Can You Afford to Buy a House in Lake Charles, LA?

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Your Step-by-Step Guide to Afford to Buy a House in Lake Charles, LA

Your home should be a retreat from the worries of the world, not a place where new worries begin. One of the best ways to make that happen is to be financially prepared for your home purchase before you set foot in an open house. 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 Lake Charles. Walk through the following steps to get started and contact a Mr. Cooper Mortgage Professional to streamline the process.

Examine your finances. Look at the whole picture. What are your general thoughts 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 Lake Charles 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 some real numbers down. Use Mr. Cooper's affordability calculator to see where your budget stands. You can calculate how much house you can afford in Lake Charles based on your desired maximum monthly mortgage payment and income. Will this number get you into the Lake Charles home or neighborhood you've had your eye on? If not, consider looking in surrounding areas or increasing your down payment. If it will, then move on to your next step. Call Mr. Cooper!

You're ready to prequalify for a house in Lake Charles. 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. Get started using Mr. Cooper’s online prequalification tool. Let us know where you’re looking to buy a home in Lake Charles, 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. Type in your likely purchase price and down payment. Follow that information with a few personal details and you’re on your way to getting prequalified. It's a simple process and 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 Lake Charles. Minutes and seconds are things you never get back, and finding your perfect house can be time-consuming, especially in Lake Charles. Partner with a real estate agent in Lake Charles who takes care of the tedious work for you. You can get connected with a top-performing real estate agent in Lake Charles and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Give it a try. See just how much you could 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 Lake Charles is to apply for a home loan. You're almost at 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. 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 ready to buy a home in Lake Charles and give us a call. Let's get you started on your path to homeownership!

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