Money Wise Tips for Affording a Home in Towson, MD
You want your home to be a haven of happiness, not a financial burden. 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 Towson, or if you should hold off until your situation is different. Start the process with the following steps and call a Mr. Cooper Mortgage Professional to talk strategy.
Evaluate every angle of your finances. How do you feel about your financial situation, credit history, savings, and current monthly expenses? A quick check-in with yourself can get you on the right path. A good way to start your Towson 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 play with some real numbers. See where your budget stands with Mr. Cooper's affordability calculator. How's it looking? You can estimate about how much house you can afford in Towson based on your desired maximum monthly mortgage payment and income. Will this number get you into the Towson 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 move on to your next step. Call Mr. Cooper!
You're ready to prequalify for a house in Towson. 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'd like to buy a home in Towson, 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. Provide a few more personal details and you’re on your way to getting prequalified. The process is simple and your prequalification lasts 120 days.
When figuring out what it will take to afford to buy a home in Towson, don't forget to budget your time, too. Time is non-renewable and non-refundable, and finding your perfect house can be time-consuming, especially in Towson. Join forces with a real estate agent in Towson who does the legwork for you. You can get connected with a top-performing real estate agent in Towson and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Try it—there's no strings attached. Estimate how much you may be able to save on closing costs and real estate commissions with Mr. Cooper’s Real Estate Rewards calculator.
Applying for a home loan is the last step in preparing your finances for a home purchase. Can you see the finish line? Let a home loan servicer like Mr. Cooper guide you in the process 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 are home buying experts who will work their hardest to present you with the best loan options possible.
The house of your dreams is waiting for you and your loved ones. Get your finances ready to buy a home in Towson and give us a call. Let's get you started on your path to homeownership!
- Buyer’s Bonus Credit is not available in AK, IA, KS, LA, MS, MO, OK, OR & TN.
- Mr. Cooper Real Estate Rewards is a service mark of Nationstar Mortgage LLC.