Can You Afford to Buy a House in Catonsville, MD?

Money Wise Tips for Affording a Home in Catonsville, MD

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 Catonsville. Get started with the following steps and contact a Mr. Cooper Mortgage Professional to talk strategy.

Take a look at your finances—the whole landscape. What are your general thoughts about your financial situation, credit history, savings, and current monthly expenses? A quick reality check goes a long way. The best way to begin your Catonsville 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 calculate how much house you can afford in Catonsville based on income or your desired maximum monthly mortgage payment. Will this number get you into the Catonsville 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 take the next step in the homeownership journey with Mr. Cooper!

It's time to prequalify for a home in Catonsville. 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 an opportunity to learn more about your various mortgage options and determine which one is right for you. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you’re looking to buy a home in Catonsville, 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. Provide a few more personal details and you're clicks away from being prequalified. The process is simple and your prequalification lasts 120 days.

When crunching the numbers on how you'll afford to buy a home in Catonsville, factor in your time, too. Your time is one resource that's non-refundable and non-renewable, and discovering your perfect Catonsville home can really eat up the hours. Turn to a real estate agent in Catonsville who does the bulk of the work for you. With Mr. Cooper® Real Estate Rewards, you can get connected with a top-performing real estate agent in Catonsville 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.

The last step in preparing your finances to buy a house in Catonsville 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 today. They are home buying experts who will work their hardest to present you with the best loan options possible.

Your dream home, or as we like to say, "The One" is waiting for you! Get your finances ready to buy a home in Catonsville and give us a call. The path to homeownership is right in front of you!