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How to Afford to Buy a House in Edina, MN

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Your Step-by-Step Guide to Afford to Buy a House in Edina, MN

You want your home to be a haven of happiness, not a financial burden. A good 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 Edina, and when it might be better to wait until your situation changes. Walk through the following steps to get started and call a Mr. Cooper Mortgage Professional to streamline the process.

Evaluate every angle of your finances. What are your general thoughts about your current monthly expenses, credit history, and savings? A quick check-in with yourself can get you on the right path. A solid way to start your Edina 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 play with some real numbers. Use Mr. Cooper's affordability calculator to see where your budget stands. You can calculate how much house you can afford in Edina based on income or your desired maximum monthly mortgage payment. Will this number get you into the Edina home or neighborhood you've had your eye on? If not, consider 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!

It's time to prequalify for a home in Edina. 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 a chance to learn about your mortgage options and work with your lender to find the right fit. Mr. Cooper’s online prequalification tool makes it easy. Let us know where you'd like to buy a home in Edina, 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 straightforward. Prequalification lasts 120 days.

When crunching the numbers on how you'll afford to buy a home in Edina, factor in your time, too. Minutes and seconds are things you never get back, and finding your perfect house can be time-consuming, especially in Edina. Join forces with a real estate agent in Edina 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 Edina and potentially save thousands.* Try it! See just how much you could 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 Edina is to apply for a home loan. Can you see 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 today. They know the details of buying a home, inside and out, and will work to find the loan that fits you best.

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

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