Can You Afford to Buy a House in Somerset, KY?

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Steps to Afford to Buy a Home in Somerset, KY

Your home should be a retreat from the worries of the world, not a place where new worries begin. A great way to ensure that happens is to ready your finances beforehand. Know when you can afford to buy a home in Somerset, 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 talk strategy.

Take a look at your finances—the whole landscape. Are you confident about your financial situation, credit history, savings, and current monthly expenses? A quick reality check goes a long way. The best way to start your Somerset 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. Plug in some numbers to Mr. Cooper's affordability calculator and see where you (and your budget) stand. You can estimate about how much house you can afford in Somerset based on income or your desired maximum monthly mortgage payment. Will this number get you into the Somerset home or neighborhood you've had your eye on? 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!

You're ready to prequalify for a house in Somerset. 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 an opportunity to learn more about your various mortgage options and determine which one is right for you. Start with Mr. Cooper’s online prequalification tool. Let us know where you want to buy a house in Somerset, 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 on your way to getting prequalified. The process is straightforward. Prequalification lasts 120 days.

When crunching the numbers on how you'll afford to buy a home in Somerset, factor in your time, too. Time is non-renewable and non-refundable, and finding your perfect house can be time-consuming, especially in Somerset. Partner with a real estate agent in Somerset who does the legwork for you. With Mr. Cooper® Real Estate Rewards, you can get connected with a top-performing real estate agent in Somerset and potentially save thousands.* Try it! See just how much you could 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. The finish line is right around the corner! Work 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 know the details of buying a home, inside and out, and will work to find the loan that fits you best.

"Home" has never mattered more than it does right now. Get your finances ready to buy a home in Somerset and give us a call. You can start on the path to homeownership today!

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