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Can You Afford to Buy a House in Cambridge, MA?

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Your Step-by-Step Guide to Afford to Buy a House in Cambridge, MA

Your home should be a retreat from the worries of the world, not a place where new worries begin. A great way to ensure that happens is to ready your finances beforehand. Know when you can afford to buy a home in Cambridge, and when it might be better to wait until your situation changes. Get started with the following steps and contact a Mr. Cooper Mortgage Professional to talk strategy.

Examine your finances. Look at the whole picture. Are you confident about your savings, current debt, monthly expenses, and credit history? A quick check-in with yourself can get you on the right path. A good way to begin your Cambridge 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. Use Mr. Cooper's affordability calculator to see where your budget stands. You can calculate how much house you can afford in Cambridge based on income or your desired maximum monthly mortgage payment. Will this price range get you into the Cambridge home you've been dreaming about? 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!

It's the right time to prequalify for a house in Cambridge. Prequalification is a more formal estimate of how much of a home loan you could get approved for. It's based on some financial information you provide and a credit check. The prequalification stage is also a great time to work with your lender to find the right mortgage options for you. Start with Mr. Cooper’s online prequalification tool. Let us know where you’re looking to buy a home in Cambridge, 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 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 Cambridge. Minutes and seconds are things you never get back, and finding your perfect house can be time-consuming, especially in Cambridge. Partner with a real estate agent in Cambridge who takes care of the tedious work for you. With Mr. Cooper® Real Estate Rewards, you can get connected with a top-performing real estate agent in Cambridge and potentially save thousands.* Give it a try. Get an idea of how much you might be able to save on closing costs and real estate commissions with Mr. Cooper’s Real Estate Rewards calculator.

The last step in preparing your finances to buy a house in Cambridge is to apply for a home loan. Can you see the finish line? Work 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. They're pros when it comes to what it takes to buy a house and will work hard to find the right loan for you.

The house of your dreams is waiting for you and your loved ones. Get your finances ready to buy a home in Cambridge and give us a call. The path to homeownership is right in front of you!

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