Money Wise Tips for Affording a Home in Maple Grove, MN
Help make sure your home isn't a source of financial stress. A great 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 Maple Grove, or if you should hold off until your situation is different. Walk through the following steps to get started and contact 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 little "gut check" can go a long way. A good way to start your Maple Grove 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. Use Mr. Cooper's affordability calculator to see where your budget stands. You can estimate about how much house you can afford in Maple Grove based on income or your desired maximum monthly mortgage payment. Will this price range get you into the Maple Grove home you've been dreaming about? If not, think about looking in surrounding areas or increasing your down payment. If it will, then take the next step in the homeownership journey with Mr. Cooper!
It's the right time to prequalify for a house in Maple Grove. 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 a chance to learn about your mortgage options and work with your lender to find the right fit. Start with Mr. Cooper’s online prequalification tool. Let us know where you'd like to buy a home in Maple Grove, 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 on your way to getting prequalified. The process is straightforward. 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 Maple Grove. Time is non-renewable and non-refundable, and discovering your perfect Maple Grove home can really eat up the hours. Turn to a real estate agent in Maple Grove who does the legwork for you.
Applying for a home loan is the final step in getting your finances ready for a home purchase. 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 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. Get your finances ready to buy a home in Maple Grove and give us a call. You can start on the path to homeownership today!