Steps to Afford to Buy a Home in Oxford, MA
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 Oxford, or if you should hold off until your situation is different. Get started with the following steps and reach out to a Mr. Cooper Mortgage Professional to discuss strategy.
Take a look at your finances—the whole landscape. Are you confident 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 solid way to start your Oxford 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 pencil to paper," as they say. 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 Oxford based on your desired maximum monthly mortgage payment and income. Will this number get you into the Oxford home or neighborhood you've had your eye on? If it's 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!
You're ready to prequalify for a house in Oxford. 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. 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 Oxford, 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. The process is simple and your prequalification lasts 120 days.
When crunching the numbers on how you'll afford to buy a home in Oxford, factor in your time, too. Your time is one resource that's non-refundable and non-renewable, and discovering your perfect Oxford home can really eat up the hours. Partner with a real estate agent in Oxford who does the bulk of the work for you.
The last step in preparing your finances to buy a house in Oxford is to apply for a home loan. Can you see the finish line? 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're pros when it comes to what it takes to buy a house and will work hard to find the right loan for you.
"Home" has never mattered more than it does right now. Get your finances in order to buy a house in Oxford. The path to homeownership is right in front of you!