How to Afford to Buy a House in Edgewood, MD

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Money Wise Tips for Affording a Home in Edgewood, MD

Help make sure your home isn't a source of financial stress. A good way to make sure that happens is to prepare for your home purchase ahead of time. Be honest with yourself to determine if you can afford to buy a house in Edgewood, or if you should hold off until your situation is different. Walk through the following steps to get started and reach out to a Mr. Cooper Mortgage Professional to discuss strategy.

Evaluate every angle of your finances. What are your general thoughts about your financial situation, credit history, savings, and current monthly expenses? A quick check-in with yourself can get you on the right path. The best way to begin your Edgewood 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 Edgewood based on income or your desired maximum monthly mortgage payment. Will this number get you into the Edgewood home or neighborhood you've had your eye on? If not, think about increasing your down payment or looking in surrounding areas. If it's a good number, then call Mr. Cooper. It's time to move on to the next step in the homeownership journey!

It's time to prequalify for a home in Edgewood. 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. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you’re looking to buy a home in Edgewood, 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. Share a couple 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 Edgewood, factor in your time, too. Your time is one resource that's non-refundable and non-renewable, and looking for the perfect home in Edgewood can be time-consuming. Join forces with a real estate agent in Edgewood who does the legwork for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Edgewood real estate agent and potentially save thousands of dollars.* Try it—there's no strings attached. Estimate how much you may 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. You're almost at the finish line! Partner with a home loan servicer like Mr. Cooper, and you'll gain the distinct advantage of one-on-one support all along the way—from loan to closing. 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.

Your dream home, or as we like to say, "The One" is waiting for you! Get your finances ready to buy a home in Edgewood and give us a call. Let's get you started on your path to homeownership!

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