whole picture. How do you feel about your savings, current debt, monthly expenses, and credit history? A little "gut check" can go a long way. The best way to begin your Lafayette 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 play with some real numbers. Use Mr. Cooper's affordability calculator to see where your budget stands. You can calculate how much house you can afford in Lafayette based on income or your desired maximum monthly mortgage payment. Will this number get you into the Lafayette 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 the right time to prequalify for a house in Lafayette. 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'd like to buy a home in Lafayette, 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 purchase price and down payment. Follow that information with a few 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 Lafayette, don't forget to budget your time, too. Time is non-renewable and non-refundable, and discovering your perfect Lafayette home can really eat up the hours. Partner with a real estate agent in Lafayette who does the bulk of the work for you. You can get connected with a top-performing real estate agent in Lafayette and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Give it a try. 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.

Applying for a home loan is the final step in getting your finances ready for a home purchase. Can you see 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're pros when it comes to what it takes to buy a house and will work hard to find the right loan for you.

Your dream home, or as we like to say, "The One" is waiting for you! Get your finances in order to buy a house in Lafayette. Let's get you started on your path to homeownership!

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