Can You Afford to Buy a House in Andover, MN?

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Money Wise Tips for Affording a Home in Andover, MN

You want your home to be a haven of happiness, not a financial burden. A great way to make that happen is to be financially prepared for your home purchase before you set foot in an open house. Know when you can afford to buy a home in Andover, and when it might be better to wait until your situation changes. 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. A solid way to start your Andover 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 play with some real numbers. Plug in some numbers to Mr. Cooper's affordability calculator and see where you (and your budget) stand. You can calculate how much house you can afford in Andover based on your desired maximum monthly mortgage payment and income. Will this number get you into the Andover home or neighborhood you've had your eye on? If not, think about buying a house in a surrounding area or boosting your down payment. If it's a good number, then call Mr. Cooper. It's time to move on to the next step in the homeownership journey!

It's the right time to prequalify for a house in Andover. 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. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you'd like to buy a home in Andover, the property type, how you anticipate using the property, and whether or not you're currently working with a real estate professional. Type in your likely purchase price and down payment. Provide a few more personal details and you're clicks away from being prequalified. The process is simple and your 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 Andover. Time is non-renewable and non-refundable, and finding your perfect house can be time-consuming, especially in Andover. Turn to a real estate agent in Andover who does the bulk of the work for you. You can get connected with a top-performing real estate agent in Andover and potentially save thousands with Mr. Cooper® Real Estate Rewards.* Try it! Estimate how much you may 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 Andover is to apply for a home loan. You're almost at the finish line! Partner with a home loan servicer like Mr. Cooper, and you'll receive one-on-one support throughout the home loan, purchase, and closing process. Call Mr. Cooper Mortgage Professionals. 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! Get your finances ready to buy a home in Andover and give us a call. You can start on the path to homeownership today!

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