Money Wise Tips for Affording a Home in Boston, MA
You want your home to be a haven of happiness, not a financial burden. One of the best ways to make sure that happens is to prepare for your home purchase ahead of time. 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 Boston. Start the process with the following steps and contact a Mr. Cooper Mortgage Professional to discuss strategy.
Take a look at your finances—the whole landscape. Are you confident about your savings, current debt, monthly expenses, and credit history? A little "gut check" can go a long way. The best way to start your Boston 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. See where your budget stands with Mr. Cooper's affordability calculator. How's it looking? You can get an idea of how much house you can afford to buy in Boston based on income or your desired maximum monthly mortgage payment. Will this number get you into the Boston home or neighborhood you've had your eye on? If it's not, think about 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 the right time to prequalify for a house in Boston. 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 Boston, 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. Enter your expected purchase price and down payment. Follow that information with a few personal details and you're clicks away from being 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 Boston. Time is non-renewable and non-refundable, and finding your perfect house can be time-consuming, especially in Boston. Partner with a real estate agent in Boston who does the bulk of the work for you.
Applying for a home loan is the final step in getting your finances ready for a home purchase. The finish line is right around the corner! Let a home loan servicer like Mr. Cooper guide you in the process and you'll receive one-on-one support throughout the home loan, purchase, and closing process. 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! Call now and let us help you ready your finances to buy a house in Boston. Let's get you started on your path to homeownership!