Can You Afford to Buy a House in South Portland, ME?

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Steps to Afford to Buy a Home in South Portland, ME

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. Be honest with yourself to determine if you can afford to buy a house in South Portland, or if you should hold off until your situation is different. Walk through the following steps to get started and contact a Mr. Cooper Mortgage Professional to talk strategy.

Take a look at your finances—the whole landscape. How do you feel about your savings, current debt, monthly expenses, and credit history? A quick reality check goes a long way. A good way to begin your South Portland 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 pencil to paper," as they say. See where your budget stands with Mr. Cooper's affordability calculator. How's it looking? You can calculate how much house you can afford in South Portland based on your desired maximum monthly mortgage payment and income. Will this number get you into the South Portland home or neighborhood you've had your eye on? If not, think about 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 South Portland. 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 a chance to learn about your mortgage options and work with your lender to find the right fit. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you'd like to buy a home in South Portland, 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. Share a couple more 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 South Portland. Your time is one resource that's non-refundable and non-renewable, and looking for the perfect home in South Portland can be time-consuming. Partner with a real estate agent in South Portland who does the legwork for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing South Portland real estate agent and potentially save thousands of dollars.* Try it—there's no strings attached. 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. Can you see the finish line? 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. They know the details of buying a home, inside and out, and will work to find the loan that fits you best.

The house of your dreams is waiting for you and your loved ones. Get your finances ready to buy a home in South Portland and give us a call. Let's get you started on your path to homeownership!

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