Can You Afford to Buy a House in Traverse City, MI?

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Steps to Afford to Buy a Home in Traverse City, MI

Help make sure your home isn't a source of financial stress. A good way to ensure that happens is to ready your finances beforehand. Be honest with yourself to determine if you can afford to buy a house in Traverse City, 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 streamline the process.

Take a look at your finances—the whole landscape. Are you confident about your current monthly expenses, credit history, and savings? A little "gut check" can go a long way. The best way to begin your Traverse City 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 put some real numbers down. 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 Traverse City based on your desired maximum monthly mortgage payment and income. Will this price range get you into the Traverse City home you've been dreaming about? If not, consider looking in surrounding areas or increasing your down payment. If it will, then take the next step in the homeownership journey with Mr. Cooper!

You're ready to prequalify for a house in Traverse City. 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. Prequalification is also an opportunity to learn more about your various mortgage options and determine which one is right for you. Get started using Mr. Cooper’s online prequalification tool. Let us know where you want to buy a house in Traverse City, the property type, how you're going to use the property, and if you currently have a real estate agent. Enter your expected down payment and purchase price. Follow that information with a few personal details and you’re on your way to getting prequalified. The process is straightforward. Prequalification lasts 120 days.

When figuring out what it will take to afford to buy a home in Traverse City, don't forget to budget your time, too. Your time is one resource that's non-refundable and non-renewable, and finding your perfect house can be time-consuming, especially in Traverse City. Partner with a real estate agent in Traverse City who does the bulk of the work for you. With Mr. Cooper® Real Estate Rewards, you can get personal assistance from a high-performing Traverse City real estate agent and potentially save thousands of dollars.* Give it a try. See just how much you could 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? 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 today. They know the details of buying a home, inside and out, and will work to find the loan that fits you best.

"Home" has never mattered more than it does right now. Call now and let us help you ready your finances to buy a house in Traverse City. You can start on the path to homeownership today!

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